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A New Spatial Hedonic Equilibrium in the Emerging Work-from-Home Economy?
Brueckner, Jan K.; Kahn, Matthew E.; Lindeman, Gary - National Bureau of Economic Research - 2021
This paper studies the impacts of work-from-home (WFH) in the housing market from both intercity and intracity perspectives. Our results confirm the theoretical prediction that WFH puts downward pressure on housing prices and rents in high-productivity counties, a result of workers starting to...
Persistent link: https://www.econbiz.de/10012496079
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Heterogeneous Real Estate Agents and the Housing Cycle
Gilbukh, Sophia; Goldsmith-Pinkham, Paul - National Bureau of Economic Research - 2023
The real estate market is highly intermediated, with 90 percent of buyers and sellers hiring an agent to help them transact a house. However, low barriers to entry and fixed commission rates result in a market where inexperienced intermediaries have a large market share, especially following...
Persistent link: https://www.econbiz.de/10014372440
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A Tale of Tier 3 Cities
Rogoff, Kenneth S.; Yang, Yuanchen - National Bureau of Economic Research - 2022
This paper provides new estimates of the housing stock, construction rates and price developments by city tier in China in order to understand where excess supply might be concentrated, and the implications of any significant contraction. We also update estimates of the size of China's rapidly...
Persistent link: https://www.econbiz.de/10013388875
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Estimating the Rental Adjustment Process
Hendershott, Patric H. - 2000
Rental adjustment equations have been estimated for a quarter century. In the U.S., models have used the deviation of the actual vacancy rate from the natural rate as the main explanatory variable, while in the UK, drivers of the demand for space have dominated the estimation. The recent papers...
Persistent link: https://www.econbiz.de/10012470825
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The Misallocation of Housing Under Rent Control
Glaeser, Edward L. - 1997
units due to rent control in New York City. This methodology involves comparing the relative consumption of different … demographic groups within the rent controlled area with the relative levels of consumption in a free market area. Our best … estimate of the costs of rent control in New York due to the misallocation of rental apartments is 200 dollars per apartment …
Persistent link: https://www.econbiz.de/10012472591
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Waiting for Affordable Housing in New York City
Sieg, Holger - 2019
queuing frictions in the market for public housing. Having access to rent-stabilized housing increases household welfare by up …
Persistent link: https://www.econbiz.de/10012479964
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Arbitrage in Housing Markets
Glaeser, Edward L. - 2007
Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction...
Persistent link: https://www.econbiz.de/10012464942
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Owner-Occupied Housing as a Hedge Against Rent Risk
Sinai, Todd - 2003
in house values. However, homeownership also provides a hedge against fluctuations in future rent payments. This paper … finds that, even though house price risk endogenously increases with rent risk, the latter empirically dominates for most … households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk …
Persistent link: https://www.econbiz.de/10012469241
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The Effects of Emergency Rental Assistance During the Pandemic : Evidence from Four Cities
Collinson, Robert; DeFusco, Anthony A.; Humphries, John Eric - National Bureau of Economic Research - 2024
, financial security, and mental health. We find that assistance increased rent payment modestly and improved mental health …
Persistent link: https://www.econbiz.de/10014544741
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The Marginal Cost of Mortality Risk Reduction : Evidence from Housing Markets
Bishop, Kelly C.; Kuminoff, Nicolai V.; Mathes, Sophie; … - National Bureau of Economic Research - 2021
We provide the first evidence that spatial variation in all-cause mortality risk is capitalized into US housing prices. Using a hedonic framework, we recover the annual implicit cost of a 0.1 percentage-point reduction in mortality risk among older Americans and find that this figure is both...
Persistent link: https://www.econbiz.de/10012794649