Apartments and houses are highly substitutable in production and consumption. As a result, performance disparity between these assets is based on financial differences and not technology or preferences. Even as the market for new houses has become highly volatile, that for apartments has...

The bulk of the literature on analysis of the potential of the US housing finance markets to serve underserved population and areas has been based almost exclusively on mortgage lending business models. Some authors even examined how far the industry could go in expanding homeownership...