Changes in the Internal Revenue Code create and remove tax-induced trading constraints on homeowners. The Taxpayer Relief Act of 1997 replaced a one-time, post- age 55 capital gain exclusion with a larger gain exclusion option that could be exercised every two years. We develop a simple...

Fluctuations in the stock market and in house values over the course of recent years have led to renewed macroeconomic policy debate as regards the effects of financial and housing wealth in the determination of consumer spending. This research assembles a unique matched sample of household data...

This study examines the role of the current proximity to children and recent moves of children within a proximate distance in housing tenure transitions of older households. This study is the first to investigate the interplay between health status of older households, moves of their children,...

Many studies in the 1970s and 1980s have examined the effects of the welfare systemon individual behavior. All of these studies fail to appropriately consider low income housingassistance. Most studies have either ignored housing assistance or have implicitly assumed thatthere is no rationing in...

This paper argues for the importance of separating the bundled good of housing into land and improvements, because locational amenities – which often constitute a significant portion of property value – are typically capitalized into the value of land but not the value of the...

Despite well-documented shortcomings, hedonic and repeat sales estimators remain the most widely used methods for constructing quality controlled house price indexes and for assessing housing attribute capitalization into dwelling prices. Nonparametric estimators overcome many of the problems...

We study in the laboratory, a variant of the house allocation with existing tenants problem where agents are partitioned into tiers with different privileges. Members of higher tiers receive their allocation before those in lower tiers and can also take the endowment of a member of a lower tier...

In a paper published in The Review of Economics and Statistics some 20 years ago, we sought to assess the disparate residential location choices of black and white households in the Washington, D.C. metropolitan area (Gabriel and Rosenthal [1989]). The paper showed that simulated closure of...

While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not...

Many local governments are adopting inclusionary zoning (IZ) as a means of producing affordable housing without direct public subsidies. In this paper, we use panel data on IZ in the San Francisco metropolitan area and Suburban Boston to analyze how much affordable housing the programs produce...