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Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention

Research output: Journal contributions › Journal articles › Research › peer-review

Standard

Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention. / Mense, Andreas; Michelsen, Claus; Kholodilin, Konstantin A.
In: Journal of Urban Economics, Vol. 134, 103513, 03.2023.

Research output: Journal contributions › Journal articles › Research › peer-review

Harvard

Mense, A, Michelsen, C & Kholodilin, KA 2023, 'Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention', Journal of Urban Economics, vol. 134, 103513. https://doi.org/10.1016/j.jue.2022.103513

APA

Mense, A., Michelsen, C., & Kholodilin, K. A. (2023). Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention. Journal of Urban Economics, 134, Article 103513. https://doi.org/10.1016/j.jue.2022.103513

Vancouver

Mense A, Michelsen C, Kholodilin KA. Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention. Journal of Urban Economics. 2023 Mar;134:103513. doi: 10.1016/j.jue.2022.103513

Bibtex

@article{0c5457398048497d8a5387a29960fabd,
title = "Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention",
abstract = "This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words]",
keywords = "Economics, Misallocation, Price controls, Rent control, Spillovers",
author = "Andreas Mense and Claus Michelsen and Kholodilin, {Konstantin A.}",
note = "Publisher Copyright: {\textcopyright} 2022 Elsevier Inc.",
year = "2023",
month = mar,
doi = "10.1016/j.jue.2022.103513",
language = "English",
volume = "134",
journal = "Journal of Urban Economics",
issn = "0094-1190",
publisher = "Academic Press Inc.",

}

RIS

TY - JOUR

T1 - Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention

AU - Mense, Andreas

AU - Michelsen, Claus

AU - Kholodilin, Konstantin A.

N1 - Publisher Copyright: © 2022 Elsevier Inc.

PY - 2023/3

Y1 - 2023/3

N2 - This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words]

AB - This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words]

KW - Economics

KW - Misallocation

KW - Price controls

KW - Rent control

KW - Spillovers

UR - http://www.scopus.com/inward/record.url?scp=85144306350&partnerID=8YFLogxK

U2 - 10.1016/j.jue.2022.103513

DO - 10.1016/j.jue.2022.103513

M3 - Journal articles

VL - 134

JO - Journal of Urban Economics

JF - Journal of Urban Economics

SN - 0094-1190

M1 - 103513

ER -

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Research output: Journal contributions › Journal articles › Research › peer-review

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