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SMU SOE Seminar (Apr 3, 2019): Short-term Rentals and the Housing Market: Quasi-experimental Evidence from Airbnb in Los Angeles
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TOPIC:
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SHORT-TERM RENTALS AND THE HOUSING MARKET: QUASI-EXPERIMENTAL EVIDENCE FROM AIRBNB IN LOS ANGELES
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ABSTRACT
Online short-term rental (STR) platforms such as Airbnb have grown spectacularly. We study the effects of STR-platforms on the housing market using a quasi-experimental research design. 18 out of 88 cities in Los Angeles County have severely restricted short-term rentals by adopting Home Sharing Ordinances. We apply a panel regression-discontinuity design around the cities' borders. Ordinances reduced listings by 50% and housing prices by 3%. Additional difference-in-differences estimates show that ordinances reduced rents also by 3%. These estimates imply large effects of Airbnb on property values in areas attractive to tourists (e.g. an increase of 10% within 2.5km of Downtown LA).
Keywords: Short-term rentals, House prices, Regulation, Supply effects, Externalities.
JEL Codes: R21, R31, Z32.
Click here to view the paper.
Click here to view the CV.
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PRESENTER
Jos Van Ommeren
Vrije Universiteit Amsterdam
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RESEARCH FIELDS
Urban Economics
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DATE:
3 April 2019 (Wednesday)
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TIME:
4pm - 5.30pm
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VENUE:
Meeting Room 5.1, Level 5
School of Economics
Singapore Management University
90 Stamford Road
Singapore 178903
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