The impact of road rationing on housing demand and sorting
利用北京住房交易和居民人口微观数据，研究发现道路限行政策显著提高了地铁站附近住房需求，并导致周边居民向更富裕群体转变，可能限制低收入者使用公共交通。
Canonical urban models postulate transportation cost as a key element in determining urban spatial structure. This paper examines how road rationing policies impact the spatial distribution of households around transit centers using rich micro data on housing transactions and resident demographics in Beijing. We find that Beijing’s road rationing policy significantly increased the demand for housing near subway stations. The premium for proximity is stable in the periods prior to the driving restriction, but shifts significantly in the aftermath of the policy. The composition of households living close to subway stations shifts towards slightly wealthier households. Our findings suggest that city-wide road rationing policies can have the unintended consequence of limiting access to public transit for lower income individuals.