LAND SUPPLY AND CAPITALIZATION OF PUBLIC GOODS IN HOUSING PRICES: EVIDENCE FROM BEIJING
研究了北京集中式大都市政府且无地方财产税的背景下，住房供给如何影响房价的空间异质性，发现学校质量和地铁可达性的资本化在供给受限地区更大。
ABSTRACT This paper studies the extent to which spatial heterogeneity in housing prices is affected by housing supply in Beijing's specific context of centralized metropolitan government without local property tax. Taking data sets of residential land leases and private housing sales records from 2006 to 2008 within Beijing's metropolitan area, this paper examines how the capitalization of school quality and subway accessibility in housing prices varies with land availability instrumented by the employment density of state‐owned enterprises (SOEs) at the beginning of SOE reform. Results confirm that the capitalization of school quality and subway accessibility is larger in supply‐constrained locations.