CORRESPONDENCE - WS-1 OPPOSITION

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Here, Yt are outcome variables equal to one if, in year t, the tenant i is still living at either the same address, in the same zipcode z, or in San Francisco as they were at the end of 1993. The variables S t and ai denote zipcode by year fixed effects and individual tenant fixed effects, respectively. The variable Tt denotes treatment, equal to one if, on December 31, 1993, the tenant is living in a multifamily building with less than or equal to four units built between the years 1900 and 1979. We include fixed effects -Y,t denoting the interaction of dummies for the year the tenant moved into the apartment s with calendar year t time dummies. These additional controls are needed since older buildings are mechanically more likely to have long-term, low turnover tenants; not all of the control group buildings were built when some tenants in older buildings moved in. Finally, note we have included a full set of zipcode by year fixed effects. In this way, we control for any differences in the geographic distribution of treated buildings vs, control buildings, ensuring that our identification is based off of individuals who live in the same neighborhood, as measured by zipcode,',' Our coefficient of interest, quantifying the effect of rent control on future residency, is denoted by Vit. Our estimated effects are shown in Figure 3, along with 90% confidence intervals. We can see that tenants who receive rent control protections are persistently more likely to remain at their 1993 address relative to the control group. Not only that, but they are also more likely to be living in San Francisco. This result indicates that the assignment of rent control not only impacts the type of property a tenant chooses to live in, but also their choice of location and neighborhood type. These figures also illustrate how the time pattern of our effects correlates with rental 8We have also ran our regressions with census tract by year fixed effects and our results are robust to this even finer neighborhood classification. Further, dropping the zip -year fixed effects also produces similar results. 9While there may be some sorting into older buildings based on personal characteristics, it seems likely that once neighborhood characteristics have been controlled for, as well as the number of years lived in the apartment as of December 31, 1993, these characteristics would not lead to differential trends in migration decisions which could contaminate our estimates. As a robustness test, we have restricted our treatment group to individuals who lived in structures built between 1960 and 1979, thereby comparing tenants in buildings built slightly before 1979 to tenants in buildings built slightly after 1979. We find very similar results. 12