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Impact of a Housing Tax Credit on Local Housing Markets: Evidence from France

Author

Listed:
  • Guillaume Chapelle

    (THEMA - Théorie économique, modélisation et applications - CNRS - Centre National de la Recherche Scientifique - CY - CY Cergy Paris Université)

  • Benjamin Vignolles

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique)

  • Clara Wolf

    (Sciences Po - Sciences Po)

Abstract

Housing Tax Credits are a popular tool designed to increase the construction of affordable housing units for low and medium income tenants. Several papers in the US, however, document the lacklustre performance of such programs that represent an important amount of public expenditures. In this paper, we exploit a quasi-natural experiment in France (the removal of the Borloo and Robien policies on part of the territory with the implementation of the Scellier Tax Credit (STC)), to identify the impact of such policies on local housing markets. We find that the removal of these tax credits decelerated house prices and lowered the vacancy rate in new dwellings without reducing the production of new housing units. Finally, the income profile of tenants in new dwellings remained unaffected.
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Suggested Citation

  • Guillaume Chapelle & Benjamin Vignolles & Clara Wolf, 2018. "Impact of a Housing Tax Credit on Local Housing Markets: Evidence from France," SciencePo Working papers Main hal-03472420, HAL.
    • Handle: RePEc:hal:spmain:hal-03472420
    DOI: 10.15609/annaeconstat2009.130.0101
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    Citations

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    Cited by:

    1. Odran Bonnet & Guillaume Chapelle & Alain Trannoy & Etienne Wasmer, 2019. "Secular Trends in Wealth and Heterogeneous Capital: Land is Back... and Should Be Taxed," Sciences Po publications 2019-14, Sciences Po.
    2. Céline Grislain-Letrémy & Corentin Trevien, 2022. "The Long-Term Impact of Housing Subsidies on the Rental Sector: the French Example," Working papers 886, Banque de France.
    3. Sylvain Chareyron & Tidiane Ly & Yohann Trouvé-Sargison, 2021. "Ownership incentives and housing affordability: Evidence from France," Erudite Working Paper 2021-03, Erudite.
    4. repec:hal:wpspec:info:hdl:2441/1eob9f9aas9q18hfjsiqhggvi2 is not listed on IDEAS
    5. Chapelle, Guillaume & Domènech Arumí, Gerard & Gobbi, Paula Eugenia, 2023. "Housing, Neighborhoods and Inequality," CEPR Discussion Papers 17969, C.E.P.R. Discussion Papers.
    6. repec:spo:wpmain:info:hdl:2441/qqo2oivo980taefakkgk0sv9m is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/1eob9f9aas9q18hfjsiqhggvi2 is not listed on IDEAS
    8. repec:hal:spmain:info:hdl:2441/qqo2oivo980taefakkgk0sv9m is not listed on IDEAS
    9. Odran Bonnet & Guillaume Flamerie de La Chapelle & Alain Trannoy & Etienne Wasmer, 2019. "Secular trends in Wealth and Heterogeneous Capital: Land is back...and should be taxed," Working Papers hal-03541411, HAL.
    10. repec:hal:spmain:info:hdl:2441/56k383m9o9kpb1g6f8rvv74ok is not listed on IDEAS
    11. Julien Pascal, 2020. "Search, matching and heterogeneity [Recherche, appariement et hétérogénéité]," SciencePo Working papers Main tel-03408394, HAL.
    12. Odran Bonnet & Guillaume Flamerie de la Chapelle & Alain Trannoy & Etienne Wasmer, 2019. "Secular trends in Wealth and Heterogeneous Capital: Land is back...and should be taxed," SciencePo Working papers hal-03541411, HAL.
    13. Julien Pascal, 2020. "Search, matching and heterogeneity [Recherche, appariement et hétérogénéité]," SciencePo Working papers tel-03408394, HAL.

    More about this item

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • H2 - Public Economics - - Taxation, Subsidies, and Revenue

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