Housing Regulation Spillovers: Buy-Rent Substitution and Spatial Multipliers in Urban China
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Real estate regulations in urban China generate spatial spillovers on rental markets, yet their mechanisms remain underexplored. This study analyses panel data from 83 cities over 2010–2020 using a dynamic spatial Durbin model with Lee–Yu transformation, revealing that relaxation of transaction regulations elevates local rents by 0.022 and neighbouring rents by 0.023, with a total effect of 0.046 amplified spatiotemporally through housing-price capitalisation, wage shifts and digital attention. Findings highlight regional heterogeneity and policy-tool differences.These advocate cross-city coordination to mitigate externalities and inform equitable housing governance.
