英文摘要 |
The study used 1980, 1990, and 2000 housing census data and under minimum use of electricity data of Taiwan Power Company to clarify the high vacancy rates phenomenon in Taiwan. We found that vacancy rates fluctuated dramatically during 1980 to 2001. Though vacancy rates were quiet high in three housing census, they still were not the peaks for most cities. The empirical results revealed that the determinants of vacancy rate by their relative influence were house price, household income, house stock to household ratio, mobility rate, lagged vacancy rate growth, and house price dispersion. Since the influence of house price was negative and mobility rate and house price dispersion did not increase during 1991 to 2001, which implied the growth of vacancy rates after 1990 were not caused by natural vacancy rate. The rise of household income makes household more affordable to hold a vacant house or a second home and the growth of housing stock to household ratio caused by zoning control announcement were the two main causes of high vacancy rates. |