We present evidence of differential effects of risk perception in the housing market. We use housing transaction data near military bases to examine capitalization of potential military jet accident risk in house prices. We find that properties in accident potential zones (APZs) transact at...

We provide new evidence of parental demand for effective schools by exploiting shocks to school quality resulting from the continual unexpected redistricting of school attendance boundaries in Atlanta, Georgia. Using repeat-sales of the same house before and after they were redistricted, we show...

This paper develops a DSGE framework featuring a heterogeneous housing market, endogenousdefault, and a banking sector. We find that the idiosyncratic mortgage risk shock plays an importantrole in explaining the fluctuations of house prices during the mid-1980s and the years leading up tothe...

Fifty-two years ago, Congress enacted a one-of-a-kind civil rights directive. It requires every federal agency—and state and local grantees by extension—to take affirmative steps to undo segregation. In 2020, this overlooked Fair Housing Act provision—the “affirmatively furthering fair...

This paper studies the impact of pension reduction on the housing price and wealth distribution in China. We first set up a simple model, conceptually predicting that a pension reduction will boost the housing price and reduce housing wealth inequality. To get a full picture of the impact of...

Since 1980 skilled and unskilled workers have increasingly sorted into different cities. In this paper we propose and quantify a novel driver of increased spatial sorting — diverging preferences over location attributes caused by diverging incomes across skill groups. The root cause of these...

Housing instability threatens to impair the United States' policy response to the COVID-19 pandemic by undermining public health strategies such as social distancing. Yet, mitigation of housing instability has not been the focus of early emergency legislation, including the Coronavirus Aid,...

In response to worsening housing affordability resulting from rapid housing price appreciation, some governments have introduced taxes or restrictions to reduce demand for local residential real estate by non-residents. We study the effectiveness of these efforts using the restrictions imposed...

Housing affordability has been a troubling issue for both developed and developing countries. Much of the prior literature has used the price-income ratio as the main standard to assess housing affordability, with the median disposable household income of the sample population commonly used. As...

Many postwar neighborhood across the United States are exhibiting signs of decline previously only observed in older central cities. With the characteristics of postwar housing being arguably undesirable by current standards, extant literature claims this functional obsolescence is contributing...