Policy Discontinuity and Floor Area Ratio Regulation—Evidence from Residential Land Leasing in China
Housing supply regulation in the form of floor area ratio(FAR)plays an important role in regional spatial patterns and people's livelihood welfare.In this paper the housing FAR regulations of over 50 000 residential land parcels sold during 2005-2015 in China are estimated and the results show that the local policy discontinuity leads to deregulation of FAR(higher upper bound)probably due to the decrease of land leasing during the year of policy discontinuity,which is more obvious in the eastern regions and northern part of China.The results and causal relationships can also be identified by econometric approa-ches such as instrumental variable regressions.
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