The effect of foreign investors on local housing markets: evidence from the UK
利用英格兰和威尔士海外公司持有房产的行政数据，研究外国投资对房价、可负担性、新建和空置住房的影响，发现外国投资推高房价、降低可负担性和空置率，但不影响新建住房。
Abstract I use administrative data on properties owned by overseas companies to study the effect of foreign investment on house prices, affordability, construction, and vacant properties in England and Wales. To address endogeneity, I construct an instrument for foreign investment based on political conditions abroad. I find that foreign investment increases house prices. This effect is stronger for more expensive homes but is present at all points of the distribution. Foreign investment reduces affordability and the number of vacant dwellings but has no effect on construction. There is no evidence of heterogenous effects across areas with different housing supply elasticities, since construction is unresponsive even in high-elasticity areas.