Table 3.

Difference-in-differences estimates of the impact of the COVID-19 SAH order.

Panel	(1)	(2)	(3)
(A) Residential Restricted (δ = 0.0275)	DID	DID (Min)	DID (Max)
Bill 1	0.115*** (0.012)	0.108*** (0.012)	0.120*** (0.012)
Bill 2	0.232*** (0.014)	0.230*** (0.015)	0.236*** (0.015)
Bill 3	0.220*** (0.018)	0.211*** (0.019)	0.230*** (0.018)
Bill 4	0.307*** (0.022)	0.305*** (0.024)	0.309*** (0.022)
(B) Commercial Properties	DID	DID (Min)	DID (Max)
Bill 1	-0.426*** (0.027)	-0.441*** (0.031)	-0.417*** (0.032)
Bill 2	-0.200*** (0.025)	-0.223*** (0.030)	-0.161*** (0.030)
Bill 3	-0.130*** (0.025)	-0.149*** (0.031)	-0.102*** (0.029)
Bill 4	-0.117*** (0.025)	-0.151*** (0.032)	-0.097*** (0.029)
(C) School Properties	DID	DID (Min)	DID (Max)
Bill 1	-0.942*** (0.173)	-1.084*** (0.206)	-0.816*** (0.180)
Bill 2	-0.987*** (0.205)	-1.088*** (0.232)	-0.924*** (0.227)
Bill 3	-0.899*** (0.261)	-1.114*** (0.273)	-0.763*** (0.263)
Bill 4	-0.353*** (0.152)	-0.586*** (0.204)	-0.173 (0.180)

Notes: ***p < 0.01, **p < 0.05, *p < 0.10. This table presents a range of DID estimates obtained after estimating equation (1). For commercial and school properties, all estimates are derived from the model estimates reported in columns (2) and (3) of Table 1, respectively. For residential properties, all estimates are derived from model estimates reported in column (2) of Table 2. In all cases, for any billing cycle, j = ω, the DID estimates reported in column (1) are computed using the expression: ${\hat{\beta }}_{2020}^{\omega }$ - $\frac{1}{3}\sum _{k=2017}^{2019}{\hat{\beta }}_k^{\omega }$. In column (2), the DID estimates are computed using the expression ${\hat{\beta }}_{2020}^{\omega }-\underset{k}{\max }{\hat{\beta }}_k^{\omega }$. In column (3), the DID estimates are computed using the expression ${\hat{\beta }}_{2020}^{\omega }-\underset{k}{\min }{\hat{\beta }}_k^{\omega }$.