Spillover effect models
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| M5 | M6 | M7 | M8 | |
| Gentrification income | 0.0618*** (17.87) | 0.0333*** (7.65) | ||
| Distance gentrification income | 0.00000179 (1.70) | 0.0000126*** (8.66) | 0.0000102*** (7.41) | |
| Gentrification population | 0.0724*** (20.24) | 0.0521*** (11.53) | ||
| Distance gentrification population | −0.00000740*** (−7.58) | −0.0000151*** (−11.15) | −0.0000156*** (−11.77) | |
| Gentrification income and population | 0.0736*** (19.07) | |||
| New | 0.133*** (15.82) | 0.134*** (15.94) | 0.134*** (15.97) | 0.129*** (15.43) |
| Age | 0.000553*** (14.34) | 0.000575*** (15.10) | 0.000554*** (14.47) | 0.000524*** (13.67) |
| Elevator | 0.0314*** (10.23) | 0.0349*** (11.36) | 0.0358*** (11.67) | 0.0364*** (11.85) |
| Floor level | 0.0196*** (25.13) | 0.0194*** (25.00) | 0.0196*** (25.35) | 0.0195*** (25.18) |
| Building stories | 0.000897 (1.47) | 0.000864 (1.42) | 0.000660 (1.09) | 0.000719 (1.18) |
| Living area | 0.0132*** (103.61) | 0.0133*** (105.01) | 0.0132*** (104.50) | 0.0132*** (104.22) |
| Distance to CBD | −0.0757*** (−113.56) | −0.0726*** (−112.60) | −0.0752*** (−108.14) | −0.0747*** (−112.75) |
| Distance subway station | 0.0774*** (113.54) | 0.0742*** (112.55) | 0.0769*** (108.11) | 0.0764*** (112.71) |
| Rooms | 0.0383*** (13.99) | 0.0380*** (13.95) | 0.0385*** (14.15) | 0.0382*** (14.01) |
| Monthly fee | −0.0000686*** (−39.21) | −0.0000691*** (−39.82) | −0.0000684*** (−39.37) | −0.0000677*** (−38.86) |
| Constant | 14.47*** (2226.80) | 14.47*** (2234.03) | 14.47*** (2229.51) | 14.48*** (2241.20) |
| Observations | 23,017 | 23,017 | 23,017 | 23,017 |
| R2 | 0.843 | 0.844 | 0.845 | 0.844 |
| AIC | −16,116.2 | −16,347.2 | −16,443.4 | −16,331.7 |
| Variables | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
| M5 | M6 | M7 | M8 | |
| Gentrification income | 0.0618 | 0.0333 | ||
| Distance gentrification income | 0.00000179 (1.70) | 0.0000126 | 0.0000102 | |
| Gentrification population | 0.0724 | 0.0521 | ||
| Distance gentrification population | −0.00000740 | −0.0000151 | −0.0000156 | |
| Gentrification income and population | 0.0736 | |||
| New | 0.133 | 0.134 | 0.134 | 0.129 |
| Age | 0.000553 | 0.000575 | 0.000554 | 0.000524 |
| Elevator | 0.0314 | 0.0349 | 0.0358 | 0.0364 |
| Floor level | 0.0196 | 0.0194 | 0.0196 | 0.0195 |
| Building stories | 0.000897 (1.47) | 0.000864 (1.42) | 0.000660 (1.09) | 0.000719 (1.18) |
| Living area | 0.0132 | 0.0133 | 0.0132 | 0.0132 |
| Distance to CBD | −0.0757 | −0.0726 | −0.0752 | −0.0747 |
| Distance subway station | 0.0774 | 0.0742 | 0.0769 | 0.0764 |
| Rooms | 0.0383 | 0.0380 | 0.0385 | 0.0382 |
| Monthly fee | −0.0000686 | −0.0000691 | −0.0000684 | −0.0000677 |
| Constant | 14.47 | 14.47 | 14.47 | 14.48 |
| Observations | 23,017 | 23,017 | 23,017 | 23,017 |
| 0.843 | 0.844 | 0.845 | 0.844 | |
| −16,116.2 | −16,347.2 | −16,443.4 | −16,331.7 |
Notes:
t statistics in parentheses. ***p < 0.001