With regard to the recent US house price cycle, we analyze how the interaction between housing supply restrictions, mortgage credit constraints and a price-to-price feedback loop affects house price volatility. Considering 247 Metropolitan Statistical Areas, we estimate a simultaneous boom-bust...

We exploit two policy interventions in Berlin, Germany, to causally identify the impact of Airbnb on rental markets. While the first intervention significantly reduced the number of high-availability Airbnb listings bookable for most of the year, the second intervention led to the exit of...

We exploit two policy interventions in Berlin, Germany, to causally identify the impact of Airbnb on rental markets. While the first intervention significantly reduced the number of high availability Airbnb listings bookable for most of the year, the second intervention led to the exit of mostly...

This paper develops a new approach for measuring the stringency of a major form of land-use regulation, building-height restrictions, and it applies the method to an extraordinary dataset of land-lease transactions from China. Our theory shows that the elasticity of land price with respect to...

This paper explores the effects of fiscal competition on local land use. A theoretical analysis considers the tradeoff faced by a local government deciding about the amount of land made available for commercial or residential uses, when its expansion has adverse effects on the quality of life....

This paper explores the effects of fiscal competition on local land use. A theoretical analysis considers the tradeoff faced by a local government deciding about the amount of land made available for commercial or residential uses, when its expansion has adverse effects on the quality of life....

Real estate contracts often contain a wide variety of contingency clauses. These third-party approvals are often outside the seller's control and can lengthen the-time-on-the-market (TOM) and reduce the surety of close. To compensate for these undesirable attributes, buyers typically offer...

This paper analyzes the effects of land use constraints on housing prices. We provide a new framework for evaluating policy when mobility across regions is allowed but limited. A key result is that loosening regulatory constraints within individual regions would have little effect on prices for...

What are the long run consequences of planning and providing basic infrastructure in neighborhoods, where people build their own homes? We study “Sites and Services” projects implemented in seven Tanzanian cities during the 1970s and 1980s, half of which provided infrastructure in previously...

Tall buildings are central to facilitating sustainable urbanization and growth in cities worldwide. We estimate average elasticities of city population and built area to aggregate city building heights of 0.12 and -0.17, respectively, indicating that the largest global cities in developing...