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Rent control effects through the lens of empirical research: An almost complete review of the literature Journal of Housing Economics (IF 2.268) Pub Date : 2024-02-20 Konstantin A. Kholodilin
Rent control is a highly debated social policy that has been omnipresent since World War I. Since the 2010s, it is experiencing a true renaissance, for many cities and countries facing chronic housing shortages are desperately looking for solutions, directing their attention to controling housing rents and other restrictive policies. Is rent control useful or does it create more damage than utility
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Built out cities? A new approach to measuring land use regulation Journal of Housing Economics (IF 2.268) Pub Date : 2024-02-09 Paavo Monkkonen, Michael Manville, Michael Lens
We introduce a new way to measure the stringency of housing regulation. Rather than a standard regulatory index or a single aspect of regulation like Floor Area Ratio, we draw on cities’ self-reported estimates of their total zoned capacity for new housing. This measure, available to us as a result of state legislation in California, offers a more accurate way to assess local antipathy toward new housing
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Does Easy Accessibility to Urban Parks Always Raise Home Values? Journal of Housing Economics (IF 2.268) Pub Date : 2023-12-15 Lu Liu, Lina Meng, Ruige Zhang
This paper employs a boundary discontinuity design to separate the cost of easy access (EA) to urban parks from the combined effects of proximity. On average, houses with EA to urban parks experience a significant price reduction of 2.0%. This reduction equals approximately $7,986 per house in 2018 dollars, all else being equal. The average negative effect originates from EA to city parks. Mechanism
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Race, Space, and Take Up: Explaining housing voucher lease-up rates Journal of Housing Economics (IF 2.268) Pub Date : 2023-12-07 Ingrid Gould Ellen, Katherine O’Regan, Sarah Strochak
While housing choice vouchers provide significant benefits to households who successfully lease homes with their vouchers, many recipients fail to do so. Understanding more about lease-up rates is critical, yet the latest national study was published over two decades ago and reported on the outcomes of only 2,600 voucher recipients across 48 housing authorities (Finkel and Buron, 2001). We use unique
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Retirement, housing mobility, downsizing and neighbourhood quality - A causal investigation Journal of Housing Economics (IF 2.268) Pub Date : 2023-12-07 Ha Trong Nguyen, Francis Mitrou, Stephen R. Zubrick
This paper provides the first causal evidence on the impact of retirement on housing choices. Our empirical strategy exploits the discontinuity in the eligibility ages for state pension as an instrument for the endogenous retirement decision and controls for time-invariant individual characteristics. The results show that retirement leads to a statistically significant and sizable increase in the probability
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Editorial Board Journal of Housing Economics (IF 2.268) Pub Date : 2023-12-05
Abstract not available
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The impact of subsidies on house prices in Mexico's mortgage market for low-income households 2008–2019 Journal of Housing Economics (IF 2.268) Pub Date : 2023-11-12 Gabriel Darío Ramírez Sierra, Alayn Alejandro González Martínez, Miguel Ángel Monroy Cruz, Luis Gerardo Zapata Barrientos
We estimate the effect of Mexico's primary house-purchase subsidy program for low-income individuals on house prices between 2008 and 2019, using administrative records from Infonavit, the nation's largest mortgage originator. We employ a fuzzy regression discontinuity design that leverages the existence of a threshold on the borrower's income that determined access to the subsidy program to identify
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Introduction to the Special Issue Property Value Analysis using ZTRAX: Applications under the Approaching Sunset Journal of Housing Economics (IF 2.268) Pub Date : 2023-11-08 Jeffrey Zabel, Daniel J. Phaneuf, Andy Krause
This is the Introduction for the joint special issue of Land Economics (LE) and the Journal of Housing Economics (JHE) focused on property value applications using Zillow's ZTRAX data. ZTRAX is a real estate–focused database with over 400 million public records spanning nearly all U.S. counties across more than 30 years. The spatially explicit data on deed transfers, sale prices, and property characteristics
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Disamenity or premium: Do electricity transmission lines affect farmland values and housing prices differently? Journal of Housing Economics (IF 2.268) Pub Date : 2023-10-26 Qinan Lu, Nieyan Cheng, Wendong Zhang, Pengfei Liu
A substantial increase in electricity demand has triggered a rising investment in energy infrastructure in the US over the last decade. This paper examines the capitalization effects of electricity transmission lines (TMLs) on nearby farmland values and housing prices in the Midwest from 2015 to 2019, based on 16,026 parcel-level farmland sales data from FarmlandFinder and 1,905,280 housing transaction
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The impact of remote work on green space values in regional housing markets Journal of Housing Economics (IF 2.268) Pub Date : 2023-10-04 Khyati Malik, Sowon Kim, Brian J. Cultice
We examine the extent to which the increased prevalence of work from home (WFH) due to the COVID-19 pandemic has made green amenities more desirable.2 Specifically, we focus on ten metropolitan statistical areas (MSAs) in the United States (Baltimore, Chicago, Cleveland, Los Angeles, Minneapolis/St. Paul, New York City, Philadelphia, Pittsburgh, St. Louis, and Tampa) and use a hedonic pricing approach
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The effects of air quality on housing prices: Evidence from the Aliso Canyon gas leak Journal of Housing Economics (IF 2.268) Pub Date : 2023-09-16 Anna Choi, Pureum Kim, Abraham Park
Causal studies on the effect of air quality on house prices, specifically focusing on a large metropolitan area, are rare and difficult to obtain because of potential endogeneity from residential sorting. In this study, we use the Aliso Canyon gas leak as a natural experiment to examine the effect of air quality on housing prices of Los Angeles City. Using a spatial difference-in-differences model
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The amplification effects of adverse selection in mortgage credit supply Journal of Housing Economics (IF 2.268) Pub Date : 2023-09-11 Salomon Garcia-Villegas
This paper studies how information frictions in the securitization market amplify the response of mortgage credit supply to house price shocks. Securitization prices and quantities endogenously result from an optimal contracting problem between investors and banks. Banks are better informed than investors about the quality of mortgages they originate, leading to adverse selection in securitization
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The heterogeneous relationship of owner-occupied and investment property with household portfolio choice Journal of Housing Economics (IF 2.268) Pub Date : 2023-09-09 Marco Felici, Franz Fuerst
The dual nature of property as both a consumption and investment good presents a challenge for household portfolios. Prior theoretical literature predicts a constraint imposed by property on investment decisions, and empirical studies support this notion. However, previous research often overlooks investigating the heterogeneity of this constraint and fails to differentiate between owner-occupied and
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Potential Benefits in Remapping the Special Flood Hazard Area: Evidence from the U.S. Housing Market Journal of Housing Economics (IF 2.268) Pub Date : 2023-07-26 Adam B Pollack, Douglas H Wrenn, Christoph Nolte, Ian Sue Wing
A typical U.S. homebuyer's understanding of whether a property faces flood risk is based on whether the property is located inside the National Flood Insurance Program's (NFIP) Special Flood Hazard Area (SFHA). The SFHA boundary, however, may bias homebuyers’ perceptions of flood risk relative to unobserved true risk because the SFHA is an incomplete, and sometimes inaccurate, representation of flood
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Moving to the country: Understanding the effects of Covid-19 on property values and farmland development risk Journal of Housing Economics (IF 2.268) Pub Date : 2023-07-24 Kelsey K. Johnson, Lee Parton, Christoph Nolte, Matt Williamson, Theresa Nogeire-McRae, Jayash Paudel, Jodi Brandt
As human populations grow, one strategy for meeting housing demand is through the development of agricultural land and other open space, which can generate negative externalities. This may be addressed at local, state, or federal levels with land-use planning, including farmland preservation policies. Efficient land-use planning in the presence of competing land uses requires knowledge of development
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The External Costs of Industrial Chemical Accidents: A Nationwide Property Value Study Journal of Housing Economics (IF 2.268) Pub Date : 2023-07-23 Dennis Guignet, Robin R. Jenkins, Christoph Nolte, James Belke
Industrial chemical accidents involving fires, explosions, or toxic vapors impose external costs on nearby communities. We examine changes in residential property values using nationwide data on chemical facilities, accidents, and residential transactions within a spatial difference-in-differences framework. We find that accidents with direct offsite impacts lower home values within 5.75 km by 2-3%
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Political uncertainty and housing markets Journal of Housing Economics (IF 2.268) Pub Date : 2023-07-05 Van Nguyen, Carles Vergara-Alert
This paper examines the causal effects of political uncertainty on housing markets. We used US gubernatorial elections from 1982 to 2018 as a source of exogenous variation in political uncertainty and exploited the regional variations in residential housing markets. We used neighboring states without elections and counties at the state borders without elections as control groups. We found that higher
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Flood insurance reforms, housing market dynamics, and adaptation to climate risks Journal of Housing Economics (IF 2.268) Pub Date : 2023-06-15 Hannah Hennighausen, Yanjun Liao, Christoph Nolte, Adam Pollack
This paper examines the impact of two nationwide reforms to the National Flood Insurance Program on both flood insurance and property markets. The 2012 and 2014 reforms aimed to phase out subsidies on flood insurance premiums. Using a difference-in-differences framework comparing treated and similar but untreated properties, we find that the reforms led to a 14.3% relative increase in the price of
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Measures of vertical inequality in assessments Journal of Housing Economics (IF 2.268) Pub Date : 2023-06-08 Daniel McMillen, Ruchi Singh
Standard measures of vertical inequality suggest that assessments are regressive in the sense that high-priced properties are often assessed at lower rates than low-priced properties. We show that some of this regressivity is due to the regression-based estimation procedures used by many jurisdictions to calculate assessments. A review of existing measures of assessment regressivity suggests that severe
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Can landlords siphon housing allowances? New theory and evidence on housing allowance algorithms from a natural experiment Journal of Housing Economics (IF 2.268) Pub Date : 2023-06-05 Wasay Majid
This paper provides new evidence on the incidence and theoretical predictions of housing allowances. Theoretically, I find housing allowances are typically neither a price nor income equivalent. Housing allowance schemes,mostly being universal in functional form across countries, manifest as personal subsidies inverse to resources i.e., some benefit amount minus income deduction. I discover that New
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When do property taxes matter? Tax salience and heterogeneous policy effects Journal of Housing Economics (IF 2.268) Pub Date : 2023-06-05 Marina Gindelsky, Jeremy Moulton, Kelly Wentland, Scott Wentland
Taxes create incentives; yet, the potency of these incentives may depend on the salience and household perception of the tax itself. We investigate this issue in the context of property taxes, exploring how accurately households perceive their property tax liabilities and what factors determine misperception. Leveraging a unique national dataset, created by linking Zillow's ZTRAX data to internal data
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Credit supply, homeownership and mortgage debt Journal of Housing Economics (IF 2.268) Pub Date : 2023-06-02 Ahmet Ali Taşkın, Fırat Yaman
We analyze the effect of credit supply on households’ homeownership and home equity outcomes. Banking deregulation together with states’ autonomy to limit deregulation provides an exogenous shift in credit supply which shows variation across states and time. We find that a shift from full to no regulation increases the probability of homeownership by one percentage point, and of having a mortgage by
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Revisiting metropolitan house price-income relationships Journal of Housing Economics (IF 2.268) Pub Date : 2023-05-23 Elias Oikarinen, Steven C. Bourassa, Martin Hoesli, Janne Engblom
We explore long-term patterns of the house price-income relationship across the 70 largest U.S. metropolitan areas. In line with a standard spatial equilibrium model, our empirical findings indicate that regional house price-income ratios are typically not stable, even over the long run. In contrast, panel regression models that relate house prices to aggregate personal income and allow for regional
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The Airbnb rent premium and the crowding-out of long-term rentals Journal of Housing Economics (IF 2.268) Pub Date : 2023-05-16 Robert J. Hill, Norbert Pfeifer, Miriam Steurer
Concerns about crowding out of long-term rentals have led many cities to impose limits on the days that properties can be let via Airbnb or similar platforms in a given year. However, so far, there has been little research into the effect of such measures. Using micro-level data on long-term rental and Airbnb contracts for Sydney, Australia, we first estimate how much more landlords can earn on Airbnb
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Editorial Board Journal of Housing Economics (IF 2.268) Pub Date : 2023-05-09
Abstract not available
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Housing Affordability and School Quality in the United States Journal of Housing Economics (IF 2.268) Pub Date : 2023-03-22 Richard W. DiSalvo, Jia H. Yu
In discussions of the barriers faced by the poor to accessing high-quality K-12 education, housing costs figure prominently. A common view is that housing costs more when it provides access to higher quality schools. But is this view accurate? We investigate this question by relating housing affordability with two test-based measures of school quality, test score levels and rates of student learning
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Redevelopment values in multi-family properties: Evidence from en bloc sales in Singapore Journal of Housing Economics (IF 2.268) Pub Date : 2023-03-06 Liu Ee Chia, Tien Foo Sing
“Teardown” or redevelopment is an effective policy tool to increase supply elasticity in land-scarce cities. In Singapore, redevelopment of older multi-family properties requires the consent of majority owners to sell their units collectively in a process widely known as “en bloc” sales. Using the resale transaction data in Singapore from 1995 to 2018, we find that private multi-family properties with
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The sharing economy and housing markets in selected European cities Journal of Housing Economics (IF 2.268) Pub Date : 2023-01-26 Philipp Reichle, Jarko Fidrmuc, Fabian Reck
A heated debate has emerged drawing a connection between housing affordability and home-sharing platforms such as Airbnb. Despite first regulatory efforts by municipalities, the impact on rents and house prices has been examined insufficiently in scientific literature, especially with regards to Europe. Therefore, this paper addresses this gap by analyzing data on Airbnb listings for 25 European cities
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How ‘bad’ is renter protection for institutional investment in multifamily housing? Journal of Housing Economics (IF 2.268) Pub Date : 2023-01-23 Meagan McCollum, Stanimira Milcheva
We assess the role of state-level renter protection regulations on the pricing, performance and risk of multifamily housing. We construct a renter protection score (RPS) to measure the extent of renter protection in each state. Using a proprietary property-level dataset from loans backed by commercial mortgage backed securities (CMBS) and census tract socioeconomic variables, we study the role of RPS
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Aggregate-level inferences from individual-level data: The case of permanent supportive housing and housing first Journal of Housing Economics (IF 2.268) Pub Date : 2023-01-10 Brendan O'Flaherty
I estimate the “simple mechanical effect” of permanent supportive housing and Housing First as studied in the At Home/Chez Soi and HUD-VASH experiments on point-in-time counts of homelessness (HUD definition). The simple mechanical effect is the effect that would occur in the absence of any behavioral responses aside from those in the experiments. The estimates of the simple mechanical effects overlap
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Single Borrowers versus Coborrowers in the Pandemic: Mortgage Forbearance Take-Up and Performance Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-28 Jun Zhu, Laurie Goodman
Early in the COVID-19 pandemic, policymakers initiated a forbearance program—that allowed borrowers to pause their mortgage payments—to prevent a large-scale foreclosure crisis. Using detailed loan-level performance data, we study forbearance take-up and subsequent performance among two distinct group of mortgage borrowers: single borrowers versus coborrowers. We provide stylized facts that compared
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Stuck at home: Housing demand during the COVID-19 pandemic Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-26 William Gamber, James Graham, Anirudh Yadav
The COVID-19 pandemic induced an increase in both the amount of time that households spend at home and the share of expenditures allocated to at-home consumption. These changes coincided with a period of rapidly rising house prices. We interpret these facts as the result of stay-at-home shocks that increase demand for goods consumed at home as well as the homes that those goods are consumed in. We
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Behavioral changes in the housing market before and after the Covid-19 lockdown Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-16 André Kallåk Anundsen, Bjørnar Karlsen Kivedal, Erling Røed Larsen, Leif Anders Thorsrud
We exploit unique Norwegian day-by-day transaction and hour-by-hour bidding logs data in order to examine how market participants reacted to the spreading news of Covid-19 in early March 2020, the lockdown on March 12, and the re-opening on April 20. We observe changes on the date of the lockdown in transaction volumes, sell-prediction spreads, exploitative bidding behavior, and seller confidence.
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Web-scraping housing prices in real-time: the Covid-19 crisis in the UK Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-14 Jean-Charles Bricongne, Baptiste Meunier, Sylvain Pouget
While official statistics provide lagged and aggregate information on the housing market, extensive information is available publicly on real-estate websites. By web-scraping them for the UK on a daily basis, this paper extracts a large database from which we build timely and highly granular indicators. One originality of the dataset is to focus on the supply side of the housing market, allowing to
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Landlords’ Rental Businesses Before and After the COVID-19 Pandemic: Evidence from a National Cross-Site Survey Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-14 Elijah A. de la Campa, Vincent J. Reina
This paper uses a survey of over 2,500 rental property owners in ten cities across the United States to determine the impact of the COVID-19 pandemic on landlords’ rent collection and business behavior. Our findings show that yearly rent collection was down significantly in 2020 relative to 2019—both within and across rental markets—and that an increasing number of owners have a large share of their
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Intercity impacts of work-from-home with both remote and non-remote workers Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-14 Jan K. Brueckner, S. Sayantani
This paper generalizes the simple two-city work-from-home model of Brueckner, Kahn and Lin (2022) by adding a group of non-remote workers, who must live in the city where they work. The results show that the main qualitative conclusions of BKL regarding the intercity effects of WFH are unaffected by this modification, with WFH yielding the same aggregate population and employment changes in the two
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COVID-19’S IMPACTS ON HOUSING MARKETS: INTRODUCTION Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-13 Amy Ellen Schwartz, Susan Wachter
Abstract not available
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Demons of Density Do Higher-Density Environments Put People at Greater Risk of Contagious Disease? Journal of Housing Economics (IF 2.268) Pub Date : 2022-12-10 Ingrid Gould Ellen, Renata Howland, Sherry Glied
We study the relationship between density and COVID during three distinct waves of the pandemic in New York City. Unlike prior work, our analysis uses individual Medicaid claims records, which include a rich array of demographic characteristics and pre-existing medical conditions and cover a near universe of low-income New Yorkers. In brief, our results suggest that living in higher density neighborhoods
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The geography of US homeownership tax expenditures Journal of Housing Economics (IF 2.268) Pub Date : 2022-11-30 Casey J. Dawkins
US homeowners receive income tax deductions for mortgage interest payments and state and local property taxes, pay no income tax on their home's imputed rental income, and may exclude most of the capital gains earned from a home sale. This paper characterizes the geographic distribution of the tax expenditures from these tax preferences using a new method that exploits household-level microdata from
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Editorial Board Journal of Housing Economics (IF 2.268) Pub Date : 2022-11-30
Abstract not available
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Housing discrimination in the low-income context: Evidence from a correspondence experiment Journal of Housing Economics (IF 2.268) Pub Date : 2022-11-22 Eric W. Chan, Yulian Fan
This paper uses a correspondence experiment across the northeastern corridor of the US to examine landlord responses to prospective tenants inquiries through a low-income housing rental web site. We find multiple forms of discrimination against African-American tenants, including less responses, responses with less greeting and polite words being used, and levels of discrimination that progressively
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A Matching Method for Land Valuation Journal of Housing Economics (IF 2.268) Pub Date : 2022-11-09 Jeffrey Zabel
One approach to land valuation, particularly used by accessors, is to base price estimates of target properties on comparable properties that recently sold. These properties are chosen to be close matches of the target unit and their transaction prices are used to predict the market price of the target unit. But the choice of comparables is typically not consistent and transparent. In this study, a
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Practitioner's Panel Paper on Land Valuation Guidance Journal of Housing Economics (IF 2.268) Pub Date : 2022-11-09 Paul Bidanset, Aleksandrs Elkins, Ron Rakow, Jennifer Rearich, Carmela Quintos
Abstract not available
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Bowling alone, buying alone: The decline of co-borrowers in the US mortgage market Journal of Housing Economics (IF 2.268) Pub Date : 2022-11-09 Eglė Jakučionytė, Swapnil Singh
This paper documents stylized and empirical facts associated with co-borrowers in the US mortgage market since the early 1990s. The share of mortgages with a co-borrower has declined dramatically across different income and demographic groups. We show that this decline, despite being a universal phenomenon across the US, evinces significant regional heterogeneity which contributes to the divergence
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A statistical learning approach to land valuation: Optimizing the use of external information Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-31 David Albouy, Minchul Shin
We develop a statistical learning model to estimate the value of vacant land for any parcel, regardless of improvements. Rooted in economic theory, the model optimizes how to combine common improved property sales with rare, but more informative, vacant land sales. It estimates how land values change with geography and other features, and determines how much information either vacant or improved sales
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Special issue on land valuation: Introduction Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-31 Daniel McMillen, Jeffrey Zabel
Abstract not available
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Estimating land values using residential sales data Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-29 Stanley D. Longhofer, Christian L. Redfearn
Land prices are at the heart of urban economics but are generally not observed directly. Though they are central to household and firm location choices, land-only sales in urban areas are rare and often outliers. Indeed, urban areas are in part defined by a largely contiguous area of high land-use intensity – those places in which developable land is scarce. In this paper, we make use of more-common
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Discrimination against the atypical type of tenants in the Tokyo private rental housing market: Evidence from moving-in inspection and rent arrear records Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-27 Masatomo Suzuki, Kohei Kawai, Chihiro Shimizu
This paper documents the discrimination against the ‘atypical’ type of tenants in the Tokyo private rental housing market, using tenant-level records on the moving-in inspection process and future rent arrears, which go beyond previous experimental and audit studies on the availability of listing rental properties. We exhibit discrimination in that atypical tenants (e.g., single elderlies, single mothers
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Price dispersion and time-on-market in the housing market Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-20 Danny Ben-Shahar, Roni Golan
Imperfect and costly information generates price dispersion in the market. This study employs data on housing assets listed for sale on a leading online classified home service in Israel to assess the effect of quality-adjusted housing price dispersion on time-on-market. Using survival analysis estimation, we find evidence that the hazard rate of sale significantly decreases with quality-adjusted price
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Land Value Estimation Using Teardowns Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-13 Daniel McMillen, Ruchi Singh
Teardowns provide direct information on land values in fully developed urban areas because such properties are valued only for their land and location rather than for the characteristics of the structure. We use two approaches to estimate land values. The first approach is a Stein-like procedure that uses teardown properties and makes efficient use of limited data when a group of variables – in this
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Land valuation using public records and kriging: Implications for land versus property taxation in cities Journal of Housing Economics (IF 2.268) Pub Date : 2022-10-05 William D. Larson, Jessica Shui
We construct land values for each parcel in Maricopa County (Phoenix), Arizona, from 2000 through 2018 using a novel public dataset containing the universe of land sales and parcel records in the county. We then compare residential land values constructed using two classes of source data, vacant land sales and land under existing structures. Between 2012 and 2018, estimated land values for developed
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Urban Land Valuation with Bundled Good and Land Residual Assumptions Journal of Housing Economics (IF 2.268) Pub Date : 2022-09-30 John M. Clapp, Thies Lindenthal
This paper develops a new approach to estimate the value of urban land. We extend AMM theory by adding the assumption of partial irreversibility. Bundled goods assumptions imply that land value with a structure can evolve differently than as-if vacant value, even in the first decades of structure life. We develop a hybrid model that nests bundled goods with land residual methods and we develop a new
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Hedonic, Residual, and Matching Methods for Residential Land Valuation Journal of Housing Economics (IF 2.268) Pub Date : 2022-09-23 Steven C. Bourassa, Martin Hoesli
Accurate estimates of land values on a property-by-property basis are an important requirement for the effective implementation of land-based property taxes. We compare hedonic, residual, and matching techniques for mass appraisal of residential land values, using data from Maricopa County, Arizona. The first method involves a hedonic valuation model estimated for transactions of vacant lots. The second
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Editorial Board Journal of Housing Economics (IF 2.268) Pub Date : 2022-09-07
Abstract not available
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Assessing evidence for inattention to the costs of homeownership Journal of Housing Economics (IF 2.268) Pub Date : 2022-09-06 Leila Bengali
Many goods and services have accompanying costs that are not salient at the moment of purchase. Existing research suggests that consumers are inattentive to such costs when making small purchases. There is less evidence about attention to costs associated with large purchases. This paper examines residential real estate transactions and studies the extent to which sale prices adjust to ownership costs
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Adverse selection in the market for mortgage servicing rights Journal of Housing Economics (IF 2.268) Pub Date : 2022-08-28 Tom Mayock, Lan Shi
Transfer activity in the U.S. market for mortgage servicing rights has increased in recent years. Incumbent servicers are at an informational advantage relative to potential buyers of these servicing rights, introducing the possibility of adverse selection. This paper marks the first investigation of adverse selection in the market for mortgage servicing rights. Using data from mortgage servicers,
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The impact of housing subsidy cuts on the labour market outcomes of claimants: Evidence from England Journal of Housing Economics (IF 2.268) Pub Date : 2022-08-24 Daniel Borbely
Housing subsidies are aimed at helping low-income individuals afford appropriate housing, but are costly to offer and, in the view of some experts and policy makers, reduce incentives for claimants to participate in the labour market. This paper investigates the labour market impacts of recent housing subsidy cuts in England that were aimed at encouraging labour market participation and increasing
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Early effects of COVID-19 pandemic-related state policies on housing market activity in the United States Journal of Housing Economics (IF 2.268) Pub Date : 2022-08-15 Barış K. Yörük
I use daily and weekly data from 100 metropolitan areas in 2020 to investigate the effects of state-level policies to combat the COVID-19 pandemic on various indicators of U.S. housing market activity. Measures of housing market activity include change in new listings, total inventory, newly pending sales, median list price, web traffic to for-sale homes, and average number of days to pending sale
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Negative externalities of long-term vacant homes: Evidence from Japan Journal of Housing Economics (IF 2.268) Pub Date : 2022-07-25 Masatomo Suzuki, Kimihiro Hino, Sachio Muto
Employing parcel-level data on vacant houses in a depopulating city in the Tokyo metropolitan area, we provide the evidence of negative externalities of long-term vacant houses that persist for several years. Ownership of a vacant house continues, whereas the level of maintenance declines; thus, the Japanese context enables us to simply capture the long-run impact of neglect, separate from the foreclosure
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Can Public Housing Trigger Industrialization? Journal of Housing Economics (IF 2.268) Pub Date : 2022-06-23 Alberto Dalmazzo, Guido de Blasio, Samuele Poy
The impact of public housing plans on local development is a neglected, although potentially important, issue. Here, we consider the impact of a public housing supply shock in a spatial equilibrium model and show that a larger local availability of houses can trigger industrialization by raising the number of residents. Also, the model suggests that this mechanism is stronger in places that exhibited