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...

Recent research has documented the prevalence and consequences of evictions in the United States, but our understanding of the drivers of eviction and the scope for policy to reduce evictions remains limited. We use novel lease-level ledger data from high-eviction rental markets to characterize...

We model how an increase in Work-from-Home (WFH) productivity differentially affects workers using a framework in which some workers cannot work offsite, some are hybrid, and some are completely remote. The improvement in WFH productivity increases housing demand and thus housing prices since...

Cities are physical structures, but the modern literature on urban economic development rarely acknowledges that fact. The elasticity of housing supply helps determine the extent to which increases in productivity will create bigger cities or just higher paid workers and more expensive homes. In...

In a model with housing collateral, a decrease in house prices reduces the collateral value of housing, increases household exposure to idiosyncratic risk, and increases the conditional market price of risk. This collateral mechanism can quantitatively replicate the conditional and the...

The confluence of the Great Migration and the Civil Rights Movement propelled the drive for fair-housing' legislation which attempted to curb overt discrimination in housing markets. This drive culminated in the passage of the federal Civil Rights Act of 1968. By that time, 57 percent of the...

In Manhattan and elsewhere, housing prices have soared over the 1990s. Rising incomes, lower interest rates, and other factors can explain the demand side of this increase, but some sluggishness on the supply of apartment buildings also is needed to account for the high and rising prices. In a...

In a model with housing collateral, the ratio of housing wealth to human wealth shifts the conditional distribution of asset prices and consumption growth. A decrease in house prices reduces the collateral value of housing, increases household exposure to idiosyncratic risk, and increases the...

We present a three-stage estimation procedure to recover willingness to pay for housing attributes. In the first stage, we estimate a non-parametric hedonic home price function. Second, we recover each consumer's taste parameters for product characteristics using first order conditions for...

This paper measures the housing market impact of state-level anti-discrimination laws in the 1960s using household-level and census-tract data. State-level fair-housing' laws attempted to bar discrimination on the basis of race, religion, and national origin in the sale, rental, and financing of...