Housing Purchase Restrictions,Public Expectations,and Housing Price Control:Evidence from the Chinese Real Estate Market
This paper takes the second round of purchase restriction policy as the research ob-ject,uses the second-hand housing market data of Chinese hotspot cities from January 2015 to April 2021 as the research sample,and adopts multi-period difference-in-differences(DID)sim-ultaneous equations to study the relationship between policy implementation,public expectation,and housing price regulation.The findings are as follows.(1)The purchase restriction policy has no significant effect,and the price restriction policy leads to the inversion of the prices of new houses and second-hand houses.(2)The government's introduction of the purchase restric-tion policy mainly takes into account the market transaction volume,housing prices,and public expectations,and is based on the active degree of the real estate market,the pressure on housing prices borne by residents,and the social pressure faced by the government.(3)There are two effects of public expectations,i.e.,the direct effect of irrational expectations and the indirect effect of public opinion pressure leading to the government's irrational decision-making.(4)Sec-ond-tier cities,the Beijing-Tianjin-Hebei urban agglomeration,and cities with a strong depend-ence on land finance have implemented a less effective purchase restriction policy.
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