Quasi-Experimental Evidence on the Connection between Property Taxes and Residential Capital Investment
利用新罕布什尔州学校财政改革导致的房产税负担冲击，发现减税地区住宅建设显著增加，但靠近波士顿的地区通过房价上涨吸收冲击，差异源于住房供给弹性不同。
Do low property taxes attract new home construction? This question is answered using a large shock to property tax burdens caused by an unusual school finance reform in the state of New Hampshire. The estimates suggest that, in most of the state, communities with a reduced tax burden experience a substantial increase in residential construction. In the area of the state near the region's primary urban center (Boston), however, the shock clears through a price adjustment—i.e., by capitalizing into property values. The differing responses are attributed to differing housing supply elasticities.