Business Commons^™

The Price Of Regulating The Self-Storage Industry In New York City, Modou Nyang

Capstones

In December 2017, New York City Council passed a regulation that curtailed the growth of self-storage facilities in the city’s Industrial Business Zones. As a result, major self-storage developers in the city diverted their investments to other business portfolios. But the demand for storage in New York City is high. And due to high population density coupled with small living quarters, peoples need for extra space in the city is huge. In contrast, studies show that peoples need for storage in the city is underserved. In this article, i spoke to policy makers, activists and developers in the self-storage industry …

Estimating The Economic Impact Of Vacation Home Rentals In Florida, Robertico R. Croes, Manuel A. Rivera, Kelly J. Semrad, Jorge Ridderstaat, Valeriya Shapoval, Mehmet Altin

Dick Pope Sr. Institute Publications

This report takes an in-depth look at the economic impact of the Florida vacation rental home industry and its ripple effects across the state. It includes an estimate of the magnitude of the industry's impact on Florida's economy as well as profiles of the main stakeholders who generate this impact.

The report focuses on the economic impact of the vacation rental home industry in 25 Florida counties selected by the client, Florida Realtors® (Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin, Nassau, Duval, Pinellas, Hillsborough, Manatee, Sarasota, Charlotte, Lee, Collier, Monroe, Miami-Dade, Broward, Palm Beach, Orange, Osceola, Brevard, Volusia, and …

Cassidy, Paul S., 1908-1998 (Sc 3497), Manuscripts & Folklife Archives

MSS Finding Aids

Finding aid only for Manuscripts Small Collection 3497. Letters written by Paul S. Cassidy--likely in the 1950s--soliciting for the purchase of small rental houses for a company called "The Rental Pool" in Bowling Green, Kentucky.

Do Real Estate Agents Have Information Advantages In Housing Markets?, Sumit Agarwal, Jia He, Tien Foo Sing, Changcheng Song

Research Collection Lee Kong Chian School Of Business

We use a large housing transaction data set in Singapore to study whether real estate agents use information advantages to buy houses at bargain prices. Agents bought their own houses at prices that are 2.54% lower than comparable houses bought by other buyers. Consistent with information asymmetries, agent buyers have more information advantages in less informative environments, and agent buyers are more likely to buy houses from agent sellers. Agent discounts are from both “cherry picking” and bargaining power, and bargaining power contributes more to the agent discounts. Agents’ advantage consists in their information of available houses and previous purchase …

Interdisciplinary Student Competition For California Polytechnic State University - San Luis Obispo, Forest G. Gobble

Construction Management

Cal Poly has a reputation for producing some of the best qualified graduates in their respective fields of study. While this is very important, curricular activities involving collaboration between students within the same college are limited (excluding same major). Beyond that, collaboration opportunities across colleges are even more rare. When graduates enter the workforce, many are thrust into highly collaborative environments across various disciplines. Industry professionals have shown a strong desire for young people who have had exposure to realistic problems and experience working with other professions outside of their own field of expertise. The question needing answering is, would …

Housing - Las Vegas And The Middle Class, Brookings Mountain West

Brookings Mountain West Special Events

Brookings Mountain West presents an event focusing on housing as part of “Las Vegas and the Middle Class,” a major project exploring public policy initiatives designed to improve the quality of life of the middle class in Las Vegas and to increase the number of people rising to join its ranks. Through independent, non-partisan analysis and policy development, we seek to advance public understanding of the challenges facing the middle class in Las Vegas, as well as barriers to upward mobility.

This event features presentations that examine Las Vegas as a model for understanding issues critical to the growth of …

Surviving The Property Market In A Low-Interest And Low-Yield Environment, Singapore Management University

Perspectives@SMU

REITs should note current conditions that echo those leading up to the 2008 Global Financial Crisis and clean up their balance sheets

Should Las Vegas Bet On Homeownership? Trends In Housing Affordability And Homeownership, Jenny Schuetz

Brookings Mountain West Publications

In many parts of the U.S., rents and housing prices are rising faster than household incomes. Low-income families have always been stretched to pay for housing without sacrificing other necessities. In recent years, housing costs have become a larger source of financial stress for middle-income families. While homeownership has been the primary channel for wealth building in the U.S., two recent trends raise questions about whether this is a viable strategy. First, many homeowners suffered severe financial losses due to housing price declines during the Great Recession (2007-2009). Second, homeownership rates for Black and Latino families lag those of white …

Center For Real Estate Quarterly, Volume 13, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Review of Oregon's Housing Legislation in 2019 by Timothy Lawler
-- Crisis in Portland's Real Estate Market by Gerard C. S. Mildner
-- Economic Analysis by Jerry Johnson
-- Single Family Home by Jarrod Howard
-- Multi-Family residential Report by Channa Kim
-- Office Market Analysis by Wubet Biratu
-- Industry Market Analysis by Michael Lowes
-- Retail Market Analysis by Michael Lowes

Cooling Measures And Housing Wealth: Evidence From Singapore, Wolfgang K. Hardle, Rainer Schulz, Taojun Xie

Research Collection Lee Kong Chian School Of Business

Excessive house price growth was at the heart of the financial crisis in 2007/08. Since then, many countries have added cooling measures to their regulatory frameworks. It has been found that these measures can indeed control price growth, but no one has examined whether this has adverse consequences for the housing wealth distribution. We examine this for Singapore, which started in 2009 to target price growth over ten rounds in total. We find that welfare from housing wealth in the last round might not be higher than before 2009. This depends on the deflator used to convert nominal into real …

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.”

China's Unethical Economic Development Practices, Kimberly A. Madsen

The Hilltop Review

The purpose of this research paper is to inform the public about some of the unethical economic development practices that China is performing with their citizens and global partners. These activities include escalating the national GDP at the detriment of their citizens through forced relocations in order to build new cities, dividing families with harmful public policies, and the imbalance between their citizens’ annual earnings and housing costs. Also discussed is the environmental pollution of the air, water, and soil, and poorly treating their international constituents when asked to provide consulting services to their nation.

Social Media And The C-Suite: The Ethical And Legal Implications, Toni P. Mulvaney J.D., Melissa Baldo J.D., Marleen Swerdlow J.D., Frank Cavaliere J.D.

Southwestern Business Administration Journal

The last twenty years has seen phenomenal growth of social media, with companies such as Facebook, Linked In, and Twitter seeing their registered users growing into the hundreds of millions worldwide (and, in the case of Facebook, over a billion). The advantages of using social media have been touted by many, and fortunes have been made by savvy practitioners with a deft hand at using social media to their advantage. However, as with any new technology unintended consequences have begun to unfold. These consequences have been thrust to the forefront as several high-profile corporate executives and celebrities have sabotaged their …

The Flipped Class: Experiential Learning Manifested, Johnnie Williams, Olusegun Felix Ayadi, Carlton Perkins, Ladelle M. Hyman

Southwestern Business Administration Journal

Through the “flipped class,” students are introduced to new material outside the classroom before the traditional in-class lecture occurs. Ideally, flipping the class challenges students to engage in the lower levels cognitive work (remembering and understanding) outside of class. Students, then, are free to focus on higher order cognitive work (application, analysis, synthesis, and/or evaluation) in class, where they have the support of their peers and the instructor. To drive the requisite higher order cognitive work inside the classroom, it is important that in-class teaching and learning methodologies extend beyond simple information dissemination. Experiential learning, the process of transforming information …

Tiny Houses In Metropolitan Areas Of Nebraska: Seasonal Or Permanent Living Environments, Michele L. Hybner

Interior Design Program: Theses and Other Student Work

This study is designed to determine if tiny houses offer a viable seasonal and/or permanent living environment for Nebraska residents. Two objectives are used to assess the viability of tiny housing in this Midwestern state. The first analyzes the economics (demand, supply, and cost) of tiny housing in metropolitan areas of Nebraska. The second identifies barriers to occupancy of tiny houses in the state. The results of this research are significant because tiny housing presents a means to address the state’s need for more affordable housing options available to Nebraska residents. At the time of this study, 11.4% of Nebraska’s …

Designing Single-Family Residences: A Study Of The Positive Impact Of Interior Design In Creating New Home Value, Shawn M. Falcone

Interior Design Program: Theses and Other Student Work

This study seeks to demonstrate that interior designers should be included as primary stakeholders in the home construction market. The market demand for new single-family homes in America is a relative constant. The primary stake and role that land developers, architects, draftsman, home builders, bankers, appraisers, real estate agents, and buyers have in the home construction market is clear. What is less clear is the role in value an interior designer has in the home construction market. This thesis examines the impact designers have on home value when their expertise is utilized in space planning (i.e.: layout, function, room utilization, …

The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter

Eva Steiner

The impact of stock market index membership on REIT stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns. However, index membership also enhances the link between REIT returns and the underlying real estate, consistent with improved pricing efficiency.

Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder

Eva Steiner

While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally respond to heightened flood risk by bidding down the prices of exposed assets. Using a detailed property-level database on commercial real estate transactions completed in New York, Boston, and Chicago before and after the shift in the salience of flood risk caused by Hurricane Sandy, we document that properties exposed to flood risk experience slower price appreciation after the storm than equivalent unexposed properties. We further show …

The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner

Eva Steiner

We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices from the archives of four large institutional investors in the U.K.—historically important Oxbridge colleges—for the period 1901–1970. Gross income yields mostly fluctuate around 5%, but trend to lower (higher) levels for agricultural and residential (commercial) real estate near the end of our sample period. Operating costs mean that net yields are about one third lower than gross yields on average. Long-term real income growth rates are between -1.0% …

Financial Flexibility And Manager-Shareholder Confict: Evidence From Reits, Timothy Riddiough, Eva Steiner

Eva Steiner

Using equity REIT data, we show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower leverage outcomes. We then show that firm value is sensitive to leverage levels, where lower leverage is associated with higher firm value. In the presence of weak managerial governance, our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm’s debt capacity to enhance financial flexibility.

The Woodworks: At The Convention Center Portland, Chase Bennington, Angie Lyman, Jay Reedy, Abby Taylor, Geoffrey Taylor, Joe Taylor

Real Estate Development Workshop Projects

The subject site is situated on the northeastern corner of the Portland Convention Center, between NE Martin Luther King Blvd and NE Grand Ave. Both parcels of land are owned by Prosper Portland, who is interested in establishing stable income streams from this land. The Woodworks building will provide 132,059 SF of creative office space, 27,880 SF of retail space on the ground floor, and 67 underground parking stalls. The first floor retail amenities will capitalize on traffic from the adjacent convention center and will include local small business retailers, women-and-minority owned businesses, a childcare service, and organic eateries. The …

Lloyd Urban Village (Luv), East Portland, Shellee Mccullick, Cait Olds, Eriko Shimada, Damon Tidwell, Eric Zechenelly, Nikki Zhao

Real Estate Development Workshop Projects

The LUV consists of 4 buildings with a central public gathering space. This new development has two primary goals:

1. Create a pedestrian friendly urban village in Lloyd that will draw the public to this burgeoning entertainment district.

2. Build a marketable and profitable development that will provide the highest and best use for the site.

The Drive-Inn: Producer Space For Visionaries, Portland, Corey Cabrera, Melissa Meagher, Clayton Crowhurst, Jacob Pavlik, Jarrod Howard, Spencer Stegmann

Real Estate Development Workshop Projects

Consisting of retail, industrial office, production space and a one-of-a-kind tenant amenity rooftop cinema space, the Drive-in experience metaphorically hints to the production process with space for collaboration, creation & illustration. Say goodbye to one-size-fits-all creative office space that has inundated Portland for the past five years. The Drive-in caters to a missing niche of visionary tenants with unprecedented design and shiny owner returns. Take a seat and relax. This is the Drive-in.

Center For Real Estate Quarterly, Volume 13, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- Economic Analysis by Jerry Johnson
-- Single Family Home by Jarrod Howard
-- Multi-Family Residential Report by Chase Bennington
-- Office Market Analysis by Wubet Biratu
-- Industry Market Analysis by Michael Lowes
-- Retail Market Analysis by Michael Lowes

Is There An Economic Case For The Olympic Games?, Chris Dempsey, Victor Matheson

Economics Department Working Papers

The Olympic Games are a major undertaking that promise both large costs and potentially large benefits to host cities. This paper lays out the potential economic benefits of hosting the Olympics and details how, in the vast majority of cases, these gains are unlikely to cover the costs of hosting the event. The ideas are then applied to the experience of Boston in its ultimately unsuccessful bid for the 2024 Summer Olympics.

Essays In Real Estate Securities And Financial Institutions, Zifeng Feng

FIU Electronic Theses and Dissertations

This dissertation consists of three essays that examine aspects of real estate securities and financial institutions.

The first essay examines the relations between Real Estate Investment Trust (REIT) efficiency and operational performance, risk, and stock return. REIT-level operational efficiency is measured as the ratio of operational expenses to revenue, where a higher operational efficiency ratio (OER) indicates a less efficient REIT. For a sample of U.S. equity REITs, operational performance, measured by return on assets as well as return on equity, is negatively associated with previous-year operational efficiency ratios. Results further show that more efficient REITs have lower levels of …

Financial Feasibility Of Leed Certified Buildings For Developers And Investors, Erik P. Henriksen

Construction Management

This is a case study on a small to mid-size private equity firm that deals with real estate development as well as investment to find out the financial feasibility of LEED certified buildings in today’s building climate. Interviews with two investment analysts at this firm who are versed in LEED certification about how it is looked at in their company as well as the broader industry will give insights into the feasibility of developing or investing in environmentally friendly buildings. This impacts the real estate and construction industries due to the fact that developers and investors are often times a …

The Profitability Of Converting Single-Family Residences Into Multi-Unit Rental Housing In San Luis Obispo, George L. Procida

Construction Management

This paper explains how a comparative case study was conducted to determine why some single-family homeowners in the San Luis Obispo area are converting their residences into multi-unit rental properties that can be rented out to several students rather than one family or couple. Through individual, semi-structured interviews, information was gathered on the homeowners' thoughts and experiences regarding the process and results of construction, the rental market as a whole, and the newly realized convenience or difficulties associated with the change in client base. It is important to note that one of the properties is divided into two sections. One …

Revitalizing The Street Of Dreams: A North 24th Street Case Study, Tiffany Hunter

Theses/Capstones/Creative Projects

The purpose of this study is to analyze the North 24^th Street corridor in Omaha, Nebraska, to highlight the benefits of investing in commercial real estate development, propose tools for financing new development or redevelopment projects, and to suggest methods of building a coherent development plan to avoid gentrification. Commercial development provides the following: quality business space, accessible jobs for an underemployed populace, additional tax revenue, and a reduction in community detriments such as crime, empty lots, and low property values. The North 24^th Street corridor has economic potential, as it is less than one mile from downtown …

Housing Equity And Household Consumption In Retirement: Evidence From The Singapore Life Panel, Lipeng Chen, Liang Jiang, Sock Yong Phang, Jun Yu

Research Collection School Of Economics

We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness check. Moreover, heterogeneity analyses based on subsamples by age of household head, house type, and number of property possessed also show no significant impact of housing equity on consumption in general. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme which allows …