Download or read book Three Essays about Housing Issues in New Contexts Demand for Housing Attributes Housing Price Indices and Location Choices Under Displacement written by Esteban Alejandro Lopez Ochoa and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Housing Markets written by Christian Langholz Carstensen and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Demand and Community Choice written by Carol Rapaport and published by . This book was released on 1996 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Housing demand reflects the household's simultaneous choice of neighborhood, whether to own or rent the dwelling, and the quantity of housing services demanded. Existing literature emphasizes the final two factors, but overlooks the choice of community. This paper develops an econometric model that incorporates all three components, and then estimates this model using a sample of households in Tampa, Florida. Incorporating community choice increases the price elasticity of demand and reduces the differential between white and comparable nonwhite households. The results are robust to the inclusion of permanent income and taxes"--Abstract.
Download or read book Three Essays on Housing and Labor Economics written by XUE HU and published by . This book was released on 2017 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: These essays contribute towards our understanding of housing and labor economics. This dissertation is composed of three chapters. In the first chapter, I explore the impact of negative housing equity on households' geo- graphical mobility using data from Panel Study of Income Dynamics. The empirical analysis implies that addressing the endogeneity nature of homeowners' underwater mortgage status is crucial. Even with comprehensive controls for households' demographic characteristics and macro-level factors, omitted variable bias such as homeowners' attitudes towards their financial responsibility may still generate estimation bias that is quite large. After proper instrumenting for homeowners' underwater mortgage status using local shocks from housing and labor markets, the estimation results show that having underwater mortgages is associated with an average decline in mobility rate of about 17 percentage points. The second chapter investigates the role of housing choice and mortgage on employment transitions when there are uncertainties regarding income and house prices. Motivated by the empirical evidence on large employment-transition disparities between homeowners and renters, I develop and estimate a structural model in which mortgage obligations motivate homeowners to exert greater job-search efforts during unemployment spells. The model is used to understand individuals' response to housing and labor market shocks. I find that while the decline in house prices creates negative labor market externalities for renters, tightening mortgage constraints result in greater job search incentives for homeowners. With concurrent negative labor market shocks, the probability of transitioning out of unemployment for both renters and homeowners declines. Two policy experiments are conducted. The first shows that lower refinance cost discourages housing equity accumulation and is associated with a decline in the average employment rate. The second demonstrates that a lower down payment requirement encourages the transition into home ownership, which has positive labor market implications, especially for younger individuals. The first two chapters explore the relation between underwater mortgage and geographical mobility and impacts of mortgage debt obligation on employment incentives. Both analyses are based on individual-level data. The last chapter investigates the mysteries of regional housing market disparities from a macro perspective. This chapter shows that local economic conditions are correlated with deviations between house prices and rents in a price-rent model framework, suggesting that the demand for credit and housing is greater when a variety of local economic conditions are more supportive. Several different measures of local economic conditions are considered in this chapter: local unemployment rates, local unemployment rates relative to the natural rate of unemployment, local inflation rates, and measures of local perceptions of the cost of credit. This chapter attempts to offer explanations not as how or why house prices increased, but rather, given the myriad of national factors making home purchase easier and cheaper, where house prices increased. This approach also resolves a bit of a puzzle as to why the housing bubble was so pronounced in some areas and not others.
Download or read book Three Essays of Housing Price Dynamics written by Wensheng Kang and published by . This book was released on 2009 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays. The first essay estimates the joint effects of spatial diffusion and high-tech industry fluctuations on housing prices. The work finds these effects are significant but generate different housing price dynamics. The spatial diffusion effect is instantaneous but short-lived, whereas the high tech industry effect is persistent. This conclusion is supported by estimates of a dynamic panel model using data of 42 MSAs (Metropolitan Statistics Area) and Vector Autoregressive models using data of each MSA. The second essay examines the gain of housing portfolio efficiency obtainable through a mixed portfolio by combining geographic characteristics and high-tech industry activities across 40 metropolitan areas. A Bayesian stochastic search is conducted to compute the efficient covariance matrix for the high-dimensional posterior distribution of the panel-data model. Quadratic programming of Fortran/IMSL subroutines is applied to simulate the risk-return efficient frontier of various diversification strategies. The evidence shows that the mixed diversification strategy outperforms the geography based strategy. The gain is superior and can reach as high as 50% in relative risk reduction during high-tech cycle growth periods. The third essay examines the transmission mechanism of tech-pole housing prices and investigates the economic forces behind it. For this purpose, I develop a MCMC algorithm to extract the common stochastic trend and cycle of the integrating prices and conduct Bayesian stochastic search for restriction selection of the panel data model. The evidence shows that the transmission magnitude and persistence depend importantly on the degree of IT-industry concentration between two metropolitan areas. While the common stochastic trend behind the price dynamics is primarily determined by normal income, the monetary policy is responsible for the common boom and bust of tech-pole housing cycles. The policy implication for the real asset pricing and risk hedging strategies are also discussed.
Download or read book Essays in the Economics of Housing and Labor Markets written by Zongjin Qian and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter is joint with Rebecca Diamond and Timothy McQuade. We investigate the consequences of the 1994 rent-control expansion in San Francisco on tenants, landlords, and equilibrium outcomes in the rental market. Using a 1994 law change, we exploit quasi-experimental variation in the assignment of rent control in San Francisco to study its impacts on tenants and landlords. Leveraging new data tracking individuals' migration, we find rent control limits renters' mobility by 20\% and lowers displacement from San Francisco. Landlords treated by rent control reduce rental housing supplies by 15\% by selling to owner-occupants and redeveloping buildings. Thus, while rent control prevents displacement of incumbent renters in the short run, the lost rental housing supply drove up market rents in the long run by 5.1\%, ultimately undermining the goals of the law. Using a dynamic, neighborhood choice model, we find rent control offered large benefits to covered tenants. Welfare losses from decreased housing supply could be mitigated if insurance against rent increases were provided as government social insurance, instead of a regulated landlord mandate. The second chapter consists of my job-market paper, joint with Rose Tan. We investigate the consequences of high-skilled firm entry on nearby affected neighborhoods and incumbent residents living in those neighborhoods. To study this, we construct a dataset of 391 such entries in the U.S. from 1990--2010. We follow incumbent residents over 13 years using rich micro-data on individual address histories, property characteristics, and financial records. First, we estimate the effects of the firm entry on incumbent residents' consumption, finances, and mobility. To do so, we compare outcomes for residents living close to the entry location with those living far away, while controlling for their proximity to potential high-skilled firm entry sites. Next, we decompose welfare from changes in wages, rents, and amenities for incumbent residents using a model of individual home and work location choice. Taken together, our results show high-skilled incumbents, especially homeowners, benefit. Low-skilled owners benefit less than high-skilled owners. Low-skilled renters are harmed. In the medium to long run, they incur an annual welfare loss that is equivalent to a 0.2 percent decline in their wages one year prior to the entry. While the typical high-skilled firm entry has moderate welfare consequences on a per capita basis, the negative welfare consequences for low-skilled renters could be large for some more extreme firm entries. Housing assistance in the form of affordable housing and rental insurance, as well as property tax scheme could be used to mitigate the negative distributional consequences of high-skilled firm entries. The third chapter is joint with Haaris Mateen and Ye Zhang. We study the microstructure of the U.S. housing market using a novel data set comprising housing search and bargaining behavior for millions of interactions between sellers and buyers. We first establish a number of stylized facts, the most prominent being a nearly 50--50 split between houses that sold below final listing price and those that sold above final listing price. Second, we compare observed behavior with predictions from a large theoretical housing literature. Many predictions on the relationship between sales price, time on the market, listing price and atypicality are borne out in the data. However, existing models do not adequately explain the spread of the sales price around the final listing price. Using a modeling strategy that treats listing price changes as revisions of expectations about the sales price, we find sellers under-react to information shocks in estimating the sales price. Last, we find that the bargaining outcomes are influenced by previously undocumented buyers' bid characteristics, e.g., financing contingencies and escalation clauses, that signal a buyer's ability to complete or expedite the transaction. This suggests an important role for buyer bid characteristics, which are not explained by existing theories, in affecting bargaining power and surplus allocation in bilateral bargaining in housing transactions.
Download or read book In Defense of Housing written by Peter Marcuse and published by Verso Books. This book was released on 2024-08-27 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: In every major city in the world there is a housing crisis. How did this happen and what can we do about it? Everyone needs and deserves housing. But today our homes are being transformed into commodities, making the inequalities of the city ever more acute. Profit has become more important than social need. The poor are forced to pay more for worse housing. Communities are faced with the violence of displacement and gentrification. And the benefits of decent housing are only available for those who can afford it. In Defense of Housing is the definitive statement on this crisis from leading urban planner Peter Marcuse and sociologist David Madden. They look at the causes and consequences of the housing problem and detail the need for progressive alternatives. The housing crisis cannot be solved by minor policy shifts, they argue. Rather, the housing crisis has deep political and economic roots—and therefore requires a radical response.
Download or read book Essays in Housing and Macroeconomy written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Compared to the previous twenty years, residential investments in the US appear more stable after the mid-1980s. Chapter 2 explores key hypotheses regarding the underlying causes. In particular, it uses estimated DSGE models to examine whether a more responsive interest rate policy stabilizes the housing market by keeping inflation in check. These estimations indeed found a policy that has become more responsive over time. Counter-factual analysis confirms that the change stabilizes inflation as well as nominal interest rate. It does not, however, find the change in policy to have stabilizing effect on real economic activity including housing investment. It finds that smaller TFP shocks make modest contributions, while the biggest contributing factor to the fall in the housing volatility is a reduction in the sensitivity of the investment to demand variations. Chapter 3 constructs a richly specified model for the housing market to examine the empirical relevance of various costs and frictions, including the investment adjustment cost, sticky construction costs, search frictions, and sluggish adjustment of house prices. Using the US national-level quarterly data from 1985 and 2007, we find that the gradual adjustment of house prices is the most important and irreplaceable feature of the model. The key to developing an optimization-based empirical housing model, therefore, is to provide a structural interpretation for the slow adjustment in house prices. Chapter 4 uses US national-level time series of residential investment, price index of new houses, consumption and interest rate to explore whether the US, as a nation, experienced a drop in the price elasticity of supply of new housing. Maximum likelihood estimations with a simple stock-and-flow model found a statistically significant drop of the elasticity from 10 to 2.2, when the quarterly data between 1971 and 2007 are split at 1985. A richer model with mechanisms of gradual adjustment also indicates such a reduct.
Download or read book House Price Dynamics and Traffic Mode Choice written by Thomas Maier and published by . This book was released on 2006 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Housing Economics written by Angelina Hackmann and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of potential consequences for inequality and housing affordability, this thesis delivers a comprehensive contribution to several fields of studies related to regional housing markets. It comprises three scientific articles, which contribute to understanding the regional heterogeneity in housing markets, its origin as well as its implications. The first article deals with the evolutionary process of city size distributions, in particular the evolution of Zipf's law, and its implications for (sub-)urbanization processes. In he second article, the convergence process of regional housing markets and characteristics of house price convergence clubs are investigated. The third article assesses the role of regional housing markets in the transmission of monetary policy to economic activity and presents implications for regional inequality.
Download or read book Geography Housing Prices and Interregional Migration written by J. Christopher Bitter and published by . This book was released on 2008 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Housing Prices written by Yifan Chen and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines the dynamics between housing prices, firms, and households. The first chapter focuses on sequential information revelation in the housing markets; the second chapter investigates the impact of house price appreciation on the returns of value versus growth firms; the third chapter estimates the effect of gun control on home values. In Chapter 1, I use Amazon's progressive revelation of its new headquarters locations in Virginia and New York to demonstrate that the housing market fully incorporates information about future demand well before disclosure. Spatial difference-in-differences analysis shows that housing prices near the Virginia headquarters exhibit 4.9% premia before Amazon's headquarters decision but no additional increase upon decision. Price premia for New York reach 17.5% before the decision but disappear once Amazon cancels the headquarters. Other finalist cities exhibit no price premia, precluding the possibility of speculation. Overall, this study suggests that the housing market can quickly incorporate private information about future demand shocks. In Chapter 2, I investigate the value-growth premium puzzle by merging insights from urban economics and finance that relate firm location to its stock performance. The value-growth premium in locations with high historical house price appreciation is 3.6% per year larger than the premium in areas that experienced little house price appreciation. The results support investment-based models explaining the value premium; moreover I find the house price channel reduces returns of growth firms rather than increasing returns of value firms. House price appreciation remains significant after controlling for common explanations of the premium. In Chapter 3, using cross-border variation in the timing of state gun control law passage dates, I find that the introduction of universal background checks for gun sales results in a roughly 2.3 percent decline in housing prices on average. I find a more significant decrease in housing prices, i.e., up to 5.3 percent, if the state is neighboring a Republican rather than a Democratic state. This result is robust to several specification tests and does not appear to be associated with neighborhood crime rate changes.
Download or read book Three essays on housing market and spatial disamenities written by Lin Cui and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Housing Affordability and Housing Supply Regulation Dynamics written by Ranjini Neogi and published by . This book was released on 2012 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
Download or read book Housing Economics written by Geoffrey Meen and published by Springer. This book was released on 2016-04-29 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world has still to emerge fully from the housing-triggered Global Financial Crisis, but housing crises are not new. The history of housing shows long-run social progress, littered with major disasters; nevertheless the progress is often forgotten, whilst the difficulties hit the headlines. Housing Economics provides a long-term economic perspective on macro and urban housing issues, from the Victorian era onwards. A historical perspective sheds light on modern problems and the constraints on what can be achieved; it concentrates on the key policy issues of housing supply, affordability, tenure, the distribution of migrant communities, mortgage markets and household mobility. Local case studies are interwoven with city-wide aggregate analysis. Three sets of issues are addressed: the underlying reasons for the initial establishment of residential neighbourhoods, the processes that generate growth, decline and patterns of integration/segregation, and the impact of historical development on current problems and the implications for policy.
Download or read book Resources in Education written by and published by . This book was released on 1990 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt:
