| VARIABLES | nice | kind | nice | kind |
| land_supply | land_supply | land_supply | land_supply | |
| property | 0.0792* | −0.1825 |
|
|
| (1.8692) | (−1.4259) |
|
| |
| profit |
|
| 0.0232* | 0.0066 |
|
|
| (1.7790) | (1.1681) | |
| lnpgdp | 2.0719 | 0.4261 | 2.7875 | −0.0356 |
| (0.4601) | (0.2938) | (0.6173) | (−0.0248) | |
| lnsave | 10.7495** | 1.9729 | 5.1869 | 2.2580 |
| (1.9961) | (1.0636) | (1.0091) | (1.2212) | |
| lnprice | −0.6548 | 3.4021** | 0.8678 | 3.3362** |
| (−0.1682) | (2.3423) | (0.2315) | (2.2955) | |
| urban | −0.3395 | 0.0967* | −0.3657 | 0.0946* |
| (−1.3562) | (1.7609) | (−1.4636) | (1.7103) | |
| lnestate | 1.5986 | −0.0895 | −2.2883 | −0.1883 |
| (0.5370) | (−0.1501) | (−0.8307) | (−0.3175) | |
| flue | −0.4180 | 0.9543 | −0.6749 | 1.0259 |
| (−0.1860) | (1.5111) | (−0.3013) | (1.6210) | |
| Constant | −207.8899 | −69.6700** | −65.3789 | −68.0433** |
| (−1.5896) | (−2.3450) | (−0.5215) | (−2.2872) | |
| Observations | 96 | 342 | 96 | 342 |
| R-squared | 0.4173 | 0.5474 | 0.4147 | 0.5463 |
| city fe | yes | yes | yes | yes |
| year fe | yes | yes | yes | yes |