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影响

本文将无条件分位数回归与双重差分相结合，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较昂贵房屋。我们发现有证据表明，FBT 减少了悉尼昂贵社区和移民飞地的交易量，这些地区的房价明显下降，这支持了 FBT 抑制外国需求的直接机制。其他结果表明，较昂贵的房屋不会被较便宜的房屋所取代，而且一些外国买家通过从新南威尔士州撤资来应对 FBT。主要的政策含义是，联邦税收税可能有助于阻止外国买家积累价格更高的豪华资产，但可能无法解决当地居民面临的更广泛的住房负担能力问题。