Short-term rentals and the housing market: Quasi-experimental evidence from Airbnb in Los Angeles *

被引：45
|
作者：
Koster, Hans R. A. [1 ,2 ,3 ,4 ,5 ]
van Ommeren, Jos [1 ,3 ]
Volkhausen, Nicolas [1 ]
机构：
[1] Vrije Univ Amsterdam, Dept Spatial Econ, De Boelelaan 1105, NL-1081 HV Amsterdam, Netherlands
[2] Natl Res Univ Higher Sch Econ, Moscow, Russia
[3] Tinbergen Inst, Amsterdam, Netherlands
[4] London Sch Econ, Ctr Econ Policy Res, London, England
[5] London Sch Econ, Ctr Econ Performance, London, England
来源：
JOURNAL OF URBAN ECONOMICS | 2021年 / 124卷
关键词：
Short-term rentals; Souse prices; Regulation; Supply effects; Externalities; REGRESSION DISCONTINUITY DESIGNS; LAND-USE REGULATION; EXTERNALITIES EVIDENCE; PROPERTY-VALUES; PRICES; SCHOOLS; ECONOMY; CHOICE; COSTS;
D O I：
10.1016/j.jue.2021.103356
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Online short-term rental (STR) platforms such as Airbnb have grown spectacularly. We study the effects of regulation of these platforms on the housing market using a quasi-experimental research design. 18 out of 88 cities in Los Angeles County have severely restricted short-term rentals by adopting Home Sharing Ordinances. We apply a panel regression-discontinuity design around the cities' borders. Ordinances reduced listings by 50% and housing prices by 2%. Additional difference-in-differences estimates show that ordinances reduced rents also by 2%. These estimates imply large effects of Airbnb on property values in areas attractive to tourists (e.g. an increase in house prices of 15% within 2.5km of Hollywood's Walk of Fame).
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页数：33
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