Spillover effects from new housing supply

I estimate spillovers from new housing supply on house prices. To these effects, use exogenous variation in induced by a subsidy implemented middle-income neighborhoods the city of Montevideo, Uruguay. find evidence externalities prices, with prices increasing 12%. explore two possible mechanisms externalities: income and crime rates. Although suggests reduction property rates, changes neighborhood mix due to expansion represent an important contributor external effects. These findings underline role amenities determination local