Review of Economic Studies · 2022 · Jack Favilukis、Pierre Mabille、Stijn Van Nieuwerburgh
中文摘要
住房可负担性是世界上大多数大城市面临的主要政策挑战。分区规划调整、租金管制、住房券和税收抵免是政策制定者采用的主要政策工具。这些工具在应对住房可负担性危机方面成效如何？我们构建了一个动态随机空间均衡模型，以评估这些政策对城市居民福祉的影响。该模型将房价、租金、住房建设、劳动供给、产出、收入与财富不平等、家庭在城市内部的区位选择以及城市间迁移内生化。该模型的主要创新特征是风险、风险厌恶和不完全风险分担。我们将模型校准至纽约大都市统计区。住房可负担性政策具有显著的保险价值，但会影响住房与劳动总供给，并在劳动力市场和住房市场造成错配。增强获取此类保险渠道的住房可负担性政策，尤其是针对最有需要的家庭，会带来显著的净福利增益。
Abstract
Abstract Housing affordability is the main policy challenge for most large cities in the world. Zoning changes, rent control, housing vouchers, and tax credits are the main levers employed by policymakers. How effective are they at combatting the affordability crisis? We build a dynamic stochastic spatial equilibrium model to evaluate the effect of these policies on the well-being of its citizens. The model endogenizes house prices, rents, construction, labour supply, output, income, and wealth inequality, the location decisions of households within the city as well as inter-city migration. Its main novel features are risk, risk aversion, and incomplete risk-sharing. We calibrate the model to the New York metropolitan statistical area. Housing affordability policies carry substantial insurance value but affect aggregate housing and labour supply and cause misallocation in labour and housing markets. Housing affordability policies that enhance access to this insurance especially for the neediest households create substantial net welfare gains.