As the world is increasingly witnessing an aging society, the demand for elderly care facilities has gradually increased. However, there is controversy regarding the impact of 'establishing elderly care facilities on surrounding residents' in both academia and urban governance practices. To clarify this debate and introduce innovation to the discussion, this paper addresses the influence mechanism (that is, the amenity effect or the ‘not-in-my-back-yard’ effect) of the establishment of elderly care facilities on surrounding housing prices. Based on the data of 26,215 gated residential communities and 595 elderly care facilities in Shanghai and using a fixed-effect regression, we find that elderly care facilities have nonlinear effects. After considering distances from residential communities, establishment time, and different types of elderly care facilities, the results indicate significant heterogeneity. The conclusions have important policy implications for selecting suitable locations to build elderly care facilities and balance the dual interests of local governments and the private sector.

随着世界日益老龄化社会，对养老设施的需求也逐渐增加。然而，“建立养老设施对周边居民的影响”在学术界和城市治理实践中都存在争议。为澄清这一争论并为讨论引入创新，本文探讨了养老机构设置对周边房价的影响机制（即舒适效应或“不在我的后院”效应）。 . 基于上海市 26215 个封闭式住宅小区和 595 家养老机构的数据，采用固定效应回归，我们发现养老机构具有非线性效应。在考虑到与住宅社区的距离、建立时间、和不同类型的养老机构，结果显示出显着的异质性。研究结论对于选择适宜的养老设施选址、平衡地方政府和私营部门的双重利益具有重要的政策意义。