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Throwing Out the Baby with the Bathwater: Location Over-Controls and Residential Lease Length in Singapore

Giglio et al. (2015a) use hedonic regression to estimate price differences on residential property of varying lease length in Singapore. To control for geographic heterogeneity, they specify five-digit zip code fixed effects that, in the city-state, are excessively tight. We show that in a cross-section of new condominium apartments sold between 1995 and 2015, over nine-tenths of five-digit zip codes displayed no within variation in lease length. We show how this matters when inferring the value households attach to housing many centuries into the future.