The redistribution of housing wealth caused by rent control
研究了2021年明尼苏达州圣保罗市实施租金管制后，租房者、房东和自住者的住房财富变化，发现租房者获益而房东受损，但高收入租房者获益多于低收入者，小房东与大房东损失相当。
This paper studies the effects of rent control on the housing wealth of renters, landlords, and homeowners. Following the passage of rent control in St. Paul, Minnesota in 2021, average property values fell by 4.0% to 5.5%. Leveraging parcel-level data, we show that in the aggregate, renters gained and landlords lost, though upper-income renters gained more than lower-income renters, while small landlords lost the same as large landlords. Owner-occupants’ wealth also fell significantly from direct capitalization effects and negative externalities. These results provide the first evidence on the heterogeneous wealth effects of a wave of new rent control laws.