Market power of large cities and policy differences in metropolitan areas
研究发现,当大都市区中一个中心城市人口占比很大时,会拥有市场势力,影响周边小城市(郊区)的房价,导致中心城市与郊区的政府政策和房产价值出现差异。
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.