Business Commons^™

The Shrinking Geography Of Housing Opportunity In Mountain West Metros, 2022, Hira Ahmed, Joshua Padilla, Saha Salahi, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet examines data from the National Equity Atlas on the changing geography of opportunity across Mountain West metros. The original report includes data on the largest 100 metros in the United States. This fact sheet reports on the overall percentages of affordable zip codes in nine major metropolitan areas in the Mountain West and changes in affordable zip codes for Black, Latinx, and white households in Mountain West metros from 2013 to 2019. Data for nine Mountain West metros are included: Tucson, AZ; Phoenix-Mesa-Scottsdale, AZ; Colorado Springs, CO; Denver-Aurora, CO; Albuquerque, NM; Las Vegas-Paradise, NV; Ogden-Clearfield, UT; Provo-Orem, …

Manufactured Homes In Nevada Counties, Joshua Padilla, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet presents data on the share of manufactured homes in each of Nevada’s 17 counties, as reported in the June 2022 The Daily Yonder article, “With Housing Shortage Still Ongoing, Manufactured Homes are Gaining Ground,” by Kristi Eaton. The original report includes data made available by the Housing Assistance Council (HAC) for each county in the United States from 2009 and 2018.

British Public Investment, Government Spending, Housing, And The Industrial Revolution: A Study Of Governmental And Social Surplus Absorption, Thomas E. Lambert

Faculty Scholarship

When it comes to the British Industrial Revolution of the 18^th Century, much of the mainstream economics literature has tended to focus on how property rights, limitations on the crown or government, and changes in agricultural and manufacturing techniques have caused a great transformation in the nation’s economic formation. Marxian and other heterodox economics views acknowledge these developments but also emphasize the enclosure movement and the development of a class of people that becomes an exploited proletariat. Both sets of views acknowledge the role of the British government in facilitating the Industrial Revolution, but in doing a review for …

Shortage Of Affordable Rental Homes In The Mountain West, Joshua Padilla, Kelliann Beavers, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet examines data from the 2022 report by the National Low Income Housing Coalition (NLIHC), “The Gap: A Shortage of Affordable Homes” for the Mountain West region. The original report includes data from 2016- 2020 American Community Survey (ACS) Public Use Microdata Sample (PUMS) to help “determine the availability of rental homes affordable to extremely low-income households.”

Housing Affordability For Top Occupations In Nevada Metros, 2022, Kristian Thymianos, Elia Del Carmen Solano-Patricio, Ally M. Beckwith, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet combines housing and employment data from the National Housing Conference (NHC) and the Bureau of Labor Statistics (BLS) to examine housing affordability for the 10 most common occupations in the Las Vegas-Henderson-Paradise, NV and the Reno-Sparks, NV metropolitan statistical areas (MSAs) in Quarter 1 of 2022.

Nevada Economic Development And Public Policy 2022-2026: A Sustainable Future For All Nevadans, The Lincy Institute, Brookings Mountain West

Policy Briefs and Reports

This report evaluates economic development efforts in the State of Nevada since the 2011 publication of Unify, Regionalize, Diversify: An Economic Development Agenda for Nevada; assesses demographic and economic trends for Nevada and its regions; examines how state and federal actions since the onset of COVID-19 can position Nevada and its regions to address long-standing economic, educational, and social deficits; and offers policy recommendations to be implemented in the next four years to facilitate a sustainable future for all Nevadans.

How Did Homelessness Change During The Great Recession And Recovery?, Jenny Schuetz, Matthew Ring

Policy Briefs and Reports

Job losses from the COVID-19 pandemic have exacerbated housing insecurity among low-income renters over the past year. Federal, state, and local policymakers have created temporary measures to help reduce displacement among people who have lost their jobs, but there is considerable uncertainty about what will happen when these temporary measures end. To gain insight into how homelessness changes over macroeconomic cycles, we examine changes in homelessness rates from 2007 to 2020. Our analysis focuses on four metro areas that were particularly hard-hit by the foreclosure crisis: Las Vegas, Los Angeles, Phoenix, and Riverside. Overall homelessness rates declined in all metros …

Capital Controls And Macro-Prudential Housing Policies In Small Open Economies, Taojun Xie, Guay C. Lim, Hwee Kwan Chow

Research Collection School Of Economics

We evaluate the effects of capital controls and macro-prudential policies in small open economies with a housing sector that is open to foreign ownership. The work is motivated by concerns that foreign investments also respond to housing investment opportunities resulting in potential house price inflation and issues about housing affordability. Our dynamic stochastic general equilibrium model features housing as an internationally traded investment. We also consider macro-prudential policies that are combinations of monetary and fiscal instruments. We investigate whether foreign investments in the housing markets are de-stabilising and whether there are appropriate policy responses to mitigate the negative effects of …

Neighborhood Change In Las Vegas, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This Fact Sheet analyzes indicators of demographic and economic change in Las Vegas neighborhoods and suburbs, provided by “American Neighborhood Change in the 21st Century,” a study published by the Institute on Metropolitan Opportunity (IMO) at the Minnesota Law School. Researchers reviewed data from the 2000 U.S. Census and the 2016 American Community Survey (ACS) for the top 50 largest metros in the U.S. The study reports levels of neighborhood change, including economic growth, poverty concentration, gentrification, and low-income displacement. Data pertaining to the Las Vegas metropolitan region are synthesized to measure indicators of economic viability and housing availability.

The Mountain West: Affordable Housing Opportunities, Kaylie Pattni, Caitlin Saladino, William E. Brown

Housing & Real Estate

This fact sheet provides selected data pertaining to the Mountain West region from, The Gap: A Shortage of Affordable Homes, a 2018 report by the National Low Income Housing Coalition. The report includes statistics “based on data from the 2016 American Community Survey (ACS) Public Use Microdata Sample (PUMS). THE ACS is an annual nationwide survey of approximately 3.5 million addresses.”

Agent Intermediation And Racial Price Differences, Adam Nowak, Patrick S. Smith

Economics Faculty Working Papers Series

Most housing transactions are brokered wherein the buyer and seller do not meet in person. In which case the buyer’s race is not revealed to the seller, so the seller cannot discriminate based on race. Despite this observation, previous studies find racial price differentials based on the race of the buyer. We provide evidence that these estimates suffer from an omitted variable bias attributable to the time-varying attributes of the house. After controlling for the time-varying attributes of the house, we find that minority (black and Hispanic) and non-minority (white) buyers pay a similar price for comparable housing. We also …

Mountain Monitor - 1st Quarter 2015, Kenan Fikri, Siddharth Kulkarni

Mountain Monitor Quarterly

This analysis of employment, output, unemployment, and house prices finds that the 10 major metropolitan areas of the Mountain West, despite significant economic headwinds, weathered the first quarter of 2015 with robust economic growth. Eight of the region’s 10 major metro areas advanced on all four metrics of economic performance, and the remaining two metro areas slipped only on a single front.

The national economic slowdown that arrived in early 2015 did not entirely bypass the Mountain West, but the region resisted the drag better than any other. As U.S. economic output contracted by 0.3 percent in the first quarter, …

Renting Trouble: Current Government Policy Of Relying On The Private Rented Sector To Deliver Social Housing Is Unlikely To Succeed, Tom Dunne

Reports

A review of the history of housing in Ireland shows that owner occupancy and social housing were policy choices by successive governments. Owner occupancy was heavily supported through a system of grants and tax breaks and social housing was directly provided through local authorities at subsidised rents. In recent years policy has changed and tenure neutrality is now guiding the government’s attitude to housing. This is a significant change which has not been sufficiently discussed and has consequences which are not appreciated. Relying on the market to provide rental housing for people on low incomes and who may be in …

Mountain Monitor - 4th Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

With the national economy gaining steam, the 10 major metro areas of the Mountain West ended 2014 with another quarter of strong economic performance. On the four indicators of economic vitality measured by the Mountain Monitor—employment growth, output growth, changes in unemployment, and house price growth—with only a few exceptions, every metro area registered advances on every indicator. Such widespread progress heretofore eluded the region, where recovery from the Great Recession has been characterized by unevenness.

In aggregate, the 10 Mountain metro areas ended 2014 with their fastest quarter of job growth of the year. Employment increased by 0.8 …

Mountain Monitor - 3rd Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

As a group, the 10 major metro areas of the Mountain West outperformed the national economy during the third quarter of 2014 on all four indicators of economic vitality measured by the Mountain Monitor: employment growth, output growth, unemployment, and house prices. In the three months ending in September, the country’s large metropolitan areas were anticipating the rapid uptick in national economic growth that took hold at the end of 2014. Mountain region metro areas led the way.

All but two major metro areas in the region added jobs, and six did so at a faster rate than the …

Massachusetts On The Move: The Intersection Of Talent, Transportation, And Housing, Richard Boyajian, Juleen Freitas, David Mahoney, Karen Ng, Robert Woods

Emerging Leaders Program Team Projects

The Massachusetts Business Roundtable (MBR) collaborated with a team from the Emerging Leaders Program (ELP) from the University of Massachusetts Boston to interview business leaders to explore the important intersection of talent, transportation, and housing on the state’s economy. The ELP Team obtained the insights of 15 key business leaders, industry experts as well as public policy organizations on these important issues and their impact across the Commonwealth. This research seeks to capture the views of stakeholders throughout Massachusetts. The ELP Team surveyed the landscape by reviewing trends and current research on these policy issues.

Mountain Monitor - 2nd Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

Economic growth returned to the 10 major metro areas of the Mountain West in the second quarter of 2014 after slippage in the first quarter of the year. The resumption of vitality progressed unevenly, however. Denver and Salt Lake City pulled ahead as the fastest-growing metro areas in the region. Ogden and Provo’s days of above-average growth appeared to be fading. Las Vegas’ economic recovery advanced strongly, but Sun Belt peers Phoenix and Tucson had more difficulty moving beyond the first quarter’s slowdown. Albuquerque, for its part, welcomed a return to employment and output growth.

Across the region’s 10 major …

Mountain Monitor - 1st Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

The quarter’s Mountain Monitor finds that the rate of economic recovery in the major metropolitan areas of the Mountain West is no longer impervious to national trends.

The previous edition of the Mountain Monitor observed that the regional rate of recovery seemed to be converging toward that of the nation. This edition of the Mountain Monitor suggests that the trend has progressed further.

The rate of economic recovery broadly slowed across the region from the fourth quarter of 2013 to the first quarter of 2014, just as it did nationally. The national headlines in the first three months of the …

The Effects Of Demographics On The Real Estate Market In The United States And China, Henry Li

Honors College Theses

This paper focuses on the demographic and economic factors that affect the changes in prices of the housing market. The study focuses on the United States housing market after its recent collapse due to the US financial crisis of 2008. It also looks at the Chinese housing market based on the determinants that are observed in the United States. It will also examine the after effects of the One Child Policy enacted in 1979 on the housing prices. The study will look at the current situation with the Chinese housing market and its similarities to the United States housing market …

The Impact Of The Great Recession On Nevada’S Latino Community, John P. Tuman, David F. Damore, Maria J.F. Agreda

Brookings Mountain West Publications

The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada’s …

Singapore's Housing Policies: 1960-2013, Sock Yong Phang, Kyunghwan Kim

Research Collection School Of Economics

The focus of this case study is on the important role of real estate and housing policies in Singapore’s economic development. In the sphere of housing policy, Singapore is known for its high homeownership rates, the very significant role played by the government in housing supply and housing finance, and the wealth that has been created and distributed in the process.

Improving Housing Status Quo, Sock Yong Phang, David K. C. Lee

Research Collection Lee Kong Chian School Of Business

On home ownership and upgrading, PM Lee Hsien Loong has reaffirmed the Government's objective to make home ownership more affordable for all first-time buyers, especially low-income earners, through increasing the amounts of targeted housing grant subsidies. He spelt out the desired outcomes of housing affordability policy through his detailed matching of Housing Board flat type with household incomes.

Do Singaporeans Spend Too Much On Housing?, Sock Yong Phang

Research Collection School Of Economics

According to a 2011 IMF study, Singapore's level of government intervention in housing finance is the highest in the developed world (Slide 3). This level of intervention in housing finance has correspondingly produced the highest level of homeownership amongst advanced countries. This housing outcome is the result of our very unique HDB-CPF housing framework – an institutional framework that was established in the 1960s during the formative period of our country?s history (Slides 4 and 5). Singapore was, at that particular point in time, faced with a situation of chronic housing shortage, low homeownership rates and an underdeveloped housing mortgage …

Avoiding The Mistakes Of The Past, Tom Dunne

Articles

Tom Dunne explores the long term drivers of dysfunction in Ireland's housing markets and what a more sustainable housing system would look like.

Is There A Link Between Money Illusion And Homeowners' Expectations Of Housing Prices?, Lucy F. Ackert, Bryan K. Church, Narayanan Jayaraman

Faculty and Research Publications

Money illusion is a behavioral bias in which a person thinks in terms of nominal rather than real values. This article reports homeowners' responses to a survey designed to measure the extent of money illusion as well as homeowners' expectations regarding home valuations. Our survey respondents suffer from money illusion, yet they have reasonable expectations of home prices. Our analysis did not identify any unique individual characteristic that correlates with homeowners' choices and suggests that the relationship between money illusion and mispricing is subtle and multifaceted.

Using Monte Carlo Simulations To Establish A New House Price Stress Test, James R. Follain, Seth H. Giertz

Department of Economics: Faculty Publications

The focus of this paper is on the house price stress test (termed ALMO) that was designed to assess the fiscal strength of Fannie Mae and Freddie Mac and, if necessary, to trigger remedial action in order to avert a crisis. We assess whether the ALMO stress test was an adequate representation of an extremely weak housing market, given the best available information leading up to the Great Recession. A Monte Carlo simulation model is developed to estimate the severity of low probability events (i.e., severe house price declines). We illustrate the complexity and subjective nature of the process used …

Affordable Homeownership Policy: Implications For Housing Markets, Sock Yong Phang

Research Collection School Of Economics

Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. This paper aims to examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. The paper uses a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group …

The Singapore Model Of Housing And The Welfare State, Sock Yong Phang

Research Collection School Of Economics

While Singapore is not generally regarded as a welfare state, the provision of housing welfare on a large scale has been a defining feature of its welfare system. The extensive housing system has played a useful role in raising savings and homeownership rates as well as contributing to sustained economic growth in general and development of the housing sector in particular. Few would dispute the description of Singapore’s housing policies as 'phenomenally successful' (Ramesh, 2003). Singapore’s economic growth record in the past four decades has brought it from third world to first world status (Lee, 2000), with homeownership widespread at …

The Creation And Economic Regulation Of Housing Markets: A Comparison Of The Experiences Of Singapore And Korea, Sock-Yong Phang

Research Collection School Of Economics

Privatization, creation of markets and economic regulation are terms that few would immediately associate with the housing sector. Mainstream housing markets in most of the free market economies of the developed world are regarded as competitive markets, with little need for economic regulation of the market. Regulations that attempt to control behavior directly are generally limited to policies relating to rent control, the provision of rental housing or rental allowances for lower income groups, as well as land use regulations and building controls.

The housing sectors of Singapore and Korea are highly unusual in the extent of government involvement and …

All Party Oireachtas Committee On The Constitution Ninth Progress Report, Tom Dunne

Reports

Ireland, like many other countries with high rates of economic growth, is urbanising rapidly. There has been considerable emphasis on planning for this through the National Development Plan, the National Spatial Strategy, development guidelines and other measures. Through these the state intends that a proper planning process will lead growth rather than leaving it to market forces to drive development in what are regarded as undesirable directions. The latter it is feared will lead to unsuitable social, economic or physical outcomes. Unintended results have flowed from the implementation, or flawed implementation of many of these policies and have given rise …