Research On The Influence Of Affordable Housing Construction On House Price Based On Simultaneous Equation Model

Since the implementation of the monetization of housing distribution,China's commercial housing market has developed rapidly,and the rising housing prices have driven the rapid development of the national economy,but it has also caused difficulties on housing for low-and middle-income residence.Although after four stages of exploration,China's housing security system is becoming more and more perfect there are still many problems in China's current housing security system,and the unreasonable rise in housing prices has not been suppressed.Under such circumstances,for low-income residence,the housing problem has become increasingly prominent.Besides,the housing problem has seriously affected the distribution of social welfare levels and has had a certain impact on the increase and decrease of personal welfare.In this context,the state tries to protect the housing needs of low-income urban residents through the construction of affordable housing,while at the same time stabilizing housing prices by increasing the supply of affordable housing.However,whether the construction of affordable housing can inhibit regional housing prices requires further study.Therefore,this paper focuses on the impact of regional housing construction on housing prices.This paper takes Nanjing as the research object and takes the supply of affordable housing in Nanjing as the starting point to establish the Nanjing residential economic system and study the causal relationship between various factors within the system.Based on the analysis of the research at home and abroad,this paper sorts out the related concepts of affordable housing,and analyzes the development process and current problems of China's affordable housing construction.Secondly,based on the theory of“housing filtering,,this paper puts forward two hypotheses:increasing the supply of affordable housing will promote the overall downward adjustment of social housing prices;the construction of affordable housing will have a"crowding out effect" on residential commercial housing,thus raising House price.To verify the hypothesis,this paper further establishes a simultaneous equation model for verification.After the conditional and rank condition tests are carried out on the model,the model is considered to be an over-recognition model,and the model is estimated by a two-stage least squares method.Through the analysis of empirical results,it is concluded that the supply of affordable housing in Nanjing has a significant positive effect on the price of residential housing in Nanjing;the construction of affordable housing in Nanjing has not produced a " squeezing effect" on the commercial housing market.Therefore,the construction of affordable housing must consider its supply structure,and the various housing systems should be smoothly connected to ensure the housing needs of most middle-income families.In the case that the social housing does not have a "squeezing effect",the supply should be increased,and at the same time,the improvement of supporting facilities and the strict control of the application for admission should be ensured.Therefore,the construction of affordable housing in China can truly benefit the people's livelihood.