Research On The Impact Of "Multi School Planning " Policy On Housing Prices

Relevant data show that the overall supply of China’s housing market is relatively sufficient at present,but there is a problem of structural imbalance.Real estate is a special commodity with both use value and investment value,showing serious financial characteristics.Compared with market supply and demand,investment demand and the amount of funds involved in transactions have an increasingly important impact on price determination.Due to the relatively sufficient overall supply and the restrictions on investment funds by the purchase and loan restriction policies,the investment demand is mainly concentrated on the "core assets" with insufficient structural supply."School District Housing Fever" is not only an important economic phenomenon in the real estate market,but also one of the important manifestations of structural imbalance between supply and demand.Controlling the excessive premium of "School District Housing" is of great significance to China’s house price regulation.By breaking the one-to-one correspondence between housing and counterpart schools,the "Multi School Planning" policy promotes educational equity and cools down the "School District Housing".Based on the housing use demand mechanism and investment demand mechanism,this paper distinguishes the balanced and unbalanced areas of educational resources,analyzes the impact of the "Multi School Planning" policy on the housing prices of "School District Housing" and "Non-School District Housing" and the heterogeneity in different regions,and takes Haidian District of Beijing as an example to make an empirical test by using DID and DDD models.The relevant research results show that:(1)Due to the limitations of the "Multi School Planning" policy caused by geographical and spatial factors,the policy did not significantly improve the overall premium rate of "School District Housing" in Haidian District,but caused the convergence of the price trend of "School District Housing" and "Non-School District Housing" in each sub region;(2)The policy of "Multi School Planning" has had some adverse effects.The policy has a positive impact on the prices of "School District Housing" and "Non-School District Housing" in regions with balanced and abundant educational resources,even after controlling the "Attraction Effect",there is a transform from school selection to district selection.The impact on "Non-School District Housing" is higher,resulting in the decline of "School District Housing" premium rate;(3)The "Multi School Planning" policy has a good policy effect in areas with unbalanced educational resources.After controlling the "Attraction Effect",the price of "School District Housing" in areas with unbalanced educational resources has decreased significantly by 1.77%,and the premium rate has narrowed,which has no significant impact on the price of "Non-School District Housing".Finally,according to the above research conclusions,some policy suggestions are put forward,such as strengthening the teacher rotation system,promoting the coordinated development of regional economy,and carrying out expected management.