There is a growing debate about whether new housing units increase rents for immediately surrounding apartments. Some argue new market-rate development produces a supply effect, which should alleviate the demand pressure on existing housing units and decrease their rents. Others contend that new development will attract high-income households and new amenities, generating an amenity effect and driving up rents. I contribute to this debate by estimating the impact of new high-rises on nearby residential rents, residential property sales prices and restaurant openings in New York City. To address the selection bias that developers are more likely to build new high-rises in fast-appreciating areas, I restrict the sample to residential properties near approved new high-rises and exploit the plausibly exogenous timing of completion conditional upon the timing of approval. I provide event study evidence that within 500 ft, for every 10% increase in the housing stock, rents decrease by 1%; and for every 10% increase in the condo stock, condo sales prices decrease by 0.9%. In addition, I show that new high-rises attract new restaurants, which is consistent with the hypothesis about amenity effects. However, I find that the supply effect dominates the amenity effect, causing net reductions in the rents and sales prices of nearby residential properties.

中文翻译：

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你后院的新住房单元会提高你的租金吗？

关于新住房单元是否会增加附近公寓的租金的争论越来越多。一些人认为，新的市场价格开发会产生供应效应，这应该会缓解现有住房单位的需求压力并降低其租金。其他人则认为，新开发项目将吸引高收入家庭和新的设施，产生舒适效果并推高租金。我通过估计新的高层建筑对纽约市附近住宅租金、住宅物业销售价格和餐厅开业的影响来为这场辩论做出贡献。为了解决开发商更有可能在快速升值地区建造新高层的选择偏见，我将样本限制在批准的新高层建筑附近的住宅物业，并以批准的时间为条件，利用看似合理的外部完成时间。我提供的事件研究证据表明，在 500 英尺内，住房存量每增加 10%，租金就会下降 1%；公寓存量每增加 10%，公寓销售价格就会下降 0.9%。此外，我表明新的高层建筑会吸引新的餐厅，这与舒适度效应的假设是一致的。然而，我发现供应效应主导了舒适性效应，导致附近住宅物业的租金和销售价格出现净下降。公寓销售价格下降 0.9%。此外，我表明新的高层建筑会吸引新的餐厅，这与舒适度效应的假设是一致的。然而，我发现供应效应主导了舒适性效应，导致附近住宅物业的租金和销售价格出现净下降。公寓销售价格下降 0.9%。此外，我表明新的高层建筑会吸引新的餐厅，这与舒适度效应的假设是一致的。然而，我发现供应效应主导了舒适性效应，导致附近住宅物业的租金和销售价格出现净下降。