This article combines unconditional quantile regressions with difference-in-differences to study the distributive effects of a foreign buyer tax (FBT) on home prices in New South Wales (NSW). The main results reveal that the FBT reduces house prices in NSW but only among the more expensive houses located in desirable neighborhoods of Sydney and with a relatively high share of foreign-born population. We find evidence that the FBT reduces transaction volumes in the same expensive Sydney neighborhoods and immigrant enclaves where house prices are observed to decline, in support of a direct mechanism that the FBT curbs foreign demand. Additional results suggest that more expensive homes are not substituted with less expensive housing, and that some foreign buyers respond to the FBT by divesting away from NSW locations. The main policy implication is that the FBT may help deter foreign buyers from accumulating higher-priced and luxury assets, but may fail to address broader housing affordability concerns facing the local population.

中文翻译：

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外国买家税对新南威尔士州房价的异质性影响


本文将无条件分位数回归与双重差分相结合，以研究外国买家税 （FBT） 对新南威尔士州 （NSW） 房价的分配影响。主要结果显示，FBT 降低了新南威尔士州的房价，但仅限于位于悉尼理想社区且外国出生人口比例相对较高的更昂贵的房屋。我们发现有证据表明，FBT 减少了房价下跌的昂贵悉尼社区和移民飞地的交易量，以支持 FBT 抑制外国需求的直接机制。其他结果表明，更昂贵的房屋并没有被更便宜的住房所取代，并且一些外国买家通过撤资新南威尔士州的地点来应对 FBT。主要政策含义是 FBT 可能有助于阻止外国买家囤积高价和豪华资产，但可能无法解决当地人口面临的更广泛的住房负担能力问题。