This paper investigates whether and how property tax limits impact female labor supply during the housing boom and bust. Theory predicts that property tax limits increase non-labor income during the housing boom and decrease non-labor income during the bust periods, leading to opposite effects on labor supply during the boom and bust periods. Exploiting exogenous variation of housing market conditions in the housing boom and bust and geographic changes of property tax limits in the cross-state Combined Statistical Areas, we test the theory and find that property tax limits reduced female labor force participation by 0.7 to 1.4 percentage points during the housing boom (2005–2006) as predicted. In contrast, the impact of property tax limits on female labor force participation during the housing bust (2008–2009) is always positive but not statistically significant in most specifications. These results are consistent with our model and provide new evidence of housing wealth effects in the labor market.

本文研究了房地产税限制是否以及如何影响住房繁荣和萧条期间的女性劳动力供应。理论预测，财产税限制会在房地产繁荣时期增加非劳动收入，而在萧条时期减少非劳动收入，从而在繁荣和萧条时期对劳动力供给产生相反的影响。利用住房市场繁荣和萧条时期的住房市场状况的外在变化以及跨州联合统计区的财产税限制的地理变化，我们检验了该理论，发现财产税限制使女性劳动力参与减少了0.7至1.4个百分点如预期的那样，在房地产繁荣时期（2005-2006年）。相反，在住房泡沫破裂期间（2008-2009年），财产税限制对女性劳动力参与的影响始终是积极的，但在大多数规范中没有统计学意义。这些结果与我们的模型一致，并为劳动力市场上的住房财富效应提供了新的证据。