“…Economists have discovered that the enrollment qualification attached to elite schools can bring about additional premium, which leads to the price differentiation between ESDH and NSDH (Oates, 1969; Black, 1999; Fack & Grenet, 2010; Collins & Kaplan, 2022). Previous education economics studies have exerted efforts on the impact of educational policies on housing prices, such as interdistrict choice programs (Brunner et al., 2012; Avery & Pathak, 2021), school district designation (Huang et al., 2020), admission policy (Zhu et al., 2023), and school quality disclosure (Figlio & Lucas, 2004; Fiva & Kirkebøen, 2011; Haisken‐Denew et al., 2018; Kuroda, 2022). We discuss the issue from the perspective of regulatory policies, which shed new light on how regulatory policy exacerbates educational capitalization.…”