Restricting the construction of second homes in tourist destinations: an effective intervention towards sustainability?

Swiss Journal of Economics and Statistics

Table 2 Results of the event study of the effect of the second home restriction (with continuous and discrete treatment variable) on new construction investments (in natural logarithms)

New Home Construction Investments: regression results—discrete and continuous treatment estimates and year-specific cumulative estimates
	(1)	(2)	(3)	(4)
Effect of second home restriction	A. Continuous treatment		B. Discrete treatment
Effect at reform	0.000	− 0.002	− 0.007	− 0.097
Effect at reform	[0.001]	[0.001]	[0.037]	[0.069]
Effect after 1 year	− 0.002*	− 0.003***	− 0.155**	− 0.205***
Effect after 1 year	[0.001]	[0.001]	[0.071]	[0.054]
Effect after 2 years	− 0.003*	− 0.004***	− 0.160*	− 0.223***
Effect after 2 years	[0.002]	[0.002]	[0.095]	[0.082]
Effect after 3 years	− 0.005***	− 0.006***	− 0.219**	− 0.201**
Effect after 3 years	[0.002]	[0.002]	[0.107]	[0.098]
Effect after 4 years	− 0.007***	− 0.007***	− 0.236***	− 0.202**
Effect after 4 years	[0.002]	[0.002]	[0.083]	[0.081]
Effect after 5 years	− 0.008***	− 0.009***	− 0.283***	− 0.245**
Effect after 5 years	[0.001]	[0.002]	[0.089]	[0.097]
Constant	10.510***	10.197***	10.513***	10.197***
Constant	[0.018]	[0.408]	[0.017]	[0.408]
R-squared	0.785	0.793	0.784	0.793
Observations	10,353	10,353	10,353	10,353
Number of years	13	13	13	13
Municipality fixed effects	Yes	Yes	Yes	Yes
Canton by year effects	No	Yes	No	Yes

^*p < 0.1, **p < 0.05, ***p < 0.01
[] Standard errors in parentheses
Source: Results from the event-study design application on the second home restriction law