This paper uses general-equilibrium simulations to explore the role of residential
mobility in shaping the impact of different private-school voucher policies. The
simulations are derived from a three-district model of low-, middle-, and high-income
school districts (calibrated to New York data) with housing stocks that vary within
and across districts. In this model, it is demonstrated that school-district targeted
vouchers are similar in their impact to non targeted vouchers but vastly different
from vouchers targeted to low-income households. Furthermore, strong migration effects
are shown to significantly improve the likely equity consequences of voucher programs.