| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12283 |
| DP12283 Out-of-town Home Buyers and City Welfare | |
| Stijn Van Nieuwerburgh; Jack Favilukis | |
| 发表日期 | 2017-09-07 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The major cities of the world have attracted a flurry of out-of-town (OOT) home buyers. Such capital inflows affect housing affordability, the spatial distribution of residents, construction, labor income, wealth, and ultimately welfare. We develop a spatial equilibrium model of a city with substantial heterogeneity among residents. We calibrate the model to the New York and Vancouver metro areas. The observed increase in OOT purchases is associated with 1.1% (5.0%) higher house prices and a 0.1% (0.34%) welfare loss in New York (Vancouver). Taxing OOT buyers can turn welfare losses into gains when tax revenues finance a local public good. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Public Economics |
| 关键词 | Dynamic spatial equilibrium House prices Foreign investors Affordable housing Gentrification Property taxes |
| URL | https://cepr.org/publications/dp12283 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541094 |
| 推荐引用方式 GB/T 7714 | Stijn Van Nieuwerburgh,Jack Favilukis. DP12283 Out-of-town Home Buyers and City Welfare. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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