China's current high housing prices, high residential vacancy rates coexist with high savings rates, and low consumption rates. The accumulated systemic risks continue to expand, which has become a hidden concern for sustainable economic development. Theoretical research shows that the impact of high housing prices on household consumption is dual: on the one hand, it promotes household consumption through the wealth effect, and on the other hand, it suppresses household consumption through the crowding-out effect. Excessive rise or fall in housing prices will curb consumption, affect macroeconomic operations, and may even change the path of long-term economic growth. The control ideas of housing price regulation based on the consumption perspective is to strive to promote the stable operation of housing prices and give full play to the role of the real estate market in fostering consumption and improving living standards.
