estimate differences in effects based on an individual unit's rent before the voucher expansion. Our results are consistent … increases were for units near the maximum allowable voucher rent in cities with an inelastic housing supply …

I estimate the impact of new housing supply on the local rent distribution, exploiting delays in housing completions … by 0.2 percent, and increases disproportionately the number of second-hand units offered for rent. The impact of the … supply shock is similarly strong in locations experiencing growing housing demand. Moreover, it affects the entire rent …

available for rent for a larger part of the year. Further analyses suggest some effect heterogeneity across the city. In …