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When education policy and housing policy interact: can we correct for the externalities?

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  • Charles Ka Yui Leung

Abstract

Since K-12 education is provided locally in the U.S., housing policy and education policy are inevitably tied together. To deepen our understanding of this institution, we build a spatial equilibrium model where the peer group effect and local public finance play essential roles. Our model is calibrated to matches several stylized facts of the labor market and housing market. Also, our counter-factual policy analyses yield new results. First, the location of public housing units (PHU) is crucial to the welfare implications of the policy. Second, even when public housing policy (PHP) and housing voucher (VC) program deliver similar results at the household level, PHP tends to benefit the offspring more, while VC is the reverse. Third, combining school finance consolidation (SFC) policy with PHP can outperform single-policy regimes, even lead to a Pareto improvement. Welfare results in the short and long run can differ significantly.

Suggested Citation

  • Charles Ka Yui Leung, 2019. "When education policy and housing policy interact: can we correct for the externalities?," ERES eres2019_21, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2019_21
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    Cited by:

    1. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Tang, 2020. "Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations," Globalization Institute Working Papers 380, Federal Reserve Bank of Dallas.
    2. Kuzey Yılmaz & Muharrem Yeşilırmak, 2023. "Access to transportation, residential segregation, and economic opportunity," Contemporary Economic Policy, Western Economic Association International, vol. 41(1), pages 103-127, January.

    More about this item

    Keywords

    endogenous sorting mechanism; housing voucher; Public Housing; school finance consolidation; short-run rigidity versus long-run flexibility;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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