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首页> 外文期刊>Journal of Urban Economics >Using purchase restrictions to cool housing markets: A within-market analysis
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Using purchase restrictions to cool housing markets: A within-market analysis

机译：利用购买限制来凉爽住房市场：在市场内分析

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摘要

In response to worsening housing affordability resulting from rapid housing price appreciation, some governments have introduced taxes or restrictions to reduce demand for local residential real estate by non-residents. We study the effectiveness of these efforts using the restrictions imposed by local Chinese governments in 2010-11 on the number of residential properties an individual could purchase. We use sales by developers of newly constructed units and exploit within city variation in the imposition of these restrictions to identify their effect on prices and transaction volumes. In addition to these direct effects on demand, we also identify the effects of these policies on supply using data from local government auctions of land to developers. Our results suggest that in the short run, restrictions on non-owner-occupant purchases significantly reduce activity levels by approximately 40%, compared to areas without restrictions. These effects diminish with time. However, there are no relative changes post-policy introduction in housing price between restricted and unrestricted areas. The results operate via enduser demand and not through the land market and the subsequent supply response by developers, as there is no relative change in either the number of land auctions or prices paid for land between districts with and districts without purchase restrictions following their introduction.
机译：为了应对快速住房价格升值所产生的住房负担能力，一些政府引入了非居民减少对当地住宅房地产的需求的税收或限制。我们使用2010 - 11年度当地中国政府的限制研究了这些努力的有效性，在个人可以购买的住宅物业数量上。我们使用新建的单位开发人员的销售，并在城市变化内剥削这些限制，以确定其对价格和交易量的影响。除了这些直接影响的需求外，还通过从地方政府拍卖到开发人员的数据，确定这些政策对供应政策的影响。我们的结果表明，在短期内，与不受限制的区域相比，非业主乘员购买的限制明显减少了约40％的活动水平。这些效果随时间递减。但是，限制和不受限制地区之间的住房价格介绍了政策后的相对变化。结果通过终端用户需求而非通过土地市场和开发人员的随后供应响应，因为在介绍之后没有购买区域的地区和地区的土地之间的土地拍卖数或价格的数量没有相对变化。

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