What types of houses remain vacant? Evidence from a municipality in Tokyo,Japan |
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| Institution: | 1. Graduate School of Economics, Waseda University, 1–6–1 Nishiwaseda, Shinjuku-ku, Tokyo, 169–8050, Japan;2. Faculty of Economics, Seijo University, 6–1–20 Seijo, Setagaya-ku, Tokyo, 157–8511, Japan;1. Gakushuin University and RIETI, Japan;2. Rissho University, Japan;3. Graduate School of Economics, Hitotsubashi University, Japan;1. Department of Economics, University of Hawai`i. Address: 2424 Maile Way, Saunders 542, Honolulu, Hawaii 96822, United States;2. College of Economics, Aoyama Gakuin University, and Research Associate, The Research Institute of Economy, Trade and Industry (RIETI). Address: 4-4-25 Shibuya, Shibuya-ku, Tokyo 150-8366, Japan;1. Faculty of Economics, Fukuyama University, Japan;2. Institute of Developing Economies, Japan;3. Institute of Developing Economies, Faculty of Global and Regional Studies, Toyo University, Japan;4. Institute of Developing Economies, Research Institute of Economy, Trade and Industry, Waseda University, Japan;5. Faculty of Economics, Kagawa University, Japan;1. Meiji Gakuin University, 1-2-37 Shirokanedai, Minato-ku, Tokyo, 108-8636, Japan;2. Osaka University of Commerce, 4-1-10 Mikuriya-Sakae, Higashi-Osaka, Osaka, 577-8505, Japan;3. Hitotsubashi University, Institute of Economic Research. 2-1 Naka, Kunitachi, Tokyo 1868601 Japan;1. Graduate School of Economics, Waseda University, Tokyo, Japan;2. Faculty of Political Science and Economics, Waseda University, Tokyo, Japan;3. Faculty Fellow, Research Institute of Economy, Trade and Industry (RIETI), Tokyo, Japan |
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| Abstract: | Preventing the occurrence of vacant houses and reutilizing existing vacant houses are two known ways of addressing housing vacancies. This study uses parcel-level data on single-family houses in the municipality of Toshima in Tokyo, Japan, to examine determinants of the occurrence and reutilization of vacant houses. The data reveal that, conditional on land prices, houses with restricted and costly redevelopment opportunities are more likely to become vacant. The results suggest that owners with such properties disregard the redevelopment potential and, as a result, tend to have a high reservation price relative to the market value. Consequently, owners face difficulty finding a transaction partner and even become reluctant to engage in a deal (i.e., they withdraw from the market). The results also suggest that revitalization of the neighborhood community may contribute to activating vacant houses. Local governments can use an empirical assessment such as this to implement efficient measures by targeting houses that have a high probability of becoming and remaining vacant. |
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