Social and Behavioral Sciences Commons^™

Do Inclusionary Zoning Ordinances Restrict Housing Supply: An Instrumental Variable Approach Using Evidence From California, Liam James

CMC Senior Theses

Do inclusionary zoning (IZ) ordinances restrict the supply of housing, putting undue upward pressure on prices? Using an improved version of the California Coalition of Rural Housing database, we use OLS and 2SLS methods to estimate the effect of IZ policies on supply. In demonstrating the endogeneity of OLS, we address this concern through the use of differences in two-party voter registration as an instrument for the presence of an inclusionary zoning ordinance. We find no evidence consistent with a clear restrictive effect of these policies.

Search Models Of Money: Alternative Means-Of Payment And Consumer Behaviour With Credit, Kheng Tat Marcus Tan

Dissertations and Theses Collection (Open Access)

This dissertation consists of three chapters on Search Models of Money.

The first chapter is a review of recent advances in Search Models of Money. It reviews the Lagos and Wright (2005) framework which is the workhorse of many modern search models with applications to models with Competing Media of Exchange to Fiat Currency, and models with Money and Credit. We trace the history of the development of search models of money from the first generation to present day. We highlight recent developments that address puzzles such as the coexistence of money in an environment where an asset serves as …

A Multilevel Jurisdictional Analysis Of The Impact Of Walmart On Host Communities, Matt Young

Theses and Dissertations--Public Policy and Administration

This research takes a holistic approach to answer the empirical question about what impacts Walmart has on host jurisdictions. This consists of a thorough review of the extant literature; a formalization of Walmart’s potential impact into a theoretical framework; a consideration of endogeneity within Walmart’s operations from multiple angles; a nationwide analysis of impacts on labor and retail markets at both the county and municipal level; a nationwide analysis of the impacts on housing prices and property tax revenue post Walmart; a multistate analysis of host jurisdictions’ reactions to these changes through the lens of local sales taxes; finally, a …

Examining The Current Role Of Out-Of-State Buyers In The Tri-Cities Within The Confines Of Residential Real Estate, Paul Arrowood

Undergraduate Honors Theses

We are seeing an influx of out-of-state buyers into Tennessee, and the Tri-Cities area specifically. As a major emerging housing market in the US, the Tri-Cities is being inundated by people from all states and walks of life seeking a better life in Appalachia. Although the reasons vary by person, many agree that political alignment, taxation levels, and the quietness of this area lends itself to population growth. While most members of the housing industry have noticed this uptick in out-of-state buyers, few have taken the time to analyze their own records or review the empirical evidence that is present …

Three Essays In Applied Urban Economics, Alexander Cardazzi

Graduate Theses, Dissertations, and Problem Reports

The first chapter examines the effect of policing strategies on housing prices. Crime has been shown to negatively affect housing values. However, there is not much empirical evidence documenting the amenity value of how people are policed. Stop & Frisk was a particularly salient policing tactic employed in New York City until a judge ruled it to be unconstitutional. This chapter uses exogenous variation in Stop & Frisk behavior resulting from landmark events in a federal class action lawsuit as well as exposure to Operation Impact, a high intensity policing strategy, to explain variation in property sales. Results indicate a …

Determinants Of Housing Supply Expansion In The Western United States, Nathaniel Tolles

CMC Senior Theses

New residential construction is an important indicator of economic health. Previous empirical work demonstrates the profound power of housing starts in forecasting recession. Theoretical research, backed by empirical study, suggests that home prices and interest rates are closely related to the amount of residential investment. This paper attempts to better understand the complex relationship between various factors that influence the supply and demand of new housing; what information do suppliers and regulators use to determine how many new units of housing will be constructed? Specifically, we will look at the respective state housing markets of California, Oregon, and Washington by …

Nyc’S Boom: More Jobs And Housing, No Affordability, Lacandis Brown

Capstones

Although the number of NYC jobs is steadily growing faster than housing units are being created. Housing units are still being made in abundance, but residents say these new jobs just don't provide an adequate wage necessary to live within them.

https://lacandisbrown.home.blog/2020/06/19/nycs-boom-more-jobs-and-housing-no-affordability/

Separate And Unequal: The Causes And Effects Of Economic Inequality In Our Communities, And What We Must Do About It, Jonathan Payne

Honors Theses

This project seeks to create a deep understanding of some of the key causes and effects of economic inequality. In it, I review a wide variety of research and reporting on inequality as well as interview people that have been impacted by inequality in my community, Oxford, Mississippi. This information, as a whole, is not meant to create a complete, comprehensive understanding of income and wealth inequality, which would be impossible. Instead, it is a meditation on the origins, cycles, outcomes and ethical implications of the phenomenon. In it, I contend that the vast majority of negative outcomes of inequality, …

Zoning – Neighborhood Character And Historic Overlays In Lexington, Ky, Taylor S. Price

Dissertations and Theses

Zoning has a significant impact on our built environment. Overlay zoning, an additional form of restrictive zoning, is a tool that municipalities utilize to control development and changes to neighborhoods. This study analyzes the impact that historic district (H-1) and neighborhood character (ND-1) overlays have on home sale prices in Lexington, KY. Results suggests that overlays have a significant positive impact on home values. Results also suggest that that overlays exhibit spatial impacts that extend further than the homes included in the overlay.

Riesgo De Mercado En La Adquisición De Vivienda Como Alternativa De Inversión En La Ciudad De Bogotá A Partir De Los Fondos De Inversión Inmobiliaria, Sonia Tatiana Aguilar Sánchez

Economía

Con el fin de analizar el riesgo de mercado que se encuentra asociado a los fondos de inversión inmobiliario y determinar si esta es una forma rentable de invertir en finca raíz, se realiza un análisis usando los rendimientos del Fondo de Inversión Colectiva inmobiliario de Old Mutual. Se realiza una revisión bibliográfica identificando investigaciones realizados sobre fondos de inversión colectiva, así como sobre el comportamiento de los precios de la vivienda, los créditos hipotecarios y los fondos de inversión inmobiliaria. A partir de los modelos CAPM, APT y VaR, la inversión en los fondos inmobiliarios es segura a largo …

The Proximity Effect Of The Seattle Link Public Light Rail On King County Properties, Graham Byron

Economics Theses

Seattle has experienced an explosive rise in population in the last decade and there is no sign of this slowing down. There is a wealth of literature surrounding the way in which public transportation has an effect on the surrounding housing values however no hedonic study has been done on public transportation in the Seattle area. This study responds to the lack of analysis done on the effect that public transportation has in King County.

We use a difference-in-differences and hedonic model to test the effect that the LINK light rail has on houses within a one-mile radius, particularly at …

Welcome To The Neighborhood: A Spatial Analysis Of Crime And Housing Values, Anthony Senick

Williams Honors College, Honors Research Projects

Crime is an obvious unwanted problem in any population anywhere in the world. Not only does it present problems for public safety, but it crime has negative monetary costs as well. One such way these costs can be observed is in their effect on property values. Past studies have examined this relationship between crime and housing values using the hedonic housing price model and spatial analysis, and I attempt to perform a similar analysis, but with the inclusion of new variables and spatial techniques, for the City of Akron, Ohio. With 2017 housing sale data provided by the Summit County …

The Relationship Between Housing Price And Proximity To Public Land In Denver, Co, Connor Wyman

Honors Theses

This study examines how proximity to public lands influences housing values. This will be done using a hedonic pricing strategy, which is useful when analyzing heterogeneous goods such as a house or apartment. The data for this study comes from the American Community Survey (ACS) of Denver, CO from 2010 and 2017. This study also includes four variables related to distance from large open public spaces: one each for the distance from the Rocky Mountain Arsenal National Wildlife Refuge, Rocky Flats National Wildlife Refuge, Cherry Creek State Park, and Chatfield State Park. Multiple linear regressions were used to analyze the …

The Catalyst Effect Of Historic Preservation: A Spatial Analysis Of The Impact Of Historic District Designation On Housing Renovations In New York City, Ali R. Mostafa

Theses and Dissertations

The constraints on property use along with the economic merits of historic districts are critical points in the debate over preservation policies. Improving the existing housing stock is a substantial economic activity and a significant part of the nation’s overall construction industry. The purpose of this study is to present an empirical analysis of the relationship between historic district designation and renovation decisions. The results of the analysis found that historic preservation does not inhibit the renovation activity of single-family homeowners. However, contrary to the claims made by proponents, it does not give a powerful incentive for owners in undesignated …

Analyzing Housing Demand And Its Role In The U.S. Economy, Irina Ayzenberg

Dissertations, Theses, and Capstone Projects

In the most recent economic downturn, caused by the burst of the housing bubble and the subprime mortgage crisis, the housing market took a direct hit: mortgage default rates were over 10 percent, housing prices fell 35 percent from 2005 to 2009, more than 5 million homes were foreclosed since 2008, and interest rates hit rock-bottom. In response, the U.S. Federal Reserve adopted aggressive expansionary monetary policies to get the economy back on track, some of which are in effect today. In order to really understand the state and direction of the U.S. economy today, we need to better understand …

Shanghai Made: The Trade Off Between Global Transformation And Social Equity In A Chinese City., Nikhil Amar Inalsingh

Senior Projects Spring 2018

Senior Project submitted to The Division of Social Studies of Bard College.

The Effect Of Bike Lane Infrastructure On Urban Housing Markets, Bracken Woolley

Honors Theses

Across the United States, cities are increasing their level of investment in bicycle infrastructure. The environmental and health benefits of this infrastructure are clear, but less research has been conducted on its economic impacts. This study examines the effect of bicycle infrastructure, specifically bike lanes, on New York City housing markets. Specifically, I look at the impact of bike lane length on median rent and percent vacancy in a given census tract. In addition to the independent variable of focus, bike lane length, census-based data was used to control for other economic and demographic factors that could impact property values. …

The Effect Of Changes In Racial Composition On Housing Prices: A Study Of The Most Diverse Place In The World, Youseph Anwar

Theses and Dissertations

This study attempts to illustrate that increases in minority residents may lead to decreases in housing prices. I observe the effects of changes in racial composition on housing prices in Queens, NY from 2011-2015. The following econometric tools are implemented: a fixed effects model, quantile, hedonic, and OLS regressions.

In Brownsville, A Struggle For Revitalization Without Displacement, Katherine Warren

Capstones

As many parts of Brooklyn buzz with a startling rate of economic resurgence, Brownsville seems like a neighborhood left behind.

Struggling with poverty, poor health statistics, unemployment and high crime rates, and with the highest concentration of public housing in the city, it has not seen the same commercial and real estate revival as Williamsburg, Bushwick, Crown Heights and other areas of Brooklyn.

“In Brownsville, which has had challenges battling negative perceptions of this community, most of the residents are lower income and investors in the past have deemed this community as not being as good as an investment as …

A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro

Electronic Theses and Dissertations

As stigmatized persons, registered sex offenders betoken instability in communities. Depressed home sale values are associated with the presence of registered sex offenders even though the public is largely unaware of the presence of registered sex offenders. Using a spatial multilevel approach, the current study examines the role registered sex offenders influence sale values of homes sold in 2015 for three U.S. counties (rural, suburban, and urban) located in Illinois and Kentucky within the social disorganization framework. Homebuyers were surveyed to examine whether awareness of local registered sex offenders and the homebuyer’s community type operate as moderators between home selling …

Monhegan: A Prescription For Resilience, Kenneth Paul Kiel Gross

Muskie School Capstones and Dissertations

Monhegan, like many island communities, is threatened by the loss of population as its young adults migrate to the mainland. The purpose of this study is to develop a resilient population on Monhegan Island.

Knowing the problem is easy, as is asking the obvious question, “How do we get people to move to this area?” This is a problem that confronts not only Monhegan, but also other Maine islands and even Maine itself.

Several factors make Monhegan’s future uncertain. The first is the gradual shift from commercial fishing, the mainstay of its economy, as it becomes more reliant on tourism …

Essays In Health Economics, Nayan Krishna Joshi

Wayne State University Dissertations

My dissertation consists of three essays in health economics. In the first essay, I use the matched data set constructed from the Consumer Expenditure Survey and the Survey of Consumer Finances for period 1989-2010 to investigate the impacts of housing and financial wealth on healthcare spending. The results indicate significant housing and financial wealth effects and relatively large housing wealth effects for the pooled sample. Results for each survey years of the Survey of Consumer Finances further suggest that housing wealth effects are significant for all years and relatively large, but financial wealth effects are insignificant in most cases. Analysis …

Housing And The Macroeconomy, Emily Corinne Marshall

Theses and Dissertations--Economics

This dissertation studies the impact of several different housing market features on the macroeconomy.

Chapter 1 augments the New-Keynesian model with collateral constraints to incorporate long-term debt in order to examine the interaction between multi-period loans, leverage, and indeterminacy. Allowing firms to borrow heavily against commercial housing by increasing the loan-to-value ratio from 0.01 to 0.90 reduces the level of steady state output approximately 3.19% and decreases social welfare. In contrast, increasing the debt limit of households increases steady state output by 2.72%. Social welfare is maximized under a utilitiarian function when households can borrow at a loan-to-value ratio of …

The Determinants Of Urban Land And Property Values: The Case Of Rwanda, Pierre Kolowe

Master's Theses

Abstract: The paper seeks to determine the factor of urban housing values and their effects on the well-being of urban residents in terms of access to potable water, quality sanitation and other housing amenities. The study uses a total of 36 variables on structural, environmental and neighborhood attributes from the 2010-2011 survey data on income, expenditures and living conditions for the Rwandan urban households. With the use of the semi-log form of the hedonic price model and the survey data, factors of urban properties are determined and quantitative estimates of the Willingness-to-pay for environmental amenities are determined. The analysis of …

Heterogeneity In Housing : Evidence From Regional Prices, Monetary Policy Transmission And Wealth Distribution In China, Lili Wu

Legacy Theses & Dissertations (2009 - 2024)

Housing market displays a high degree of heterogeneity in China: house prices show great uneven patterns across regions; housing markets present remarkably various roles in trasmitting outside shocks to real economies; housing wealth exhibits obviously asymmetric profile in holding and distribution among households, etc. To investige these heterogeneities is the single purpose of this paper.

The Importance Of Housing Variables In Predicting Economic Fluctuations, Wenxian Xu

Electronic Theses and Dissertations

This paper investigates the importance of housing variables in predicting the six recent recessions using factor analysis model. It shows that housing variables have great predictive power in forecasting the downturn of the economy, but little predictive power when the economy is steady or is expanding. The explanation is that housing variables match consumers' expectations of future income and employment, and consequently predict future economic downturn. By using Granger-Causality test and vector autoregression (VAR) model, combination of factor analysis and VAR model, and hard thresholding method to identify the importance of each housing variable, the results show that housing price …

Three Essays In Housing Markets, Christopher David Fletcher

Theses and Dissertations

The 2007 collapse of housing price and subsequent recession highlighted the fundamental role housing plays in the economy. Housing is not only one of the largest single expenditures most consumers have but also has a large impact on both local and national economies. In this dissertation I investigate three aspects of the housing market. The first essay shows the role that government policy can have in impacting housing prices and rents through an examination of the Arizona immigration enforcement legislation of 2010. I show that the implementation of the legislation had a negative impact on Arizona's rents and housing prices, …

The Permanent Income Hypothesis: Regarding The Housing Boom, Nick Havers

All Theses

The influential work by R. Hall (1987) is replicated with more recent data to test the modified version of the Permanent Income Hypothesis, specifically in testing the predictability and stability of the reduced consumption function. One aspect is to test the implication of the joint permanent income hypothesis with rational expectations is that no other lagged variable other than the previous period's consumption, value of stock prices, and the index of housing prices should be of any use to predict current consumption. The data used are quarterly time series data from 1954-2012. Hall's results are replicated, that the previous period's …

Two Essays On Housing: Using Hedonic And Quasi-Experimental Methods In (Dis)Amenity Valuation With Housing Data: The Case Of Communication Antennas, And The Value Of Brand Name Franchises Compared To Local Real Estate Brokerage Firms, Stephen L. Locke

Theses and Dissertations--Economics

This dissertation consists of two essays on housing, the first on estimation strategies for the valuation of a local disamenity and the second on the structure of the market for the services of real estate brokers.

The purpose of the first essay is to apply hedonic and quasi-experimental methods to measure the value of any disamenity caused by communication antennas. Crucial to unbiased estimates is accounting for both endogenous antenna location and changes in unobservable housing and neighborhood characteristics. Spatial fixed effects are used to control for unobservable characteristics that can influence the location decisions of residents and the location …

Essays On Elderly Asset Management The Role Of Medical Expenses And Housing, Li Li

Legacy Theses & Dissertations (2009 - 2024)

With baby-boomers approaching their retirement age, the financial security of elderly Americans has become increasingly crucial for both policy-makers and retirees themselves. Based on the data from the Health and Retirement Survey (HRS), this dissertation examines how healthcare costs and housing affect retirees' saving and investment decisions.