Many cities have attracted a flurry of out-of-town (OOT) home buyers. Such capital inflows affect house prices, rents, construction, labor income, wealth, and ultimately welfare. We develop an equilibrium model to quantify the welfare effects of OOT home buyers for the typical U.S. metropolitan area. When OOT investors buy 10% of the housing in the city center and 5% in the suburbs, welfare among residents falls by 0.61% in consumption-equivalent units. House prices and rents rise substantially, resulting in welfare gains for owners and losses for renters. Policies that tax OOT buyers or mandate renting out vacant property mitigate welfare losses.

中文翻译：

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外地购房者与城市福利

许多城市吸引了大批外地 (OOT) 购房者。这种资本流入会影响房价、租金、建筑、劳动收入、财富，并最终影响福利。我们开发了一个均衡模型来量化 OOT 购房者对典型美国大都市区的福利影响。当 OOT 投资者购买市中心 10% 的住房和郊区 5% 的住房时，居民的福利在消费当量单位中下降 0.61%。房价和租金大幅上涨，导致业主的福利收益和租房者的损失。对 OOT 买家征税或强制出租空置财产的政策可以减轻福利损失。