EMPOWERMENT ZONES AND THE HOUSING MARKET IN PARIS INNER CITY

Transcription

1 Régon e éveloppemen n EMPOWERMENT ONES AN THE HOUSNG MARKET N PARS NNER CTY Séphane GREGOR * Trsan-Perre MAURY ** Absra - We es for he mpa of loal enerprse zones on house pres n nner Pars. n 1997 a new urban poly program was launhed n Frane whh reaed hree knds of Enerprse ones (US RU and FU). Noably 9 frs er Es (US) were reaed n Pars. We use hs naural expermen and ompare he evoluon of fla pres n hese areas o ha n a onrol group of neghborng areas (ha ould also have been onvered no US). We develop a new sem-paramer spaal mahng mehodology. Eah sale observed before he reform s mahed wh a smlar pos-reform ounerfaual. Ths mahng proedure s done for housng uns whn he E as well as for uns n he vny of he E. n onras o wha have been evdened n oher admnsrave dsrs of he Pars Regon and for oher knds of Es (.e. FUs) we dee no sgnfan effe of hs expensve E program mplemenaon on housng values. Key-words - ENTERPRSE ONES ; HOUSE PRCES ; SEM-PARAMETRC SPATAL MATCHNG METHOOLOGY JEL Classfaon - C21 R31 R38 * NSEE Frane. ** EHEC Busness Shool Llle Frane; rsan.maury@edhe.edu

2 70 Séphane Gregor Perre-Trsan Maury 1. NTROUCTON Empowermen one programs onss of ax nenves n areas wh a hgh unemploymen level and a low densy of loally-based frms. Tax deduons are graned o frms seng up n hese areas and reang obs loally. Followng he frs expermens n he US (n he 1980s) or n he UK and Frane (n he 1990s) an mporan body of empral leraure has esed wheher hese programs have reahed her obeves n erms of obs or busnesses reaons and provded low evdene of sgnfan dre effes semmng from loallyargeed E programs. However he purpose of hese E programs was ofen no lmed o he loal labor marke. n Frane he poles were exended o subsdes for loal home ownershp and soal housng landlords as well as o he developmen of publ amenes. n he US he federal E program launhed n 1994 also nvolved subsdes for soal serves and loal amenes. These measures may hus have mpaed he loal housng marke. Our goal s o exend he leraure on he magnude of E effe on loal home pres. n he US he number of sudes foussng on he real esae onsequenes of hese loally-argeed programs s lmed (see e.g. Engberg and Greenbaum 1999 Busso and Klne 2007 or Krupka and Noonan 2009). Mos of hem provded evdene of a sgnfanly posve bu moderae effe on propery values. To our knowledge he only sudy n Frane s a ompanon paper (Gregor and Maury 2014) pung he emphass on a very spef Frenh admnsrave un (he Sene-San-ens déparemen). We exend hs analyss and fous on he nner Pars housng marke. We use an negraed eonomer seup smulaneously assessng he possble effes of he loal program whn he boundares of he E and beyond he lms of he E. We rely on a a sree-by-sree mappng of Es. We esmae he spaal spllover effe wh a sem-paramer dsane-o-he-e-boundary graden funon. Consequenly we an es for he sgnfane of he E mpa on house pre levels whn argeed zones as well as on house pre gaps beween uns whn Es and uns n he vny of Es onrollng for he dsane beween hese wo uns. n Frane he E programs were naed a he end of 1996 (he Round program hereafer). Three ypes of argeed zones were defned wh a growng amoun of ax exempons: 750 US (ones Urbanes Sensbles) 416 RU (ones de Redynamsaon Urbanes) seleed among he 750 US) and 44 FU (ones Franhes Urbanes) were seleed and geographally-delmed among he mos dsressed US. The onenraon of argeed zones s relavely hgh n nner Pars wh 9 newly reaed US. We olle housng sales values prese loaon and arbues n 1996 and 1997 (.e. he year before and he year afer he program mplemenaon). We sele all pre-reform (1996) sales observaons whn or n he vny of a US. For eah observaon (he foal pon) we onsru a pos-reform ounerfaual (afer he Round mplemenaon) by seleng a fxed number of sales a he same loaon or an mmedae proxmy. We hen onsru he pre- and pos- reform dfferenes of he logarhms of house pres for eah foal pon whn and beyond US

3 Régon e éveloppemen 71 borders. We proeed n he same manner for a seleed onrol group of zones ha dd no beome USs n 1996 bu ould have beome so aordng o he publ rera based on some desrpve sass. The log of pre gaps (for reaed US or onrols whn or beyond he onsdered zone) are pooled and a parally lnear sngle-ndex model s esmaed. Among he lnear se of ovaraes we nlude he dfferene of he man house arbues of he referene and ounerfaual observaons. The non-paramer omponen (.e. he sngle ndex) nludes all oher faors ha may poenally nera n a non-lnear manner: n parular he way he dsane o he loses E (or onrol) boundary affes he log of house pre dfferenes s assessed wh a non-lnear lnk funon. modeled wh a penalzed splne (P-splne) (Yu and Rupper (2002)). Ths ype of splne offers an neresng rade-off beween he flexbly of he funonal form and he ompuaonal oss. We dee no sgnfan effe of he E program on housng values n Pars a leas n he shor run. Ths resul s a odds wh he ompanon onrbuon Gregor and Maury (2014) whh deeed a sgnfanly negave effe of he E program n he Sene-San-ens dsr. However hs sudy was based on a dfferen perod (Round mplemenaon n 2004) and anoher knd on E (.e. seond er Es onvered no hrd er Es). The res of he paper s organzed as follows. We provde a survey of he leraure on empowermen zones n Frane n he seond seon. n Seon 3 we presen he Frenh E program and deal s mplemenaon n Pars. We desrbe our daase n he fourh seon. Seon 5 provdes our dealed eonomer mehodology: he spaal mahng proess onrol group seleon he penalzed splne esmaon of he parally lnear sngle ndex model. Seon 6 presens he resuls. The las seon onludes. 2. ESCRPTON OF THE FRENCH PROGRAM n he begnnng of 1997 he Frenh auhores naed he frs Empowermen one program followng expermens n he UK and he US. As sad above hree aegores of E have been reaed wh a growng amoun of publ ad: US (frs er) RU (seond er) seleed among he US and FU (hrd er) seleed among he mos dsressed US. Frs er Es (.e. USs ha are no RUs or FUs) may heoreally be exemp from loal busness and propery axes. should be noed ha suh publ grans are a he dsreon of loal auhores and are no ompensaed by he enral governmen. Moreover loal auhores (munpales) wh a frs er E mus esablsh a loal housng program as well as promoe urban regeneraon proes. Households wshng o beome homeowners n USs benef under eran ondons from subsanal nreases n he maxmum amoun of publly funded zeroneres rae loans (Prê à Taux éro PT) hey are enled o. Hene even hough ad for USs s manly foused on busness reaon and loal employmen (whh an ndrely affe he housng marke) ad may also mpa on loal urban proes (housng programs loal amenes) hrough enlarged nenves o ondu suh proes for loal auhores whh benef from hs

4 72 Séphane Gregor Perre-Trsan Maury suppor. Real esae values appear o be an deal measure for assessng he effe of loal USs sne he wealh reaed by hese programs should be apalzed n he loal housng sok. Many desrpve sudes have been publshed on he evaluaon of dfferen rounds of he Frenh E program wh onrasng onlusons (see Thélo 2004 Gll 2006 or Erns 2008). The wo mos sgnfan sasal onrbuons are Gobllon Magna and Selod (2010) and Gvord Rahelo and Sllard (2011). Gobllon e al. (2010) propose an assessmen of he effes of he frs round of he Frenh E program. They use a wo-sage proedure o esmae he mpa of Es on ndvdual unemploymen duraons. Frs hey esmae a srafed paral lkelhood esmaor wh a panel daase a he munpaly level from 1993 o They oban average munpal effes and llusrae he hanges n hese effes over me. Comparng hese resuls for reaed munpales (hose nludng an E) and ounerfaual munpales wh smlar haraerss hey provde evdene of moderae bu sgnfan effes on he Frenh program n he shor run (.e. for he semesers mmedaely followng he poly mplemenaon). No sgnfan effe s deeed over larger horzons. Gvord e al. (2011) evaluae he onsequenes of he Round Frenh E program on eonom avy: busness reaons and employmen. They use esablshmen level daa from 2002 o 2007 wh a geograph mappng mehodology n order o esablsh he exa sree address. They nvesgae he mpa of he program on reaed areas (frms loaed wh Es boundares) wh a wo sage mehod (propensy sore o onrol he probably for an area beomng a FU plus a kernel mahng mehod). They fnd sgnfan effes of he program on boh busness reaon and employmen. should be noed ha hey also fnd evdene of negave spaal spllover effes on areas n he vny of Es. 3. ATA aa on sales pres ome from he Pars Chamber of Noares. We resr our sample o ransaons n exsng aparmens. New properes and house sales boh represen only a small share of he oal sales for he Pars Regon and her pre and physal arbues srongly dffer from hose of he exsng aparmens. We olle ndvdual nformaon on he sale pre he floor area of he aparmen he floor level he onsruon perod of he buldng he presene of an elevaor n he buldng he number of rooms of bahrooms of garages e. We also have he prese loaon (sree address) of eah housng un. Ths s of rual mporane for he geograph mappng proedure of he daa (.e. he dsnon of dwellngs nsde or beyond he E's boundares and dsane o he loses E boundary). aa are avalable for he me perod on a monhly bass. We fous on sales ourrng n he nner Pars déparemen one of he egh admnsrave uns of he Pars Regon. Nne US have been reaed n nner Pars n January 1997 (see Fgure 1). Table 1 summarzes some desrpve sass of he man haraerss of people lvng n eah of hese nne zones. We ompare hese resuls o hose obaned wh a se of 8 onrol zones loaed

5 Régon e éveloppemen 73 n he same area of nner Pars han he 9 reaed US (.e. he Norh Eas of Pars). These onrol zones have been spaally delmed by anoher urban program (CUCS Conra Urbans de Cohéson Soale) ha has been launhed muh laer (n 2007) o mplemen on aons (onra beween he sae and loal governmens) o mprove he daly lves of resdens n neghborhoods experenng dffules (unemploymen volene e.). Sne hey were reaed aordng o a dfferen program hese onrol zones dd no reeve he same publ grans as US n However Table 1 shows ha reaed and onrol zones are no so dfferen when onsderng he share of low nome households he share of households geng unemploymen benefs or he avy rae. Neverheless should be noed ha he share of enans n he soal housng seor s muh hgher n some US han n onrol zones (98.1% n he HBM Aubervllers E and 99.1% n he Pore de Monmarre E). n heory he modellng should be developed o ake no aoun for he possble bas mpled by he endogeney of he Round seleon proess. n a smlar framework suh a modellng dd no allow he eonomerans o exhb he mpa of a parular varable on he dependen one n he seleon proess (see Gregor and Maury 2014). Fgure 1. Map of nner Pars Grey areas are Round USs (reaed zones). Blak areas are zones of he onrol group (CUCS).

6 74 Séphane Gregor Perre-Trsan Maury Table 1. esrpve sass on reaed and onrol zones n Pars Name low nome soal housng unemp. benefs avy rae employees/ workers HBM Aubervllers (T) HBM Ménlmonan (T) La Goue d'or (T) Pore San-ens (T) Fonane au Ro (T) Pore de San-Ouen (T) Pore de Monmarre (T) Cural (T) Bellevlle (T) Busson San-Lous (C) La Chapelle hors US (C) Amraux Smplon (C) Cural hors US (C) Amanders hors US (C) Pore de San-ens hors US (C) Pore de Monmarre hors US (C) Pore de San-Ouen hors US (C) Pars Meropolan Area reaed (T) and 8 onrol (C) are onsdered. 'Low nome' s he share of low nome households n 'Soal Housng' s he share of enans n a soal dwellng n 'Unemp. benefs' s he share of households where a leas one member ge unemploymen benefs. 'Avy rae' s he avy rae among 25-64y n 'Emp/workers' s he share of employees or workers n Soure: NSEE. p 4. METHOOLOGY Le be he log pre of ndvdual housng un whn (or n he vny of) E a me. We suppose ha hs ouome s generaed by a semparamer model of he form: T p X (.1) where T s a reamen dummy varable (ndang wheher or no he E was reaed n he Round program n 1997). Hene T 1 s for he observaons n he reaed group and T 0 n he onrol group. s a dummy varable ndang f housng un s loaed whn (reaed or he onrol) E and s he dsane (as he row fles) beween housng un and he loses E border ( 0 f 1 ). X and boh are veors onanng n-

7 Régon e éveloppemen 75 formaon on he housng un's haraerss he E's haraerss and house marke rends. We furher dsuss whh varables should be nluded n he lnear par of he model (.e. nluded n veor X as done n radonal house pre hedon models) and whh ones should be nluded as argumens of he unspefed funon.. s he hedon parameer veor. s a spaal loaon fxed effe. apures unobserved loal neghborhood haraerss ha may poenally be orrelaed wh he reamen varable T or he varables summarzng he dsane o he neares E ( and ). The model s a parally lnear sem-paramer model ha enompasses he sandard lnear hedon seup X. The lnk funon. s no spefed ex ane. Ths sem-paramer spefaon allows for a non-lnear mpa on house pres of some house arbues or he dsane o he neares E as well as her neraon wh he reamen varable T. For nsane we expe home pres o be posvely relaed o bu dependen on some of he aparmen's arbues s sze for example: he mmedae proxmy of an E may nfluene he pre dfferenly for large famly dwellngs (households wh hldren) han for small aparmens. We hen nlude he dwellng's floor area varable among nsead of X. Furhermore we do no know how he dsane graden may evolve afer he new poly mplemenaon. Consequenly he neraon beween T and should no be spefed ex ane (boh are argumens of. ). The esmaon proedure s as follows. We frs olle all pre-reform housng sales p ( 1997). Le n denoe he oal number of suh observaons. To onrol for ndvdual and loal unobserved heerogeney eah referene sale s spaally mahed wh a fxed number ( n ) of pos-reform housng sales p ( n ). fferen values for he number of neares neghbors are esed. The mahng proedure s done aordng o he sole spaal reron (.e. we gaher he n pos-reform sales neares o he pre-reform referene pon ). We hen ompue he housng pre dfferenal beween ransaon and he ounerfaual ransaons.e. p p p. All hese n n observaons are pooled and weghed aordng o he dsane beween he foal and ounerfaual sales. Le w denoe he wegh beween sales and. n 1... n w 1 for eah. n our framework eah par shares he same fxed unobserved effe. Ths s reasonable f he dsane beween and remans low. Aordngly he housng pre dfferenal beomes 1

8 76 Séphane Gregor Perre-Trsan Maury T T X X p (.2) where we ake advanage of he fa ha (f he foal pon s whn an E's boundares he spaal mahng proedure s done nsde he E no ounerfaual sale s seleed beyond he E boundares and smlarly f he foal pon s ousde he E) and 0 o reformulae he nonparamer par of he model (seond erm n brake n he RHS of preedng equaon) T T T (.3) Suh a general seup s sube o he urse of dmensonaly due o he large number of ovaraes (argumens of funon ). We lm our approah o a parally lnear sngle-ndex. The non-lnear lnk funon s hen defned as T Y where T Y and s a parameer veor. Ths sngle-ndex assumpon mples a lesser degree of generaly sne all neraons of elemens of Y are apured by he evenual non-lneary n he unvarae funon. bu may sll apure mporan feaures of our hgh-dmensonal problem and wll grealy falae he numeral esmaon proedure. Applaons of he parally lnear snglendex model may be found n varous felds nludng housng eonoms (see for example Wang e al. (2007) who propose an applaon of hs model o he ase of Boson House pres usng a dfferen seup). We mplly assume ha ondonally on he ovaraes he growh n housng pres s no relaed o he reamen varable? p T X. Followng Yu and Rupper (2002) we model. wh a penalzed splne (P-splne hereafer). As dealed by Rupper and Carroll (1997) or Rupper (2002) P-splnes are a generalzaon of smoohng splnes allowng more flexbly n he hoe of knos and penaly parameers. Moreover aordng o oher mehods wh dfferen lnk funon spefaons P-splnes allow for easer and faser regresson proedures. For example we have also esmaed our seup wh loal lnear approxmaons and he mnmum average varane esmaon (MAVE see Xa and Härdle 2006) bu onvergene was muh less rapd. The P-splne funon for s: p k k p K k p p a a a a (.4)

9 Régon e éveloppemen 77 K k k1 where are he splne knos. They apure he umps n he h p degree of he polynomal p K. Followng Yu and Rupper (2002) he esmaon s arred ou wh several numbers of knos K ( K more han 10 knos s above he usual prae n applaons). The knos are equally spaed along he quanles of he ndex Y. We adop he sandard penalzed and weghed leas squares esmaors of and whh mnmze: P n n w nn n n w 2 p p X X Y (.5) where s a posve semdefne symmer marx. We sele equal o a dagonal marx wh s las K dagonal elemens equal o 1 and he res s zero (Rupper and Carroll (1997)). We penalze he umps n he P-splne. 0 s he penaly parameer. s value s hosen by a sandard generalzed rossvaldaon (GCV) seleon proess whh s smulaneously run wh he nonlnear leas squares esmaon algorhm. The omplee proedure (esmaon GCV) follows losely Yu and Rupper (2002) approah. Afer seleng he sze of he neares-neghbors kernel ( n ) he polynomal degree ( p ) he number of knos ( K ) we oban nal esmaes for and wh OLS on a lnear (fully paramer) verson of he model. A grd of values for he penaly parameer ( ) s reaed and P. s frs mnmzed over (wh OLS n n w esmaes of and ) and hen over for eah value of. A GCV sore s ompued for he seleon of (see equaon 21 n Yu and Rupper 2002) and he esmaon ouome wh hs value s fnally hosen. 5. RESULTS We presen here he resuls of our P-splne parally lnear sngle-ndex model. The hosen sample perod s [1996; 1997]:.e. we onsder aparmen sales one year before he E mplemenaon (1996) and one year afer (1997). We sele he onrol group as explaned n he daa presenaon seon: 8 zones (CUCS) han have no been onvered no USs n 1997 bu ould have been aordng o her haraerss. We pool all pre-reform sales observaons whn or lose o reaed areas (.e. USs) and whn or lose o onrol group zones: lose o s defned here as beng whn a 300 meer radus of he neares E.

10 78 Séphane Gregor Perre-Trsan Maury Table 2. Esmaon. nner Pars for he 1996 o 1997 perod Hedon Terms: X Esmaes s.e Level 1 (ref = ground level) Level Level Level 4 wh elev Level 4 no elev rooms (ref = sudo) rooms rooms rooms Parkng spae (ref = no) Bahroom (ref = no) onsr (ref<1948) onsr onsr nd s quarer (ref = 1 ) rd quarer h quarer ndex parameers: Esmaes s.e. T T T (log floor area referene) (log floor area ounerfaual) P-splne parameers: Esmaes s.e (ump) (ump) (ump) (ump) (ump) λ= N=7659. = 5% sgnf = 10% sgnf. Sandard errors are alulaed wh blok-boosrap proedures

11 Régon e éveloppemen 79 We se p 1 (frs degree P-splne polynomal par) as usually done n he leraure. We se n 3 (resuls are qualavely smlar for oher values of n ). Eah pre-reform sale s hen spaally mahed wh 3 pos-reform ounerfaual sales. The whole sample sze s whh nludes all dfferenes n he log of house pres p beween he pre-and pos-reform perods. The benhmark onrol group hosen s also nluded. X Veor nludes a large se of sruural arbues for eah dwellng: he floor level and presene of an elevaor he number of rooms he presene of a parkng spae a bahroom he perod of onsruon of he buldng he year and quarer of ransaon. The only ovarae nluded n s he log of floor area (n square meers). Ths onnuous varable allows us o apure neraons beween he sze of dwellngs and he reamen effe. Fnally he ls of varables used o onsue he ndex are: T he reamen dummy; he whn-e dummy; he dsane (n hundreds of meers) o he neares E boundary; sale ; and sale. he log of floor area of he pre-reform referene housng he log of floor area of pos-reform ounerfaual housng We frs ondu some prelmnary esmaes (obaned wh sandard paramer mehods) n order o assess he relaonshp beween he endogenous varable he dfferene n he log of house pres p and he unvarae ndex Y. We hen sele he number of knos K 5. As suggesed by Rupper and Carroll (1997) he oal number of knos should no exeed 10. n our ase addonal knos do no appear o apure sgnfan new loally-lnear rends n he relaonshp beween he endogenous varable (onrollng for he lnear hedon erm) and he ndex. Table 2 gves esmaes of model (dfferenal). Resuls are repored for he hree dfferen ses of parameers: and. We emphasze ha he esmaes of he ndex parameer veor should no be drely quanavely nerpreed sne hey depend on he lnk funon. and s parameer esmaes. The parameer esmaes for he sandard hedon par of he model:.e. X have he expeed sgn and magnude. We pu he emphass on he resuls. We dee no sgnfan mpa of he T for he ndex reamen dummy varable T on he dynams of housng pres beween 1996 and Seond he mpa of ovarae T on he pre growh rae beween he pre- and pos-reform years s posve hough no sgnfan. The magnude of he mpa of hs ovarae on home values anno be drely assessed from he parameers esmaes (sne depends on he parameers of he p-splne) and we oban he ATT (Average Treamen Effe for he Treaed)

12 80 Séphane Gregor Perre-Trsan Maury wh smulaon mehods (see Gregor and Maury 2014 for a dealed explanaon): we fnd ha growh n home pres beween 1996 and 1997 has been slghly more han 3 perenage pons hgher whn reaed areas hough one agan hs effe s non sgnfan. Hene we do no provde evdene of a posve ndene of he Frenh Round program on argeed E n nner Pars. Lookng a he daa seems ha hs ouome sems from he heerogeney n home pre dynams beween US n Pars: some of hem experened pre growh raes above he average of onrol zones beween 1996 and 1997 whle oher reaed zones dd no. These dfferenes n pre evoluon may be he onsequene of unonrolled faors n he benhmark model bu ould also be lnked o he volunary naure of ads n frs er Es (he loal auhores an dede n eah ase o gran ad or no and hese ads wll no be ompensaed by he sae). Maybe we would have obaned dfferen resuls wh seond or hrd er zones (noe ha here are only frs er zones n Pars) sne ax abaemens are mandaory for hem. n a ompanon paper Gregor and Maury (2014) workng wh anoher admnsrave un (he Sene-San-ens déparemen) onlude ha he mplemenaon of he Round loal developmen program n 2004 seems o have onrbued negavely o he loal value of he housng marke suggesng here has been a sgmazng effe on areas ha beame FUs (.e. hrd er Es). Fnally we dee no sgnfan gap n home pres dynams beween housng uns loaed nsde a reaed E ( 1 T 1) and housng uns loaed n her mmedae vny ( 0 T 1 0 ). The posve mpa of he T ovarae s dampened by he negave mpa of he ovarae. On he onrary pre have grown less nsde a non-reaed (onrol) zone ( 1 T 0 ) han n her mmedae vny ( 0 T 0 0 ). We fnd no sgnfan relaonshp beween he dsane o he loses E border ) and he growh rae of propery values. ( CONCLUSON n a flexble sem-paramer framework we analyze he mpa of a parular E poly mplemened n 1997 on real esae values whn and n he vny of nne areas n Pars nner y. Whereas suh poles are desgned o regenerae urban envronmen hrough nenves o ondu loal amenes proes and fnanal ad o new homeowners we do no dee any sgnfan mpa of hs program on housng pres a any level n omparson wh wha has been observed n areas smlar from a soal and eonom desrpve pon of vew bu no nluded n he program. Ths s a odd wh he obeves of suh poles and wh he resuls obaned n a ompanon sudy on her mpas on suburb areas n whh a sgnfan negave mpa was deeed. Ths may be due o he heerogeney of he seleed areas some may have been posvely mpaed by he poly and some negavely or o he fa he poly was underszed.

13 Régon e éveloppemen 81 REFERENCES Busso P. and P. Klne 2007 o Loal Eonom evelopmen Programs Work? Evdene from he Federal Empowermen one Program Yale Eonoms eparmen Workng Paper 36. Engberg J. and R. Greenbaum 1999 Sae Enerprse ones and Loal Housng Markes Journal of Housng Researh 10(2) Erns E L'avé éonomque dans les FU NSEE Premère Fak G. and J. Grene 2010 When do Beer Shools Rase Housng Pres? Evdene from Pars Publ and Prvae Shools Journal of Publ Eonoms Gll F Enreprses e éveloppemen Urban: les ones Franhes onelle rempl leur msson? n Les Enreprses Françases en 2006 e Bosseu and eneuve (eds) Eonoma Chaper Gvord P. Rahelo R. and P. Sllard 2011 Plae-Based Tax Exempons and splaemen Effes: An Evaluaon of he ones Franhes Urbanes Program CREST WP n Gobllon L. Magna T. and H. Selod 2010 o Unemployed Workers Benef from Enerprses ones? The Frenh Experene E WP n 645. Gregor S. and T.-P. Maury 2014 Empowermen ones and he Housng Marke: The Frenh Case mmeo. Krupka. and. Noonan 2009 Empowermen ones Neghborhood Changes and Owner-Ouped Housng Regonal Sene and Urban Eonoms 39(4) Neumark. and J. Kolko 2010 o Enerprse ones Creae Jobs? Evdene from Calforna's Enerprse one Program Journal of Urban Eonoms Rupper Seleng he Number of Knos for Penalzed Splnes Journal of Compuaonal and Graphal Sass 11(4) Rupper. and R. Carroll 1997 Penalzed Regresson Splnes Cornell Unversy Shool of Operaons Researh and ndusral Engneerng mmeo. Thélo H Les embauhes en one Franhe Urbane en 2002 Premères nformaons Premères Synhèses Wang J.-L. Xue L. hu L. and Y.S. Chong 2010 Esmaon for a Paral- Lnear Sngle-ndex Model Unversy of Calforna a rvne mmeo. Xa Y. and W. Härdle 2006 Sem-Paramer Esmaon of Parally Lnear Sngle-ndex Models Journal of Mulvarae Analyss Yu Y. and. Rupper 2002 Penalzed Splne Esmaon for Parally Lnear Sngle-ndex Models Journal of he Ameran Sasal Assoaon

14 82 Séphane Gregor Perre-Trsan Maury LE MARCHÉ U LOGEMENT PARSEN ET LES ONES URBANES SENSBLES Résumé - Nous esmons l mpa des zones franhes sur le marhé du logemen parsen. En 1997 ros ypes de zones franhes on éé ms en plae (US RU and FU). En paruler 9 zones urbanes sensbles (US) on éé réées dans Pars nra-muros. Nous omparons l évoluon des prx des apparemens dans es zones à elle observée dans des zones vosnes omparables. Nous proposons une nouvelle méhode sem-paramérque ave apparemen géographque. Chaque vene observée avan la réforme es ouplée à un ensemble de venes observées après la mse en plae de la réforme. Cee proédure d apparemen es effeuée pour des logemens sués dans ou à proxmé d une US. Nous ne déeons pas d effe sgnfaf de e programme de zones franhes sur les valeurs mmoblères. Mos-lés - ONES URBANES SENSBLES PRX E L MMOBLER APPAREMENT GÉOGRAPHQUE