housing_markets_in_a_pandemic.pdf
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… is the housing market. On the one hand, pandemics can result in a direct decline in housing demand due to excess mortality and economic hardship. On the other hand, the uncertainty brought by the epidemic might refrain households and investors from buying and selling property. It is challenging to assess the impact of such an epidemic on the housing market. While epidemics typically arrive suddenly and are therefore unrelated to the state of the economy, they are also infrequent, such that data … though that the plague resulted in widespread death and despair, and also affected the economy. Noordegraaf and Valk (1996) cite dozens such examples, and we will name a few here. For example, the Amsterdam plague law of 1558 prohibited people from visiting markets, inns, and churches during epidemics, as well as any other place where many people gathered. In some cases, the government even announced movement restrictions around outbreaks. After the 1617 epidemic, owners of inns complained that … . As we do not have detailed property information, we include street fixed effects (1521 streets). We have information on transaction type (four different types) and some crude descriptions of the property, like the presence of a building, a garden, a shop, etcetera. In total, we have 25 property related dummy variables. We use identical variables for the plague as in the repeat sales model. Table 2 presents estimation results from the repeat sales and hedonic price model. Our sample covers seven …