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Leveling the playing field: the effects of multi-school zoning policies on housing prices

Author

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  • Tiantian Dai
  • Shenyi Jiang
  • Yang Ming

Abstract

The effect of policies promoting educational equity on housing prices is inconclusive. This paper leverages a unique multi-school zoning policy (MZP) in Beijing as a quasi-natural experiment to examine variations in parental valuation of their children’s likelihood of entering prestigious schools. To capture potential anticipatory behaviour, we employ a flexible event study model, revealing diminishing capitalization effects during both anticipatory and post-treatment periods. The estimated average monthly decrease in housing prices is 1.8% during the anticipatory period and 3.3% during the post-treatment period. The heterogeneity analysis indicates that housing prices in neighbourhoods around the most prestigious schools and in small homes experience the most significant price drops. This study provides evidence that the MZP helps equalize the equity values of housing units originally located in different school zones.

Suggested Citation

  • Tiantian Dai & Shenyi Jiang & Yang Ming, 2026. "Leveling the playing field: the effects of multi-school zoning policies on housing prices," Applied Economics, Taylor & Francis Journals, vol. 58(5), pages 921-941, January.
    • Handle: RePEc:taf:applec:v:58:y:2026:i:5:p:921-941
    DOI: 10.1080/00036846.2025.2461327
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