["Journal of Economics &Management Strategy, Volume 35, Issue 3, Page 588-606, Fall 2026. ", "\nABSTRACT\nThis study examines a causal relationship between fiscal pressure and the market structure of government‐controlled factors of production, by exploiting a city‐level panel data set on urban land transactions in China. We find that in the face of higher fiscal pressure, local governments tend to transfer fewer land parcels and make the urban land market more concentrated. This kind of concentration, in turn, will lead to higher housing prices. This study has implications for other countries where the government controls certain types of production factors, such as land or natural resources.\n"]