Can more housing supply improve affordability? A subnational perspective from Portugal
研究葡萄牙快速升值的次国家市场中住房供应对可负担性的影响，发现增加供应对价格影响有限，而结合短期租赁和国际需求限制的政策组合更有效。
We investigate the impact of housing supply on affordability in rapidly appreciating subnational markets in Portugal. Our spatial econometric model confirms a negative relation between housing stock and prices, yet predicts that, on average, maintaining the construction pace of the 2000s would lower prices by only 3%, while doubling it would bring a 6% reduction. We also find significant price impacts from short-term rentals and international demand. Simulations indicate that a policy mix combining moderate supply growth with sensible limitations in those domains could more effectively alleviate affordability pressures in high-demand regions, bringing spatial nuance to the ‘supply scepticism’ debate.