This paper estimates the marginal cost and break-even rent of developing multistory apartment buildings in the 50 largest cities in the United States using a novel dataset of required construction inputs. We discover non-linearities in the marginal cost curve and directly estimate the returns to...

Recent research demonstrates that land use choices, which date back to a century ago still powerfully shape the current development patterns. With advances in digitization, scholars have started studying the long-term effects of historic federal placed-based policies. One such area that has...

The Low-Income Housing Tax Credit is the largest supply-side housing subsidy in the United States, costing over $8 billion per year. LIHTC properties tend to be concentrated in low-income urban communities. Numerous studies have examined the spillover effects of these properties but have not...

Foreword / Raphael W. Bostic -- Acknowledgments -- Introduction -- Chapter 1. The Great Migration: welcome to the promised land -- Chapter 2. The land boom of the Roaring Twenties -- Chapter 3. The Great Depression: the end of banking as they knew it -- Chapter 4. The Home Owners' Loan...

Small and medium multifamily properties — defined as buildings having between 2 and 49 units — house over 20 percent of the U.S. population, yet they remain an understudied segment of the housing market. Using a rich, transaction-level dataset in eleven major urban counties, we find that...

We estimate the elasticities of break-even rents of new multifamily housing with respect to land prices, construction costs, and financial capital in the largest 50 cities in the United States from 2012 to 2020. This was accomplished by combining existing data on land prices and capitalization...