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LAND SUPPLY AND CAPITALIZATION OF PUBLIC GOODS IN HOUSING PRICES: EVIDENCE FROM BEIJING†
Article first published online: 23 DEC 2013
© 2013 Wiley Periodicals, Inc.
Journal of Regional Science
How to Cite
Zheng, S., Sun, W. and Wang, R. (2013), LAND SUPPLY AND CAPITALIZATION OF PUBLIC GOODS IN HOUSING PRICES: EVIDENCE FROM BEIJING. Journal of Regional Science. doi: 10.1111/jors.12095
- Article first published online: 23 DEC 2013
- Manuscript Revised: APR 2013
- Manuscript Accepted: APR 2013
- Manuscript Received: AUG 2012
This paper studies the extent to which spatial heterogeneity in housing prices is affected by housing supply in Beijing's specific context of centralized metropolitan government without local property tax. Taking data sets of residential land leases and private housing sales records from 2006 to 2008 within Beijing's metropolitan area, this paper examines how the capitalization of school quality and subway accessibility in housing prices varies with land availability instrumented by the employment density of state-owned enterprises (SOEs) at the beginning of SOE reform. Results confirm that the capitalization of school quality and subway accessibility is larger in supply-constrained locations.