HOMEOWNERSHIP EXTERNALITIES, EVIDENCE FROM ROTTERDAM
||Cox, Ruben; Brounen, Dirk; Neuteboom, Peter
||HOMEOWNERSHIP EXTERNALITIES, EVIDENCE FROM ROTTERDAM
||17th Annual European Real Estate Society Conference in Milan, Italy
||Does homeownership benefit neighborhoods? We analyze two specific positive externalities of homeownership in neighborhoods: perceived safety and neighborhood satisfaction. Our analysis addresses two important questions: ‘How does the causal relation run between homeownership-rates and externalities’ and ‘Is this relationship linear in homeownership rates?’ Using unique data on Rotterdam’s neighborhoods over an eight year time-span, our evidence suggests that homeownership causes positive neighborhood externalities rather than good neighborhoods attracting owner-occupiers. However, the relationship does not seem to be linear, which means that from a policy-perspective, increasing homeownership-levels is not always effective in alleviating neighborhood distress and other socio-economic problems.
||homeownership, externalities, neighborhood stability, safety, endogeniety
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||Urban & Housing Economics
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