공공임대주택 입지가 주변지역 지가에 미치는 영향 : 실증적 DID분석

공공임대주택 입지가 주변지역 지가에 미치는 영향을 분석했다.

As one of the major housing policies that has been implemented for expanding housing supply and stabilizing housing for ordinary people amid absolute housing shortages, public housing has played a significant socioeconomic role, bringing tangible results of ?expansion of housing inventory for low-income groups.? Although it is currently in the process of becoming ?National Rental Housing? after several changes, it has brought about negative perspectives on issues such as the NIMBY (not in my back yard) phenomenon. One of the main causes of such negative views is the decrease in values of surrounding areas due to its externalities.

The results of many theoretical discussions and domestic and foreign studies show that the externalities of public housing, unlike its negative perceptions, are not actually negative. Thus, in this study, it is assumed and suggested that the externalities of public housing on surrounding land values may vary according to location characteristics. Accordingly, this study aims to ascertain the negative perceptions toward the externalities of public housing by empirically examining the relationship between public housing?s location characteristics and its surrounding land values.

The objects of empirical analysis were 30 public housing complexes in Busan Metropolitan City, which is a major city. A regression model to which a DID (difference-in-differences) approach was applied was used as the analytical method. The results achieved through this showed whether public housing constantly has negative effects on values of surrounding areas or if it has varying effects according to certain location characteristics. To begin with, the results of the analysis of Busan City as a whole regardless of the location characteristics revealed that public housing has negative effects on surrounding land values.

However, the results of the analysis in accordance with the focus of this study by subdivided location characteristic showed that its effects varied from ?positive (+)? to ?negative (-)? and ?neutral (0).? Of course, there should be many reasons for the negative perceptions, but the nationwide negative perception toward public housing focusing on ?decreases in surrounding land values? may be an inordinate prejudice. In this sense, the location characteristics that determine the nature of the externalities of public housing need to be identified. This was done by examining the types, complex scale, housing surface area, land use zoning, and much more.

The first location characteristic that was considered to have definite effects on the externalities of public housing was the scale of the complex. In terms of scale, the complexes were divided based on scales of 500 households, 1,000 households, and 1,500 households for analysis. The results indicated that small-scale complexes holding less than 500 households caused increases in surrounding land values, while the land surrounding the complexes with more than 500 households revealed tendencies of a decrease in value. The second location characteristic was the housing surface area.

As the size of housing provided as a form of public housing was larger, its effects on surrounding land values were more positive. Nevertheless, the surface area of housing is a location characteristic with limitations because public housing is provided to low-income groups as the policy target groups. The effects of public housing were related not only to its own characteristics but also to the characteristics of the surrounding land. The effects on land values varied according to land use zoning. Moreover, residential and commercial areas were negatively influenced in terms of value, whereas manufacturing areas increased in value.

These results suggest that the effects of public housing on surrounding land values are not always negative, as this study had assumed. Even though the negative effects shown in the analysis of the whole object area cannot be denied, it is significant that the effects can be positive according to the location characteristics of public housing. In addition, these results are necessary findings for proper supplies of public housing. There are various restrictions in determining its location, supply scale, and unit household area. Moreover, the problems of supply and demand should also be taken into account since it is a form of goods.

Furthermore, choices become fewer because its public nature and welfare aspects should be considered. Under these conditions, it is not easy to plan and select the location of public housing in spite of the importance of its roles. This difficulty is evidenced by the government?s trouble in selecting the location of ?national rental housing.? Nevertheless, as far as the continuous provision of public housing is carried forward, ways to minimize its negative effects?such as decreases in surrounding real estate values?should be developed and adopted.

Based on the results of this study, in constructing public housing, various matters?including the adjustment of the complex scale, expansion or diversification of unit household area, and relationships between its tenants and surrounding land use?should be taken into account in consideration of its realistic effects.