اثرات سیاست های دولت در تحرک مسکونی در ژاپن: سیستم استنتاج مالیات بر درآمد و قانون اجاره

This paper draws on three waves of Japan household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a proportional hazard model to investigate the effects of two distinctive polices in Japan that influence residential moves. One is the implementation of an income tax deduction system in 2004 for the carrying over of capital losses for owner-occupied households and the other is the Japan Rental Act for renter households. The tax policy was devised to cope with the severe equity constraints that followed the bursting of Japan’s asset Bubble in the early 1990s. The Rental Act (1921, amended in 1941) provides renters protection from eviction and is the basis for a court arbitrated rent control system. We examine the effect of this rent control system on residential mobility based on an estimate of the implicit subsidy resulting from the Rental Act. We find that both government policies have a strong impact on residential mobility. The implementation of an income tax deduction system linked to capital losses increases owners’ mobility, especially for those households with a large LTV (Loan to Value Ratio).