Air pollution and the housing market: Evidence from Germany’s Low Emission Zones
利用德国低排放区政策实施的时间差异，研究发现空气质量改善使公寓租金上涨约2%，且效果在污染较重和汽车依赖度较低的地区更明显。
This paper studies whether air quality improvements from driving restrictions are valued in the housing market, using comprehensive data on real estate prices in Germany. For identification, we exploit the staggered introduction of Low Emission Zones (LEZs) across German cities, restricting inner-city access for emission-intensive vehicles. We find that air quality improvements are reflected by roughly 2 percent higher apartment rents. The results are primarily driven by earlier LEZ implementations in areas with relatively higher pre-intervention pollution levels and in areas less dependent on cars. Our findings have important implications for planned changes to the emission intensity of the vehicle fleet, underscoring the potential implications of transitioning to cleaner transportation systems.