The Impact Of Housing Prices On Labor Mobility Considering "Equal Right To Rent And Purchase"

In the past decade or so,the phenomenon of excessive growth of housing prices in large and medium-sized cities in China has continued to plague the development of real estate market.Especially under the high financial dependence on land,high housing prices may adversely affect the smooth operation of our country’s economy and society.In response to the housing price problem,the Chinese government has defined the basic policy,requiring deepen the process of returning housing to its residential properties,and gradually changing the housing system that "emphasizes purchasing over renting" through the policy of "equal rights for renting and purchasing" to realize a new situation of housing market with "rent and purchase".However,in the context of China’s policy transformation,what is the effect of the pilot implementation of the "rent-to-own" policy on urban housing prices in China,and how long will the effect last? In addition,the flow of labor in our country is closely related to changes in urban housing prices.Then,by affecting the price of urban housing,an indicator that occupies an important position in our country’s macro economy,how does the policy of "rent and purchase equal rights" affect the indicator of labor mobility in our country? Based on the above situation,this article analyzes the effect of changes on prices in cities on labor mobility with the policy of "hire and purchase equal rights" as the background.Starting from the background of the continuous rise of housing prices in our country,the high housing prices in large and medium-sized cities,and the gradual increase in the importance of the housing rental market,this article interprets the essence and connotation of the rent-purchase co-rights policy,and analyzes the theory of labor mobility as a basis.This paper uses data to construct an empirical DID model to investigate the effect of prices on labor mobility in China in the context of the policy implementation.Finally,this article examines the empirical research on the impact of the "hire-purchase equal rights" policy,and supplements the theoretical mechanism mentioned above.The conclusions as below: First,the policy of "rent and purchase equal rights" has promoted the balance and stability of our country’s real estate market,and reached the policy goal of restraining housing price increases.However,from the perspective of empirical regression coefficients,the "hire-purchase equal rights" policy still has certain limitations in restraining housing price increases.Second,this article confirms that urban housing prices are negatively correlated with labor mobility.The high housing prices in large and medium-sized cities increase the expected cost of labor inflow and hinder the inflow of labor.By restricting the increase in housing prices in pilot cities,the "rent and purchase equal rights" policy reduces the migration cost of labor into the pilot cities,and affects labor migration decisions,making more laborers willing to flow into the pilot cities.