, Baseline results from OLS estimates in Table 4.2 report how changes in housing prices are correlated with changes in the share of high-skilled workers, and that of low-skilled workers, and the SIR in 2000 and 2010 separately. The coefficients for the three dependent variables are shown in separate groups in the table

. Column, After controlling for population, the coefficient of log housing prices does not change much as shown in Column (2) of panel A. Again, adding amenities into the regression, the results presented in Column (3) of panel A exhibit that the coefficient of interest is reduced to 0.424, which is in line with expectation. However, when I control for employment shares across sectors further, the effect of housing prices on the log share of high-skilled workers becomes 0.204 and significant only at the 10% level in 2000 reported in Column (4) of panel A. Specifically, the rising employment shares in trade and catering services and professional service increases the share of high-skilled workers, while the rising employment share in manufacturing decreases the share of high-skilled workers. These results except trade and catering services employment shares are well understood, Panel A shows that housing prices have significant and positive correlations with the share of high-skilled workers in 2000 if nothing else is controlled for

, Surprisingly, after controlling for population, employment shares across sectors and amenities, housing prices have no impacts on the share of low-skilled workers in 2000 as shown in Column

, Overall, effects of housing prices on the shares of high-skilled workers, low-skilled workers, and the SIR are not so significant in 2000. One potential reason is that the hukou regulation was tight by 2000 and mobility costs were high.(Chan and Zhang, 1999) The hukou system is like an internal passport system within China. People's hukou status (local/non-local, urban/rural) is tied to their rights to housing, schooling, health care and employment opportunities. Before 2000, it was very difficult to change hukou status from rural to urban or from one region to another. People could move across cities without changing their hukou but they can benefit from little local public services at the destination place, Panel A. Finally, the coefficient of log housing prices on log SIR is 0.204% and significant only at the 10% level in 2000 shown in Column (12) of Panel A. Population has positive relationship with the SIR, consistent with the findings in Elvery, 2006.

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