School Quality and Residential Property Values: Evidence from Vancouver Rezoning
利用温哥华公立学校学区边界变化，研究学校质量对住宅价格的资本化效应，发现仅高收入家庭购房价格受重新划分学区引起的学校质量变化影响。
This study utilizes changes in the catchment areas of public schools in Vancouver, British Columbia, to measure the residential price capitalization of school quality. Specifications that employ repeat sales methods to control for time-invariant neighborhood effects and disaggregated price indexes to capture time-varying neighborhood price appreciation reveal significant effects of secondary school performance on residential prices. However, when we add controls for long-run price trends in rezoned areas, only prices of residences likely to be purchased by high-income families appear to have been affected by changes in school quality induced by rezoning. (c) 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.