Scaling of Small-Area Fair Market Rents: Evidence on Neighborhood Choices of Voucher Recipients

SSRN Electronic Journal · 2025-01-01

Bequests and Elderly Home Ownership

SSRN Electronic Journal · 2025-01-01 · 1 citations

The Effect Of 2012-2021 Building Code Revisions On Break-Even Rents Of 3-Story Apartments

SSRN Electronic Journal · 2025-01-01

Does Affordability Status Matter in Who Wants Multifamily Housing in Their Backyard?

The Review of Economics and Statistics · 2025-09-09

Abstract We provide evidence that similar price effects occur from new multifamily rental housing on surrounding owner-occupied property values regardless of whether the development was subsidized. These effects were on average negative in higherincome communities, but became either non-distinguishable from zero or positive in higher-income communities with sufficient population density. These results imply that previous opposition to all new rental housing by homeowners is misguided as developments could raise property values in some higher-income neighborhoods.

Does Affordability Status Matter in Who Wants Multifamily Housing in their Backyard?

SSRN Electronic Journal · 2024-01-01 · 2 citations

A cost decomposition of break-even rents for new multifamily housing development

Journal of Housing Economics · 2024-08-06 · 1 citations

We decompose the break-even rents of new multifamily housing into three cost components—land prices, construction costs, and financial capital—for 50 of the largest cities in the United States from 2012 to 2020. This is accomplished by combining existing data on land prices and income capitalization rates with a new data series on local historical pricing of required construction components of complete buildings called “assemblies.” For both 3-story, wood-framed buildings and 12-story, steel-framed buildings, we find that construction costs contribute significantly to the growth of break-even rents, and the relative contribution of construction costs exceeds that of land values for the taller buildings. Meanwhile, cap rates have declined, mediating the effect of development costs on the rents borne by tenants. Overall, there is significant variation in rent growth across cities that can be explained by these three cost factors.

Artificial intelligence in patients with atrial fibrillation to manage clinical complexity and comorbidities: the ARISTOTELES project

European Heart Journal · 2024-12-11 · 12 citations

Attribute misreporting and appraisal bias

European Finance Review · 2023-12-08

Abstract We assemble a property-level panel of appraiser-reported attributes associated with 4.6 million loan applications from 2013 to 2017 to test whether attributes were consistently reported. Appraisers have an incentive to misreport property attributes to justify higher appraised values to ensure that associated mortgage loans are approved. We focus on property transactions with multiple sets of attributes reported by the same appraiser within four quarters and find evidence consistent with an intent to inflate valuations through attribute misreporting. We find that strategic misreporting of attributes is prevalent across markets, and that highly leveraged borrowers whose appraisals had inconsistently reported attributes were 9.8 percent more likely to become seriously delinquent in their loan payments.

A Cost Decomposition of Break-Even Rents for New Multifamily Housing Development

SSRN Electronic Journal · 2023-01-01

The Causes and Consequences of Development Costs: Evidence from Multifamily Housing

SSRN Electronic Journal · 2022 · 6 citations

• Economics