NEW SPORTS FACILITIES AND RESIDENTIAL HOUSING MARKETS
利用1995至2008年间56个专业体育设施的数据，发现新设施附近住房抵押贷款申请增加约20%，但大部分增长源于设施选址于本就增长较快的区域，而非设施本身。
ABSTRACT Using data from 56 professional sports facilities opened between 1995 and 2008, we find what at first appears to be a substantial effect of new sports facilities on housing markets. The opening of a new facility is associated with an increase in residential mortgage applications in nearby areas of about 20 percent. However, much of the differential is due to facility location. The new facilities locate in areas which grew faster even if they were not near a new facility. Based on regressions using census‐tract level data, we find that conditioning on local income and poverty rates reduces the effect by more than a half, suggesting that characteristics of locations drive much the increase on mortgage applications associated with new sports facilities.