Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention*

被引：8
|
作者：
Mense, Andreas [1 ,3 ]
Michelsen, Claus [2 ]
Kholodilin, Konstantin A. [2 ]
机构：
[1] Inst Employment Res Nurnberg IAB Nurnberg, Regensburger Str 104, D-90478 Nurnberg, Germany
[2] Leuphana Univ Lueneburg, German Inst Econ Res DIW Berlin, Luneburg, Germany
[3] London Sch Econ, Dept Geog & Environm, London, England
来源：
JOURNAL OF URBAN ECONOMICS | 2023年 / 134卷
关键词：
PRICE; EMPLOYMENT; LANDLORDS; INCOME; LAND; TIME; END;
D O I：
10.1016/j.jue.2022.103513
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper studies market segmentation that arises from the introduction of rent control. When a part of the mar-ket remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words]
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页数：22
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