英文摘要 |
In order to alleviate the housing problem, the government proposed an integrative housing policy of building and providing affordable housing. This study examines the impact of social housing on residential rents in the surrounding areas. We investigate whether the social housing policy curbed rents in neighboring housing by applying a hedonic price model to data from the“591 Rental Housing Network”from January 2015 to December 2021. The social housing program began as a trial scheme in 2011 and formally launched in 2014. Since then, 21 social housing residences were provided intermittently, providing an opportunity to evaluate the impact of social housing on the surrounding rents more precisely. Empirically, the existence of social housing reduced rent by 1.92% and 1.49% in the neighborhoods within 500 meters and 1 kilometer, respectively, and this anchoring effect occurs right after the social housing information is announced. In other words, the closer the residences are to the social housing, the greater the impact on rents is. We also find that lot size, building type, rental housing type, rental conditions, and neighborhood characteristics are the determinants of residential rental price. Also, comparing apartments and elevator buildings, we find that the existence of social housing reduces the rents of elevator buildings by 3.36%, which is greater than the influence on apartments. |