The Economic Implications of House Price Capitalization: A Synthesis
综合了关于公共和私人投资及政府间转移支付如何资本化为当地房价的文献，探讨了这种资本化的条件及其对政策（如政府间援助和抵押贷款利息扣除）的负面影响。
In this article, I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader economic implications of such capitalization. The main insights are: (1) house price capitalization is more pronounced in locations with strict regulatory and geographical supply constraints; (2) capitalization can induce the provision of durable local public goods and club goods; and (3) capitalization effects—which are habitually ignored by policy‐makers—have important adverse consequences for a wide range of policies such as intergovernmental aid and the mortgage interest deduction.