ABSTRACT：Thispaperstudiestheextenttowhichspatialheterogeneityinhousingpricesisaffected by housing supply in Beijing’s specific context of centralized metropolitan government without local propertytax.Takingdatasetsofresidentiallandleasesandprivatehousingsalesrecordsfrom2006to 2008 within Beijing’s metropolitan area, this paper examines how the capitalization of school quality and subway accessibility in housing prices varies with land availability instrumented by the employment density of state-owned enterprises (SOEs) at the beginning of SOE reform. Results confirm that the capitalization of school quality and subway accessibility is larger in supply-constrained locations.

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