Did You Miss the Ride? Housing Boom and Household Wealth in China
研究中国住房私有化后二十年里，不同出生队列的住房财富分化路径，发现高学历者在超级城市获益最大，而部分年轻房主在房价下跌或收入冲击时最为脆弱。
ABSTRACT In the two decades following housing privatization, housing quickly dominated Chinese urban household wealth growth and inequality. We test hypotheses derived from a housing investment production function in China's unique context against multiyear microdata. During 2011–2019, housing wealth of different birth cohorts followed disparate paths, with clear spatial, socioeconomic and social identity‐based polarization. The biggest winners in China's housing boom were the well‐educated in superstar cities. 5%–10% of the young homeowners born since the late 1970s, especially those born since mid‐1980s, seem most vulnerable in a housing bust or when facing a negative income shock.