Table 2 Empirical results on sales price of apartments neighboring a building which was abandoned and selected for a maintenance project
| Policy effect | Placebo test |
| (1) | (2) | (3) |
| Treat | -14.817**(-6.32) | -14.008*(-2.36) | -15.924**(-2.66) | -32.439**(-4.74) |
| Post | 68.280**(19.43) | 64.610**(19.25) | 64.757**(19.21) | 7.887*(2.09) |
| Treat × Post | 5.260(1.47) | 8.965**(2.60) | 9.868**(2.86) | 6.937(1.64) |
| Exclusive area | | -0.029(-0.30) | -0.057(-0.58) | 0.439**(3.39) |
| Floor | | 2.301**(9.37) | 2.319**(9.34) | 2.013**(7.16) |
| Transaction year |
| 2018 | -47.477**(-13.67) | -49.075**(-14.62) | -49.168**(-14.41) | |
| 2019 | -61.540**(-22.02) | -62.495**(-23.80) | -63.428**(-23.72) | |
| Constant | 353.453**(169.85) | 341.908**(32.50) | 343.814**(31.26) | 296.368**(23.14) |
| Fixed effect |
| Month of transaction | - | - | 12 | 12 |
| Number of observations | 894 | 894 | 894 | 584 |
| Adjusted R-squared | 0.5260 | 0.5733 | 0.5743 | 0.6587 |
Note: Numbers in parentheses are White-Huber’s robust t-values.
indicate statistical significance at 1%, 5%, and 10%, respectively.
The last column is for a placebo test where the data are limited to the transactions in 2010 and 2011, and “Post” indicates 2011.