초록
This paper empirically analyzes the external effects of public rental housing on neighborhood housing prices in Seoul, employing a multi-level hedonic price model with social mix types included. Social mix types are classified depending upon whether public housing and market housing are located within the same building, within the same estate, or separated by a road. Multi-level model aims at reflecting hierarchical and clustered data structure attributed to the fact that a single public housing affects multiple neighborhood housing. Individual characteristics of neighborhood housing constitute level 1 determinants while social mix type and region-specific locational characteristics of public housing are dealt with at level 2. Estimation results show that neighborhood housing prices tend to decrease as the number of public housing units increases or/and public housing is located at closer location. However the mass and distance effects are significant only at 90% significance level. Difference in social mix type does not significantly affect neighborhood housing prices. Based upon the findings, the paper concludes that negative external effects of public housing on neighborhood housing prices are not a common phenomenon at least. Nevertheless a further investigation is required in order to take into consideration of differences in socioeconomic characteristics among public housing and neighborhood housing occupiers.