Which school attributes matter? The influence of school district performance and demographic composition on property values

Increasing levels of segregation in American schools raises the question: do home buyers pay for test scores or demographic composition? This paper uses Connecticut panel data spanning eleven years from 1994 to 2004 to ascertain the relationship between property values and school district attributes, such as student test scores and the racial and ethnic composition of the student body. Town and census tract fixed effects are included to control for neighborhood unobservables. The effect of changes in school district attributes is also examined over a decade long time frame in order to focus on the effect of long-run changes, which are more likely to be capitalized into prices. The study finds strong evidence that increases in percent Hispanic have a negative effect on housing prices in Connecticut, but mixed evidence concerning the impact of test scores on property values. Student test scores also appear to have increased in importance for explaining housing prices in recent years, while the importance of percent Hispanic has declined. Finally, the study finds that estimates of property tax capitalization increase substantially when the analysis focuses on long run changes.     

房屋征收评估与补偿的公平性问题探讨

过去的城市房屋拆迁实践中存在补偿内容不清晰、不完整,补偿与社会保障、补偿费与评估值相混淆,评估机构中立性差等问题。《国有土地上房屋征收与补偿条例》的实施在补偿内容、补偿原则等方面做了规定,对促进房屋征收评估与补偿的公平性有积极作用。但立法中还存在一些不明确的问题,需要地方政府制定相应的配套措施,保护低收入人群的利益,保障房屋征收评估与补偿的公平、公正。     

Rent Control and The Supply of Housing Services: The Brookline Massachusetts Experience

A bstract . The hypothesis that the short-run and long-run supply of housing services is unaffected by rent control is examined. It has been asserted that total housing services may remain unchanged when tenant supplied services are included and that capital improvements may return to normal after the initial loss in property values. Using data on health code violations and building permits from a town in metropolitan Boston , the analysis concludes that rent control diminishes the total supply of housing services in the short-run and reduces capital expenditures to maintain and improve housing services in the long-run.     

Property taxation and the demand for housing: An econometric analysis

There is disagreement among economists regarding the effect of a local increase in property taxation on the housing market. In defining the price of housing services studies of the demand for housing have treated the property tax exclusively as an excise tax on housing consumption. Two recent theoretical developments suggest this is a misrepresentation of the tax. One theory holds that the excise effects of property taxation may be shifted backward to the factors employed in the production of housing. The other theory concludes that the property tax is not an excise, but rather serves as an efficient price for local public services. To investigate these hypotheses, data from the Annual Housing Survey were employed to estimate a housing demand model which included the net effective property tax rate among the set of independent variables. In addition to revealing the property tax-housing demand relationship, the model provides more reliable estimates of income and price elasticities by eliminating specification errors found in previous studies. Results indicate that the property tax reduces the housing consumption of central city homeowners, but does not distort the suburban housing market.     

Moving up the Ladder or Stuck on the Bottom Rung? Homeownership as a Solution to Poverty in Urban South Africa

In the global South, policies providing property titles to low-income households are increasingly implemented as a solution to poverty. Integrating poor households into the capitalist economy using state-subsidized homeownership is intended to provide poor people with an asset that can be used in a productive manner. In this article the South African "housing subsidy system" is assessed using quantitative and qualitative data from in-depth research in a state-subsidized housing settlement in the city of Cape Town. The findings show that while state-subsidized property ownership provides long-term shelter and tenure security to low-income households, houses have mixed value as a financial asset. Although state-subsidized houses in South Africa are a financially tradable asset, transaction values are too low for low-income vendors to reach the next rung on the housing ladder, the township market. Furthermore, low-income homeowners are reticent to use their (typically primary) asset as collateral security for credit, and thus property ownership is not providing the financial returns that titling theories assume.     

Market Values of Environmental Amenities: A Latent Variable Approach

This study presents a latent variable framework to provide consistent and efficient estimates of market values of amenities. A model for property values of residential housing using different indicators for neighborhood quality and property value is estimated using data from the U.S. American Housing Survey. The estimated effect of neighborhood quality on property values is positive and more significant compared to the estimates obtained by ordinary least squares and instrumental variable methods. Variances of errors of measurement and variances of the latent structures are shown to be positive and significant without imposing nonnegativity restrictions.     

中国家庭住房产权类型分化研究

本文基于CFPS2010年基线调查的微观数据,利用Logistic模型探讨住房类型分化的产生原因,测算各个阶层在获取住房的途径和机会上的差异。结果表明：户口状况、城乡类别对产权类型的影响存在差异;年龄对租房和亲友提供住房产生影响;收入、是否是党员、婚姻状况、对教育重要程度的认知情况、职业类别等不同程度地影响产权类型;乡村住房自有率高于城市。     

Neighborhood effects of concentrated mortgage foreclosures

As the national mortgage crisis has worsened, an increasing number of communities are facing declining housing prices and high rates of foreclosure. Central to the call for government intervention in this crisis is the claim that foreclosures not only hurt those who are losing their homes to foreclosure, but also harm neighbors by reducing the value of nearby properties and in turn, reducing local governments’ tax bases. The extent to which foreclosures do in fact drive down neighboring property values has become a crucial question for policy-makers. In this paper, we use a unique dataset on property sales and foreclosure filings in New York City from 2000 to 2005 to identify the effects of foreclosure starts on housing prices in the surrounding neighborhood. Regression results suggest that above some threshold, proximity to properties in foreclosure is associated with lower sales prices. The magnitude of the price discount increases with the number of properties in foreclosure, but not in a linear relationship.     

Spillover effects of human service facilities in a racially segmented housing market

Previous studies of human service facility spillovers on residential property values have been inconclusive, and have failed to take into account the effects of racial segmentation of housing markets. Likewise, studies of racial discrimination in urban housing markets and price differentials between white and nonwhite areas of the city have failed to consider the impacts of service facilities on prices. This study develops an hedonic price model of housing services in a racially segmented housing market, which considers a variety of human service facilities and their spillover effects. Model results for Oakland, California in 1976 indicate that facilities significantly affect housing prices both positively and negatively, and that these effects vary by racial submarket. Implications of these findings for the interpretation of past discrimination studies, facility impact studies, and social policy are considered.     

A microeconometric analysis of housing and life satisfaction among the Vietnamese elderly

This study examines the relationship between housing and subjective well-being among the Vietnamese elderly, using data from the 2011 Vietnam Ageing Survey. Our regression analysis reveals that permanent housing and better amenities are major factors contributing to housing satisfaction and life satisfaction. Notably, we find that housing satisfaction has a strongly positive impact on life satisfaction and the impact is stronger after controlling for endogeneity problems. Thus, the finding confirms that housing is an important life domain and as a result, housing satisfaction is a strong predictor of life-satisfaction judgments. The findings might suggest that people made a rational choice when they invested a large amount of resources in their houses with notable well-being gains. Also, another implication here is that policies and programs to assist poor families in moving out of temporary accommodation or improving housing amenities are likely to be beneficial in improving well-being for the poor elderly.

     

加强物业管理文化建设的重要性及措施

物业管理是一个永不言完善的服务行业,一方面,它以一种特定的程序、环节、方式作用于业主;另一方面,它又以无法量化的文化、习惯、氛围等影响着业主,透过物业管理表层的房屋、绿化、保安、保洁等因素,其内在的因素是物业管理特有的法规、法律程序,以及伴随着这一商品意识以及人与人之间的关系。因此上述问题关键在于一些物业管理企业没有以顾客为中心的企业文化,没有一个为顾客创造价值的价值观,没有形成一个深入人心的顾客至上的企业氛围。     

小产权房向公共租赁住房转化问题研究

小产权房的存在是“高房价”下的产物，它不仅损害农村集体成员的利益，也会给购买人造成不可避免的风险。以北京为例，目前小产权房问题屡禁不止。时下我国在大力发展公共租赁住房，以此为背景对北京目前存在的小产权房进行全面研究。首先分析目前小产权房存在的原因，再通过二者特征对比进而对其转化的可能性加以论证，最终提出小产权房向公共租赁住房转化的具体建议，以此来解决一直存在且屡禁不止的小产权房问题。     

The effects of zoning on structure and land markets

Zoning takes three general forms: constraints on density, lot size, and allowable use. This paper demonstrates that the three restrictions differ in their effects on structure and land markets. Density zoning is equivalent to a monopoly restriction that can be used to raise all land values. Allowable use restrictions affect land values differentially. Large-lot restrictions affect the price for housing paid by individual households differentially. Considering externalities does not alter these basic differences. The implications for empirical studies of zoning are discussed.     

The Impact of Manufactured Housing on Adjacent Residential Property Values: A GIS Approach Based on Three North Carolina Counties

This empirical study examines the impact of manufactured housing (MH) on the values of adjacent site-built residential properties using Geographical Information Systems (GIS) and large data samples for three counties in North Carolina, USA, for the period of 1994-2000. Both property appreciation rates (AR) and property values (PV) are examined with respect to proximity to MH. While ARs are based on a simple measure of value appreciation, PVs are estimated in a linear regression based hedonic price model, which is designed to captures the contributions of structure and location attributes to property values. Results indicate that the appreciation rates slightly decreased with distance from a MH unit in Buncombe and Wake, but the reverse is true in Pitt. The statistical analyses reveal that proximity to a manufactured home influences the value of nearby site-built residential property. Estimated property values show that the further away from a manufactured home, the higher the site-built property value, other things being equal.     

多套住房、可支付性和政策

随着经济全球化,现代交通、通讯方式导致的人口流动性增强,富裕群体热衷于购买休闲度假和投资用途的第二住宅,多套住宅规模呈扩大趋势。多套住房可以分为转卖和暂时空置、购买后出租、自住用途第二住宅。从短期来看,在一个供求均衡的市场,第三类第二住宅的冲击会导致中低收入阶层的住房可支付能力下降,前两者不影响。供不应求市场和供求均衡市场结果一样,但影响更大。供过于求市场则没有影响。从长期来看,结论依然和短期一样。可行的政策有加强商品房和保障性住房的供应,征收物业税减少住房的空置和闲置等,并提出了改进中国多套住房政策的建议。     

Some empirical results on the nature of the hedonic price function for the urban housing market

An attempt is made to develop a systematic statistical methodology for the analysis of the urban housing market The standard estimation procedures used for fitting hedonic price functions for the urban housing market are reviewed, and several potentially serious sources of bias are noted. An alternative estimator which capitalizes property values into flows and also searches for the appropriate functional form which avoids these biases is developed. The capitalization rate for owner-occupied housing in 1973 is found to be about 0.03. The magnitudes and seriousness of several of the estimation biases are examined within the context of inappropriate policy decisions which can result from the use of the standard estimators. The importance of neighborhood site characteristics in the determination of local site valuations is also examined and it is found that they explain between 15 and 50% of the standardized variation in site valuations. Further, it is found that these traits are capable of inducing valuation differentials as large as 100% between structurally identical sites.     

浙江宅基地和农房产权制度调查研究

基于2009-2010年组织的浙江10个县(市、区)农户和官员问卷调研,描述浙江宅基地与农房产权管理现状,论述各地宅基地与农房产权制度改革实践探索情况,并分析宅基地与农房产权制度改革需求和方向。调查分析表明,当前各地宅基地与产权管理现状差异较大,农户和官员对宅基地与产权制度改革需求较大。建议采取有力措施,推动宅基地与农房产权制度改革,保障农民的财产权益,提高农民的财产性收入。     

The spatial effects of a tax on housing and land

This paper analytically investigates the spatial consequences of a tax on housing and land. In general, a property tax is not spatially neutral; instead it disproportionately affects certain parts of the city. The property tax can therefore create distributional inequities and can distort the pattern of residential and industrial location. We derive conditions on locational preferences and housing production that determine which parts of a city will be disproportionately affected by a property tax. Empirical estimates suggest that central locations will be disproportionately affected by property taxes.     

Market power of large cities and policy differences in metropolitan areas

When a single city, the ‘central city’, has a large share of the metropolis population, it will influence housing prices in other, smaller cities, the ‘suburbs’. This market power leads to differences in government policy and property values between the central city and suburbs even when residents and amenities in the two regions are identical. When the central city's government is controlled by property-owning residents, its property tax rate exceeds the rate in the suburbs. The central city will also have lower property values than suburbs.     

School district quality and property values: Examining differences along school district boundaries

Examining differences across school district boundaries rather than school attendance zone boundaries has several advantages. These advantages include being applicable when attendance zones are not available or less relevant to educational outcomes as arises with within district school choice and for examining the effect of factors like school spending or property taxes that do not vary within districts. However, school district boundaries have often been in place for many years allowing households to sort based on school quality and potentially creating distinct neighborhoods on either side of boundaries. We estimate models of housing prices using repeated cross-sections of housing transactions near school district boundaries in Connecticut. These models exploit changes over time to control for across boundary differences in neighborhood quality. We find significant effects of test scores on property values, but those effects are notably smaller than both OLS and traditional boundary fixed effects estimates.