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New Study by Mixon Examines First-Generation Rent Control in 20th Century Florence, Italy

Rent control was an extremely widespread policy in Europe throughout the 20th century. First introduced during World War I as an emergency measure, over time the older, stricter systems of rent control – known as “first-generation” rent control, consisting of nominal rent freezes – were replaced in Europe by softer, “second-generation” systems. Turner College economist Frank Mixon and his colleagues Aurora Iannello of Fondazione Vera Nocentini and Steven Caudill of Florida Atlantic University recently conducted micro-data research on the impact of 20th century first-generation rent controls in Europe using data on apartment rents in Florence, Italy, from 1950 to 1963. These researchers hand collected micro-data on the Florentine rental market for the decades of the 1950s and 1960s from the historical archives of the Edificatrice S.p.A., which owned and rented low-income housing units in Florence from 1848 to 1976. The yearly handwritten registers from the Edificatrice S.p.A. contain information on each unit’s rental price, number of rooms, and electricity and gas bills, among other details.
     Hedonic pricing regressions presented in the study, which is set to appear in a future issue of Applied Economics, indicate that controlled rents per room are €22.13 lower than uncontrolled rents per room, which, although substantial, is a bit smaller than the raw difference in mean rent per room. The research team also examined the pricing of a hypothetical apartment with mean characteristics over all apartments in the sample, both controlled and uncontrolled, evaluated at hedonic prices in order to provide year-by-year estimated controlled and uncontrolled rents. Near the beginning of the period under study (i.e., 1950) uncontrolled rents were about 12 to 13 times higher than controlled rents. By the end of the period (i.e., 1963) this ratio had fallen to about three.


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