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Article

Assessing the Impact of Public Rental Housing on the Housing Prices in Proximity: Based on the Regional and Local Level of Price Prediction Models Using Long Short-Term Memory (LSTM)

Department of Urban Planning & Engineering, Pusan National University, Busan 46241, Korea
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Sustainability 2020, 12(18), 7520; https://doi.org/10.3390/su12187520
Received: 31 July 2020 / Revised: 8 September 2020 / Accepted: 9 September 2020 / Published: 11 September 2020
(This article belongs to the Special Issue Urban Economics, City Development and Future Social Challenges)
Providing adequate public rental housing (PRH) of a decent quality at a desirable location is a major challenge in many cities. Often, a prominent opponent of PRH development is its host community, driven by a belief that PRH depreciates nearby property values. While this is a persistent issue in many cities around the world, this study proposed a new approach to assessing the impact of PRH on nearby property value. This study utilized a machine learning technique called long short-term memory (LSTM) to construct a set of housing price prediction models based on 547,740 apartment transaction records from the city of Busan, South Korea. A set of apartment characteristics and proximity measures to PRH were included in the modeling process. Four geographic boundaries were analyzed: The entire region of Busan, all neighborhoods of PRH, the neighborhoods of PRH in the “favorable,” and the “less favorable” local housing market. The study produced accurate and reliable price predictions, which indicated that the proximity to PRH has a meaningful impact on nearby housing prices both at the city and the neighborhood level. The approach taken by the study can facilitate improved decision making for future PRH policies and programs. View Full-Text
Keywords: public rental housing; housing market analysis; price forecasting; long short-term memory public rental housing; housing market analysis; price forecasting; long short-term memory
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MDPI and ACS Style

Kim, H.; Kwon, Y.; Choi, Y. Assessing the Impact of Public Rental Housing on the Housing Prices in Proximity: Based on the Regional and Local Level of Price Prediction Models Using Long Short-Term Memory (LSTM). Sustainability 2020, 12, 7520. https://doi.org/10.3390/su12187520

AMA Style

Kim H, Kwon Y, Choi Y. Assessing the Impact of Public Rental Housing on the Housing Prices in Proximity: Based on the Regional and Local Level of Price Prediction Models Using Long Short-Term Memory (LSTM). Sustainability. 2020; 12(18):7520. https://doi.org/10.3390/su12187520

Chicago/Turabian Style

Kim, Hyunsoo, Youngwoo Kwon, and Yeol Choi. 2020. "Assessing the Impact of Public Rental Housing on the Housing Prices in Proximity: Based on the Regional and Local Level of Price Prediction Models Using Long Short-Term Memory (LSTM)" Sustainability 12, no. 18: 7520. https://doi.org/10.3390/su12187520

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