The impact of Airbnb on housing affordability: Evidence from Hong Kong

Liang, Cong; Yeung, Matthew Chi Hei; Au, Alan

doi:10.1177/23998083211043123

Cited by 12 publications

(8 citation statements)

References 23 publications

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“…The authors propose a conceptual framework of agents’ interactions and then using a hedonic price model they assess how price inflation could revert on housing prices—and therefore social inequalities—in the case of Sardinian municipalities in Italy. Similar approaches have been developed by Wu (2019) for Chinese cities, Mikulić et al (2021) in Croatia, Liang et al (2021) in Hong Kong, or García-López et al (2020). This latter work is particularly relevant for our approach, as it points to a causal relation between the growth of short-term rental apartments in Barcelona and the rise of purchase prices in zones of high intensity of offer in the 2010–2018 period.…”

Section: Conceptual Backgroundmentioning

confidence: 86%

Tourism pressure as a driver of social inequalities: a BSEM estimation of housing instability in European urban areas

Valente¹,

Russo

Vermeulen

et al. 2022

European Urban and Regional Studies

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There is a certain agreement in the regional economics literature on tourism development as a lever of territorial cohesion and regional convergence. Yet, evidence about its impact on social inclusion within destination regions is scant. The emerging literature placing tourism development as a driver of inequality relies mostly on qualitative methods and individual case studies, thus overlooking a cross-national perspective. In this article, we address this gap by estimating the impacts of tourism growth between 2013 and 2018 on housing instability through its effects on rents and the perceived financial burden of housing costs. Based on a combination of data sourced from Eurostat and a geo-located dataset of Airbnb listings, a Bayesian path analysis model was specified with a sample of densely populated areas in 85 European regions. Results reveal the controversial influence of tourism on urban destinations, indicating how the increase in the number of visitors may benefit mean incomes and relieve the pressure on housing costs, while at the same time, driving a higher dispersion of income and residential displacement. A clear difference is established between homeowners and tenants to this regard: the former can use the opportunities of rent extraction in the platform economy to withstand the economic pressure of tourism, while the latter are more exposed to the risk of having to leave their homes.

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Section: Conceptual Backgroundmentioning

confidence: 86%

Tourism pressure as a driver of social inequalities: a BSEM estimation of housing instability in European urban areas

Valente¹,

Russo

Vermeulen

et al. 2022

European Urban and Regional Studies

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“…Apart from the examination of the impacts of existing new towns on housing affordability, we pay more attention to the announcement effects of new development areas on housing affordability. The difference-in-difference (DID) approach, which specializes in examining the impacts of events is considered (Angrist and Pischke, 2008; Liang et al, 2022c). In specific, the DID is displayed as equation (3) below:Where Wit = {Priceit, Rentit} is a vector of indicators to measure housing affordability.…”

Section: Methodsmentioning

confidence: 99%

New town development and housing affordability: A case study in Hong Kong

Huang,

Li,

Wang

2023

Environment and Planning B: Urban Analytics and City Science

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New towns and housing affordability are the hot topics among city planners, urban researchers, policymakers, and economists in recent years. Yet, whether the existing new town development could mitigate the problem of housing affordability for low-income people is understudied. To fill this important knowledge blank and research gap, this study selects Hong Kong to conduct the empirical analysis. Through examining the data from multiple sources such as Census statistics from the Hong Kong government, market-rate housing transaction records, and private housing transactions from the property agents’ website, we found that new town development mitigates the problems of housing affordability in Hong Kong in general but not for low-income tenants in particular. The low-income people in new towns pay more for living in unsubsidized affordable housing/subdivided units as their last shelters. As more new towns will be developed in the upcoming years, the results also found that the announcement of new development areas increases the housing rent rate by 9.4% in the new development areas. We suggest that the priority of the newly built subsidized housing in the new development areas should be allocated to the local/indigenous low-income people; otherwise, the housing affordability of low-income people may repeat the same pattern associated with the past new towns’ development.

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“…Property transactions have been used routinely for various types of real estate analyses (Fesselmeyer & Seah 2018;Lee & Ooi 2018). Information obtained by scraping real estate websites, such as property listings and ads for short-term accommodation, have been used primarily for studies such as understanding patterns driving prices and analysing socio-economic distributions (Boeing & Waddell 2016;Li & Biljecki 2019;Boeing 2020;Delmelle & Nilsson 2021;Kang et al 2020;Liang et al 2021;Zhang et al 2021b;Nowak & Smith 2016;Su et al 2021). For example, You et al (2017) estimate prices of houses from a large amount of house photos posted by real estate brokers in property websites.…”

Section: Applications Of Real Estate Datamentioning

confidence: 99%

Mining real estate ads and property transactions for building and amenity data acquisition

Chen

Biljecki

2022

Urban Info

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Acquiring spatial data of fine and dynamic urban features such as buildings remains challenging. This paper brings attention to real estate advertisements and property sales data as valuable and dynamic sources of geoinformation in the built environment, but unutilised in spatial data infrastructures. Given the wealth of information they hold and their user-generated nature, we put forward the idea of real estate data as an instance of implicit volunteered geographic information and bring attention to their spatial aspect, potentially alleviating the challenge of acquiring spatial data of fine and dynamic urban features. We develop a mechanism of facilitating continuous acquisition, maintenance, and quality assurance of building data and associated amenities from real estate data. The results of the experiments conducted in Singapore reveal that one month of property listings provides information on 7% of the national building stock and about half of the residential subset, e.g. age, type, and storeys, which are often not available in sources such as OpenStreetMap, potentially supporting applications such as 3D city modelling and energy simulations. The method may serve as a novel means to spatial data quality control as it detects missing amenities and maps future buildings, which are advertised and transacted before they are built, but it exhibits mixed results in identifying unmapped buildings as ads may contain errors that impede the idea.

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The impact of Airbnb on housing affordability: Evidence from Hong Kong

Cited by 12 publications

References 23 publications

Tourism pressure as a driver of social inequalities: a BSEM estimation of housing instability in European urban areas

Tourism pressure as a driver of social inequalities: a BSEM estimation of housing instability in European urban areas

New town development and housing affordability: A case study in Hong Kong

Mining real estate ads and property transactions for building and amenity data acquisition

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