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When climate meets real estate: A survey of the literature 当气候与房地产相遇：文献概览
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-04-15 DOI: 10.1111/1540-6229.12489
Justin Contat, Carrie Hopkins, Luis Mejia, Matthew Suandi
{"title":"When climate meets real estate: A survey of the literature","authors":"Justin Contat, Carrie Hopkins, Luis Mejia, Matthew Suandi","doi":"10.1111/1540-6229.12489","DOIUrl":"https://doi.org/10.1111/1540-6229.12489","url":null,"abstract":"With near unanimity, climate scientists project natural disasters to increase in frequency, severity, and geographic scope over the next century. We survey academic literature at the intersection of these climate risks and real estate. Our review of physical risks includes price, loan performance, and migratory effects stemming from flooding, wildfires, and sea level rise. We review transition risks, including energy use and decarbonization, as they relate to real estate. Where possible, we explain how these topics may intersect with housing affordability, especially in historically disadvantaged communities. We conclude by highlighting critical areas for future research.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"3 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140575991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Valuing public transit: The L‐train shutdown 重视公共交通：L 号列车停运
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-04-11 DOI: 10.1111/1540-6229.12488
Becka Brolinson
{"title":"Valuing public transit: The L‐train shutdown","authors":"Becka Brolinson","doi":"10.1111/1540-6229.12488","DOIUrl":"https://doi.org/10.1111/1540-6229.12488","url":null,"abstract":"In this article, I quantify the value of access to public transit in New York using the surprise, hurricane‐related announcement of the temporary shutdown of an important piece of transportation infrastructure: the L‐train connecting Brooklyn and Manhattan. My approach allows me to measure changes in housing sales prices by using a change in public transit infrastructure, that is, (a) temporary, and (b) not an outcome of city transit planning, but rather an unexpected consequence of a natural disaster. I find that the L‐train's shutdown announcement caused a temporary decrease in sales prices for affected housing units of 6.4%. This estimate suggests a monthly capitalization rate of public transit access of around $863 for housing units where the L‐train is the nearest subway stop, demonstrating that households in NYC ascribe a high value to transit access. Using these estimates, the benefits of the repair outweigh the costs, with the benefit‐to‐cost ratio of the repairs ranging from 2.76 to 2.78.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"68 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140575995","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterogeneity in the recovery of local real estate markets after extreme events: The case of Hurricane Sandy 极端事件后当地房地产市场复苏的异质性：飓风桑迪的案例
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-03-25 DOI: 10.1111/1540-6229.12485
Ingrid Gould Ellen, Rachel Meltzer
{"title":"Heterogeneity in the recovery of local real estate markets after extreme events: The case of Hurricane Sandy","authors":"Ingrid Gould Ellen, Rachel Meltzer","doi":"10.1111/1540-6229.12485","DOIUrl":"https://doi.org/10.1111/1540-6229.12485","url":null,"abstract":"Natural disasters can cause physical damage and provide information about flood risk. We find that the prices of one to three family homes in New York City hit by high storm surges during Hurricane Sandy dropped by 16% and remained 12% lower than pre‐storm levels 6 years after the storm. Effects were concentrated in areas <jats:styled-content>outside</jats:styled-content> of pre‐existing flood zones, where risks were less salient, and they were more persistent in lower income areas. Finally, flooding may have changed neighborhood demographic trends, as post‐Sandy homebuyers in hard‐hit areas had lower incomes and were less likely to be white.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"21 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140299505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Commercial real estate and air pollution 商业地产与空气污染
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-03-20 DOI: 10.1111/1540-6229.12484
Dragana Cvijanović, Lyndsey Rolheiser, Alex Van de Minne
{"title":"Commercial real estate and air pollution","authors":"Dragana Cvijanović, Lyndsey Rolheiser, Alex Van de Minne","doi":"10.1111/1540-6229.12484","DOIUrl":"https://doi.org/10.1111/1540-6229.12484","url":null,"abstract":"We analyze the causal effect of air pollution (acute fine particulate matter) exposure on the commercial real estate (CRE) market. We instrument for air pollution using changes in local wind direction to find that an increase in fine particulate matter exposure leads to a contemporaneous decrease in CRE market values and (net) income as well as an increase in capital expenditures. Heterogeneous treatment analysis within a building-level fixed effects framework uncovers that the negative effect on market values is concentrated in the office sector, consistent with the notion that air pollution-induced decreases in CRE values are driven by a reduction in CRE assets’ productive capacity. Additionally, we document that the negative impact on (net) income is concentrated in the apartment sector, which is consistent with a broad set of local disamenity mechanisms identified in previous residential real estate literature.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"25 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140171353","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The color of water: Racial and income differences in exposure to floods across US neighborhoods 水的颜色美国各社区遭受洪灾的种族和收入差异
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-03-04 DOI: 10.1111/1540-6229.12480
George C. Galster, Joshua Galster, Karl Vachuska
{"title":"The color of water: Racial and income differences in exposure to floods across US neighborhoods","authors":"George C. Galster, Joshua Galster, Karl Vachuska","doi":"10.1111/1540-6229.12480","DOIUrl":"https://doi.org/10.1111/1540-6229.12480","url":null,"abstract":"We provide a US national portrait of annual average exposure to floods across racial/ethnic and income groups, using predictions from the First Street Foundation flooding exposure model. Nationally, we find that Native Americans in inland neighborhoods and Hispanics in coastal ones face (statistically) significantly higher average exposure to flooding than non‐Hispanic Whites, even when neighborhood income composition is controlled. Surprisingly, non‐Hispanic Blacks and Asians generally have significantly lower average exposure to floods than non‐Hispanic Whites. Lower income groups exhibit substantially higher exposure in inland areas than higher income groups—but not in coastal areas—when neighborhood racial/ethnic composition is controlled.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"22 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140037465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate risk in mortgage markets: Evidence from Hurricanes Harvey and Irma 抵押贷款市场的气候风险：哈维和艾尔玛飓风的证据
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-02-27 DOI: 10.1111/1540-6229.12477
Pedro Gete, Athena Tsouderou, Susan M. Wachter
{"title":"Climate risk in mortgage markets: Evidence from Hurricanes Harvey and Irma","authors":"Pedro Gete, Athena Tsouderou, Susan M. Wachter","doi":"10.1111/1540-6229.12477","DOIUrl":"https://doi.org/10.1111/1540-6229.12477","url":null,"abstract":"Using the Credit Risk Transfers (CRTs) issued by Fannie Mae and Freddie Mac, we study how, absent government intervention, mortgage markets would price hurricane risk. Currently, such risk is priced equally across locations even if it is location-specific. We hand collect a novel and detailed database to exploit CRTs' heterogeneous exposure to Hurricanes Harvey and Irma. Using a diff-in-diff specification, we estimate the reaction of private investors to hurricane risk. We use the previous results to calibrate a model of mortgage lending. We simulate hurricane frequencies and mortgage default probabilities in each US county to derive the market price of mortgage credit risk, that is, the implied guarantee fees (g-fees). Market-implied g-fees in counties most exposed to hurricanes would be 70% higher than inland counties.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"36 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140006215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Homebuyers’ geographic proximity as a predictor of future housing price growth 预测未来房价增长的购房者地理位置远近
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-02-26 DOI: 10.1111/1540-6229.12479
Hayoung Kim
{"title":"Homebuyers’ geographic proximity as a predictor of future housing price growth","authors":"Hayoung Kim","doi":"10.1111/1540-6229.12479","DOIUrl":"https://doi.org/10.1111/1540-6229.12479","url":null,"abstract":"Considering the prevalent information asymmetry in housing markets, this study demonstrates the predictive power of homebuyers’ geographic proximity on housing prices. At the ZIP‐code level, a 10‐percentage‐point increase in the fraction of local buyers corresponds to a 1.1‐percentage‐point higher housing price growth over the subsequent 2 years. At the individual level, out‐of‐town buyers experience a 0.64‐percentage‐point lower annual return compared to local buyers within a county. These results not only highlight the significant information advantages enjoyed by geographically proximate buyers, but also imply that informationally privileged buyers’ revealed preferences for specific locations could provide informationally disadvantaged buyers with hints about which areas are likely to experience higher housing price growth in the near future.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"10 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139977804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Alcohol consumption and the value of community 酒精消费与社区价值
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-02-02 DOI: 10.1111/1540-6229.12473
Xiaoyu Zhang, Yunqi Zhang
{"title":"Alcohol consumption and the value of community","authors":"Xiaoyu Zhang, Yunqi Zhang","doi":"10.1111/1540-6229.12473","DOIUrl":"https://doi.org/10.1111/1540-6229.12473","url":null,"abstract":"This article investigates the value of access to alcohol consumption by examining housing price changes after a liquor ban that was catalyzed by an unexpected riot in Singapore. The ban restricts alcohol consumption in liquor control zones further than in areas outside such zones. We find that the housing price changes in the liquor control zones were weak, which implies that the utility and disutility of alcohol consumption almost cancel each other out. In contrast, housing prices increased for houses within 800 m of but outside the liquor control zones. We investigate potential explanations for these phenomena.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"222 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139677979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A flexible method of housing price index construction using repeat-sales aggregates 利用重复销售总量构建住房价格指数的灵活方法
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-01-21 DOI: 10.1111/1540-6229.12474
Justin Contat, William D. Larson
{"title":"A flexible method of housing price index construction using repeat-sales aggregates","authors":"Justin Contat, William D. Larson","doi":"10.1111/1540-6229.12474","DOIUrl":"https://doi.org/10.1111/1540-6229.12474","url":null,"abstract":"The major issue which we address in this article is the one-size-fits-all nature of the typical city-level housing price index. In this vein, we make two contributions. First, we develop a new algorithm to ensure feasible estimation of geographically granular repeat-sales price indices in cases of low transactions counts. This facilitates the estimation of a balanced panel of 63,084 U.S. Census tract-level indices (2010 definitions) at an annual frequency between 1989 and 2021, which we release alongside this article. Second, we use these indices to estimate city-level price indices that are robust to heterogeneous submarket appreciation and nonrandom sampling, two issues that confound classic approaches. Different index targets require alternative weighting schemes, and these formulations can result in index differences that can widen over time horizons. However, in some cases, sample-based indices are quite similar to more strictly defined index targets; for instance, in the early COVID-19 period, standard sample-based indices are actually quite similar to a unit-representative house price index for large cities.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139517269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do local governments tax homeowner communities differently? 地方政府对房主社区征税的方式不同吗？
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2024-01-07 DOI: 10.1111/1540-6229.12469
Roland Füss, Oliver Lerbs, Alois Weigand
{"title":"Do local governments tax homeowner communities differently?","authors":"Roland Füss, Oliver Lerbs, Alois Weigand","doi":"10.1111/1540-6229.12469","DOIUrl":"https://doi.org/10.1111/1540-6229.12469","url":null,"abstract":"This article investigates whether and how strongly the share of homeowners in a community affects residential property taxation by local governments. Different from renters, homeowners bear the full property tax burden, irrespective of local market conditions, and the tax is more salient to them. “Homeowner communities” may hence oppose high property taxes in order to protect their housing wealth. By merging granular spatial data from a complete housing inventory in the 2011 German Census with historical homeownership rates and housing damages during the Second World War as sources of exogenous variation in local homeownership, we provide empirical evidence that otherwise identical jurisdictions charge significantly lower property taxes when the share of homeowners in their population is higher. This result is invariant to local market conditions, which suggests tax salience is the key mechanism behind this effect. Moreover, we find positive spatial dependence on tax multipliers, indicative of property tax mimicking by local governments.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"135 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2024-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139412547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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