Unexpected Guests: The Impact of Internal Displacement Inflows on Rental Prices in Colombian Host Cities
Emilio Depetris-Chauvin; Rafael J. Santos
Journal of Development Economics, September 2018. Vol. 134. Pages 289-309
Abstract: We study the causal impact of internally displaced people (IDP) inflows on rental prices in Colombian host cities. Following an instrumental variables approach we find that as IDP inflows increase, low-income rental prices increase and high-income rental prices decrease. We provide empirical evidence on two potential mechanisms for these findings: Excess demand for low-income housing puts upwards pressure on rental prices; increasing supply of high-income housing coupled with rising homicide rates put downwards pressure on rental prices.
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