The changing economic fortunes of cities influence mental health. However, the mechanisms through which this occurs are underexplored. I address this gap by investigating the Great Recession of 2007-2009. Using the National Social Life, Health, and Aging Project survey (N = 1,341), I study whether rises in cities’ home foreclosure rates and declines in median home prices through the Great Recession increase older persons’ depressive symptoms. I also study possible mediation through household assets declines. I find that increases in cities’ home foreclosure rates and declines in median home prices increase depressive symptoms beyond the effects of personal financial losses. Results show no evidence of mediation through asset loses, suggesting effects through other channels. Supplementary analyses reveal less direct links between changes in city-level unemployment rates and median household incomes and changes in depressive symptoms.

城市不断变化的经济命运影响着心理健康。但是，发生这种情况的机制尚未得到充分研究。我通过研究2007-2009年的大衰退来弥补这一差距。使用国家社会生活，健康与老龄化项目调查（N= 1,341），我研究了大萧条期间城市房屋止赎率的上升和房价中位数的下降是否会加剧老年人的抑郁症状。我还研究了家庭资产下降可能带来的调解。我发现，城市房屋丧失抵押品赎回权的增加和房屋中位数价格的下降，使抑郁症的症状超出了个人财务损失的影响。结果表明，没有证据表明通过资产损失进行调解，表明通过其他渠道产生了影响。补充分析显示，城市失业率的变化与家庭收入中位数以及抑郁症状的变化之间没有那么直接的联系。