The trajectories of real housing rents and real house prices have shown an upward sloping trend in most industrialized countries since WW2. The burden of rising housing rents is likely to be distributed unequally because income-poor households devote a larger share of their consumption expenditures on housing than income-rich households. This inverse relation between income and the expenditure share of housing is labeled Schwabe's law. We analyze how the dynamics in housing rents affect household welfare, accounting for Schwabe's law and the endogeneity of housing rents in general equilibrium. We show analytically that Schwabe's law amplifies heterogeneous welfare effects that operate through housing rent changes. We then study how zoning deregulation affects household welfare in general equilibrium. Zoning deregulation triggers a temporarily slower growth in housing rents and house prices. The representative household experiences a welfare gain of 0.37 percent. This welfare effect is unequally distributed at the micro-level. The highest welfare gain amounts to 12.52 percent, while the highest welfare loss amounts to 1.63 percent. Lower housing rent growth drives most of the overall welfare gain, and Schwabe's law is responsible for most of the variation in the welfare gain across households.

自二战以来，大多数工业化国家的实际房租和实际房价走势均呈上升趋势。住房租金上涨的负担很可能分配不均，因为与收入丰富的家庭相比，收入低下的家庭将更多的消费支出用于住房。收入与住房支出份额之间的这种反比关系被称为施瓦贝定律。我们分析了住房租金的动态如何影响家庭福利，解释施瓦贝定律和一般均衡中住房租金的内生性。我们分析表明，施瓦贝定律放大了通过住房租金变化产生的异质福利效应。然后我们研究了分区放松管制如何影响一般均衡中的家庭福利。区划放松管制导致住房租金和房价的增长暂时放缓。代表性家庭的福利收益为 0.37%。这种福利效应在微观层面上分布不均。最高的福利收益达 12.52%，而最高的福利损失达 1.63%。较低的住房租金增长推动了大部分整体福利收益，而施瓦贝定律是造成家庭福利收益变化的主要原因。