Found 26 article(s) for author 'Housing'

Moving to density: Half a century of housing costs and wage premia from Queens to King Salmon

Moving to density: Half a century of housing costs and wage premia from Queens to King Salmon. Daniel Shoag, December 31, 2019, Paper, “Have workers stopped moving to the highest-density, highest-productivity places in the country because of a decline in the urban wage premium, or because the rent is too high? We analyze how important these two explanations are by studying them in one and the same empirical analysis. We find that non-college workers now effectively face a housing-inclusive urban wage penalty, while workers with college education continue to face a significant urban wage premium. We relate these findings to the share of native-born cross-state migrants across areas of different density levels, and stumble upon a puzzle: why aren’t more college workers moving to the city?Link

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The (Non-) Effect of Opportunity Zones on Housing Prices

The (Non-) Effect of Opportunity Zones on Housing Prices. Edward Glaeser, December 2019, Paper, “Will the Opportunity Zone program, America’s largest new place-based policy in decades, generate neighborhood change? We compare single-family housing price growth in Opportunity Zones with price growth in areas that were eligible but not included in the program. We also compare Opportunity Zones to their nearest geographic neighbors. All estimates rule out price impacts greater than 1.3 percentage points with 95% confidence, suggesting that, so far, home buyers don’t believe that this subsidy will generate major neighborhood change. Opportunity Zone status reduces prices in areas with little employment, perhaps because buyers think that subsidizing new investment will increase housing supply.Link

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Urban migration and housing during resource booms: The case of Sekondi-Takoradi, Ghana

Urban migration and housing during resource booms: The case of Sekondi-Takoradi, Ghana. Michael Hooper, 2019, Paper, “This paper investigates the relationship between urban migration and housing in the context of an emergent oil boom in Sekondi-Takoradi, Ghana. The paper responds to the relative lack of research on resource boom-driven urbanization, particularly in Africa, and on the way in which urban migration shapes, and is shaped by, housing conditions. The paper analyzes the relationship between housing conditions and urban migrants’ choice of residential locations. Drawing on both qualitative and quantitative analysis of data from 322 surveys in two neighborhoods of Sekondi-Takoradi, the paper draws three primary conclusions. First, migrants’ choices regarding where they live are premised on neighborhood housing conditions. Second, most migrants are urban-urban migrants which means that the predominant theories of urban growth are poorly equipped to address the urban transformation occurring in Sekondi-Takoradi. Finally, migrants’ housing choices have considerable urban form implications, promoting in different contexts both urban densification and urban sprawl. The paper concludes by discussing the implications of these findings in the Ghanaian and wider African contexts.Link

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Should We All Be Living in Cities?

Should We All Be Living in Cities? Edward Glaeser, September 30, 2019, Audio, “Cities are an integral part of Earth’s future: by 2050, 68 percent of the world’s population will be living in an urban area. Solutions to social problems, from climate change to poverty, will therefore be tied to the fates of cities. In this episode, Glimp professor of economics Edward Glaeser explains why he is overwhelmingly optimistic about urban growth. Cities, he says, are engines of innovation and economic activity that create opportunity. “Humans,” he explains, “are a social species that gets smart by being around other smart people.” When they do, their impact on the planet’s climate is lessened in surprising ways—and in surprising places across the United States.Link

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Urban migration and housing during resource booms: The case of Sekondi-Takoradi, Ghana

Urban migration and housing during resource booms: The case of Sekondi-Takoradi, Ghana. Michael Hooper, September 30, 2019, Paper, “This paper investigates the relationship between urban migration and housing in the context of an emergent oil boom in Sekondi-Takoradi, Ghana. The paper responds to the relative lack of research on resource boom-driven urbanization, particularly in Africa, and on the way in which urban migration shapes, and is shaped by, housing conditions. The paper analyzes the relationship between housing conditions and urban migrants’ choice of residential locations. Drawing on both qualitative and quantitative analysis of data from 322 surveys in two neighborhoods of Sekondi-Takoradi, the paper draws three primary conclusions. First, migrants’ choices regarding where they live are premised on neighborhood housing conditions. Second, most migrants are urban-urban migrants which means that the predominant theories of urban growth are poorly equipped to address the urban transformation occurring in Sekondi-Takoradi. Finally, migrants’ housing choices have considerable urban form implications, promoting in different contexts both urban densification and urban sprawl. The paper concludes by discussing the implications of these findings in the Ghanaian and wider African contexts.Link

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Access To The American Dream Isn’t Just Determined By Income. Geography Matters

Access To The American Dream Isn’t Just Determined By Income. Geography Matters. Raj Chetty, September 27, 2019, Audio, “Research shows that America’s claim of social mobility is a myth, according to Harvard Economics Professor Raj Chetty, who told Boston Public Radio Friday that children in America are half as likely to climb out of poverty than they are in Canada. Chetty is the William A. Ackman Professor of Economics at Harvard and director of the Opportunity Insights program, where his team has determined that geography is crucial in determining social mobility. And this geography is specific, Chetty’s research shows — sometimes even correlated to a person’s neighborhood or block.Link

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The Macroeconomic Implications of Housing Supply Restrictions

The Macroeconomic Implications of Housing Supply Restrictions. Edward Glaeser, June 15, 2019, Paper, “Housing supply restrictions, including historic preservation policies, minimum lot sizes and height limitations, are typically approached with static Pigouvian tools, but these policies also have dynamic implications. Restricted supply will typically make quantities, which determine construction employment, less volatile, and prices, which determine financial stability, more volatile. A prominent exception occurs when supply-unconstrained areas build so much during a boom that construction halts during the bust, and in that case, elastic supply can be associated with both price volatility and a limited ability to use credit instruments to boost employment during a bust. As institutions with counter-cyclical missions grapple with housing policies, they must recognize that housing regulation interacts with monetary policy, and that reforming housing policy may have implications for the business cycle.Link

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What Exactly Is Affordable Housing?

What Exactly Is Affordable Housing? Chris Herbert, June 3, 2019, Audio, “Affordable housing: While just two words, the concept isn’t really as simple as it might sound. Despite the complexity of the issue, we so often hear the term “affordable housing” thrown around by everyone from politicians to activists to the press, as if it were a single, monolithic thing. But there are different types of affordable housing, said Chris Herbert, managing director of Harvard’s Joint Center for Housing Studies, leftover from years of housing policies.Link

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Do the Poor Pay More for Housing? Exploitation, Profit, and Risk in Rental Markets

Do the Poor Pay More for Housing? Exploitation, Profit, and Risk in Rental Markets. Matthew Desmond, 2019, Paper, “This article examines tenant exploitation and landlord profit margins within residential rental markets. Defining exploitation as being overcharged relative to the market value of a property, the authors find exploitation of tenants to be highest in poor neighborhoods. Landlords in poor neighborhoods also extract higher profits from housing units. Property values and tax burdens are considerably lower in depressed residential areas, but rents are not. Because landlords operating in poor communities face more risks, they hedge their position by raising rents on all tenants, carrying the weight of social structure into price. Since losses are rare, landlords typically realize the surplus risk charge as higher profits. Promoting a relational approach to the analysis of inequality, this study demonstrates how the market strategies of landlords contribute to high rent burdens in low-income neighborhoods.Link

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