Table 2.

First difference estimates with and without the Pre-SAH order trends restriction.

	(1)	(2)
Property Type:	Residential	Residential
Dependent Variable:	ln(gallons/day)	ln(gallons/day)
Sample:	Full Sample	Restricted Sample (δ = 0.0275)
I(2020) X I(Post 1 March 17)	0.266*** (0.00171)	0.193*** (0.0113)
I(2019) X I(Post 1 March 17)	0.319*** (0.00202)	0.0858*** (0.00583)
I(2018) X I(Post 1 March 17)	0.232*** (0.00187)	0.0734*** (0.00608)
I(2017) X I(Post 1 March 17)	0.299*** (0.00200)	0.0755*** (0.00548)
$P\left({\beta }_{2019}^1={\beta }_{2018}^1={\beta }_{2017}^1\right)>F$	0.000	0.121
Observations	1,834,986	40,874
Number of Properties	96,303	3,289
I(2020) X I(Post 2 March 17)	0.470*** (0.00204)	0.352*** (0.0133)
I(2019) X I(Post 2 March 17)	0.411*** (0.00222)	0.116*** (0.00843)
I(2018) X I(Post 2 March 17)	0.378*** (0.00211)	0.122*** (0.00877)
I(2017) X I(Post 2 March 17)	0.445*** (0.00224)	0.123*** (0.00885)
$P\left({\beta }_{2019}^2={\beta }_{2018}^2={\beta }_{2017}^2\right)>F$	0.000	0.559
Observations	1,834,986	33,474
Number of Properties	96,303	2,983
I(2020) X I(Post 3 March 17)	0.564*** (0.00221)	0.429*** (0.0161)
I(2019) X I(Post 3 March 17)	0.538*** (0.00244)	0.201*** (0.0128)
I(2018) X I(Post 3 March 17)	0.504*** (0.00233)	0.208*** (0.0148)
I(2017) X I(Post 3 March 17)	0.592*** (0.00246)	0.218*** (0.0149)
$P\left({\beta }_{2019}^3={\beta }_{2018}^3={\beta }_{2017}^3\right)>F$	0.000	0.200
Observations	1,834,986	25,945
Number of Properties	96,303	2,581
I(2020) X I(Post 4 March 17)	0.638*** (0.00231)	0.573*** (0.0181)
I(2019) X I(Post 4 March 17)	0.626*** (0.00258)	0.264*** (0.0174)
I(2018) X I(Post 4 March 17)	0.543*** (0.00244)	0.266*** (0.0196)
I(2017) X I(Post 4 March 17)	0.652*** (0.00259)	0.268*** (0.0200)
$P\left({\beta }_{2019}^4={\beta }_{2018}^4={\beta }_{2017}^4\right)>F$	0.000	0.948
Observations	1,834,986	20,868
Number of Properties	96,303	2,308
Year Fixed Effects	y	y
Property Fixed Effects	y	y

Notes: ***p < 0.01, **p < 0.05, *p < 0.10. Robust standard errors shown in parenthesis are clustered at the property level. Column (1) reports estimates of equation (1). Each panel of column (2) (which presents results for separate billing cycles) shows estimates of equation (1) after restricting attention to residential properties with a 2017 to 2019 average absolute difference in water usage growth rates of less than 0.0275. See text for more details.