UQO Working Paper No. 5 — Airbnb, residential rents and housing market pressure.
1\begin{tabular}{lcccc}2\toprule3 & \multicolumn{2}{c}{\textbf{City FE (Model 1c)}} & \multicolumn{2}{c}{\textbf{FSA FE (F2)}} \\4 & \multicolumn{2}{c}{$\hat\beta = 0.0039$} & \multicolumn{2}{c}{$\hat\beta = 0.0008$} \\5\cmidrule(lr){2-3}\cmidrule(lr){4-5}6Standard errors & SE & $t$ & SE & $t$ \\7\midrule8Heteroskedasticity-robust (HC1) & (0.0002) & 17.3 & (0.0004) & 2.3 \\9Clustered by city & (0.0001) & 35.7 & (0.0004) & 2.3 \\10Clustered by FSA & (0.0007) & 5.9 & (0.0007) & 1.1 \\11Conley spatial HAC, 1\,km cutoff & (0.0007) & 5.6 & (0.0007) & 1.1 \\12Conley spatial HAC, 2\,km cutoff & (0.0007) & 5.3 & (0.0007) & 1.2 \\13Conley spatial HAC, 5\,km cutoff & (0.0007) & 5.9 & (0.0005) & 1.7 \\14Conley spatial HAC, 10\,km cutoff & (0.0007) & 5.4 & (0.0004) & 2.0 \\15\midrule16City clusters & \multicolumn{2}{c}{187} & \multicolumn{2}{c}{239} \\17FSA clusters & \multicolumn{2}{c}{318} & \multicolumn{2}{c}{289} \\18\bottomrule19\end{tabular}20\parbox{\textwidth}{\footnotesize Coefficient on the Airbnb count within 500\,m from the specification in the column (controls: bedrooms, bathrooms, building type; fixed effects absorbed, singleton groups dropped). Each row reports the standard error (in parentheses) and the implied $t$-statistic under a different covariance estimator: heteroskedasticity-robust (HC1); clustered by city and by FSA \citep{cameron2015practitioner}; and Conley spatial HAC with a Bartlett kernel declining linearly to zero at the stated great-circle cutoff \citep{conley1999gmm, kelejian2007hac}. Listings in the same building (identical coordinates) receive full weight in the Conley estimator.}21