In the US or in the UK, the presence of institutional investors in real estate markets is an old phenomenon. Specifically, Real Estate Investment Trusts are an old industry. Due to a difference in tax law, the market share of REITs in Germany has been minimal until very recently. Now the...

World War I led to radical changes in the government policy of participating countries. The enormous demographic and economic disturbances caused by the war forced the governments of all the belligerent nations to drastically restrict the market freedom. In particular, the state began actively...

Rising rents in German cities have led to an intense debate about the need for tighter rent controls in housing markets. In April 2015, the so-called rental brake was introduced, which imposes upper bounds for rents in new contracts, in order to immediately slow down the increase of rents in...

This paper studies market segmentation that arises from the introduction of a price ceiling in the market for rental housing. When part of the market faces rent control, theory predicts an increase of free-market rents, a consequence of misallocation of households to housing units. We study a...