The Impact Of Talent Attraction Policies On Housing Price

General Secretary Xi Jinping put forward: "Development is the priority,talent is the first resource,and innovation is the first driving force." Since the 21st century,talent has attracted much attention.Talent is the most expensive resource,and talent means the future of the city.Therefore,since the beginning of 2017,Wuhan,Changsha,Hainan,and other cities and provinces have continuously increased their efforts to introduce talent attraction policies to attract talents.Not only did the threshold for settlement continue to drop,but they also attracted talents through various subsidies and preferential policies.However,due to the overheating of the real estate market and the irrational growth of housing prices,many places in China have adopted household registration as the core purchase restriction policies to restrain the accelerated rise of real estate prices.At this time,the lowering of the threshold for settlement will allow more people to have the qualifications to purchase houses,which may have an impact on the purchase restriction policy of the real estate market and have a certain impact on the smooth operation of the real estate market.Therefore,to promote the healthy and stable operation of the real estate market,it is necessary to study the impact of talent attraction policies on housing prices in the real estate market under such circumstances.This paper study the impact of different cities’ talent attraction policies on the real estate market by regression discontinuity design.First,after the implementation of the talent attraction policy,housing prices in cities at different levels will be affected differently.The talent attraction policy in the new first-tier cities has a greater impact on the price of second-hand housing than newly-built commercial housing.After the implementation of the talent attraction policy in the second-and third-tier cities,the prices of newly-built and second-hand housing in most cities have similar changes.Secondly,it summarizes the regression discontinuity design used in this article and analyzes the feasibility of using the regression discontinuity design in this article.Then,sort out the research data of this article,select sample cities,and related indicators,and sort the indicator data.Finally,based on the regression discontinuity design,the new commercial housing and second-hand housing talent attraction policy models were constructed respectively,and the impact of the talent attraction policies in each sample city on the local housing price index was empirically analyzed,and the regression discontinuity model diagram was used to analyze in detail.The discontinuity effect of the impact of talent attraction policies on local housing prices in each sample city is analyzed.The following conclusions are drawn: First,there are differences in the impact of talent attraction policies on housing prices in cities of different levels.Among them,the talent attraction policy in the new first-tier cities has a greater impact on the price of second-hand housing than that of newly-built commercial housing,while in the second-tier or third-tier cities,the impact of the talent attraction policy on the price of newly-built commercial housing and the price of second-hand housing is not significant.Second,in general,housing prices in most cities have risen due to the implementation of talent attraction policies.Specifically,the 26 sample cities can be roughly divided into three categories.The first category is 19 cities including Hangzhou,Nanjing,and Qingdao.The talent attraction policies of these cities have a significant positive impact on the price index of new commercial housing or second-hand housing.The second category is Changsha,Chengdu,Lanzhou,and Haikou.The talent attraction policies of this category of cities have a significant negative impact on the price index of new commercial housing or second-hand housing in the local area.The third category is Zhengzhou,Hefei,and Jinan.The price index of newly-built commercial housing and second-hand housing in these cities is weakly affected by the talent attraction policy in the short term.Finally,this article also puts forward relevant policy recommendations based on the empirical results.It is hoped that when local governments formulate talent attraction policies,they can reasonably coordinate talent attraction policies and purchase restriction policies,continuously improve talent attraction,and promote the smooth operation of the real estate market.Adopt measures to local conditions,establish local talent attraction policies,avoid policy homogeneity,and rationally attract talents.At the same time,increase land supply in areas where there is a large influx of talents,and enhance infrastructure such as public service levels,to calmly deal with the influx of talents and retain talents.Based on the regression discontinuity design,this paper empirically analyzes the impact of talent attraction policies in different cities on local housing prices and finds that the talent attraction policies in some cities can counteract the purchase restriction policies,promote housing price rises,and cause fluctuations in the real estate market.There are differences in the impact of housing prices.Therefore,the research in this article will continuously improve the talent attraction policies for local governments and avoid hedging the purchase restriction policy,which will have a certain significance for stabilizing the development of the real estate market.At the same time,it has a certain reference value for the further development of reasonable talent attraction policies in various regions.