作者：Ritashree Chakrabarti    张俊富

Abstract
We develop a simple model to clarify why unaffordable housing could negatively affect employment growth and business formation in a regional economy. We empirically measure these effects using data on California cities. Various identification strategies are employed to account for potential endogeneity and omitted-variables biases in simple OLS regressions. Most importantly, we use climate amenity variables to instrument for housing affordability. Our findings provide consistent evidence that unaffordable housing indeed negatively affects employment growth. The effects on the formation of new businesses, however, are weak.
Keywords: Housing affordability, employment growth, business formation

（本文为中国人民大学劳动人事学院劳动经济学双周论坛第六期讲座的主题论文）