Annual Conference

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Real Estate and Urban Economics

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May 2024

Gone with the Flood: Natural Disasters, Selective Migration, and Media Sentiment

Yi FAN, Qiuxia GAO, Yinghao Elliot SITOH, Wayne Xinwei WAN
Exploiting variations in flood timing from the United States as a quasi-natural experiment, this study shows that floods cause population replacement in affected regions with 1.9% inflow and 2.7% outflow migration, respectively. They trigger younger, highly educated, and employed residents out of, a...
Keywords: Flood, migration, media sentiment, population replacement, residential location choice
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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Long-Run Environmental Consequences of Land Development

Congyan HAN, Lu HAN, Vincent YAO
We study the long-run environmental impacts of land development activities using flood claims and land use data at the zip code level. Employing long differences and instrumental variable approaches, we find that an increase in developed land is associated with a significant increase in flood claims...
Keywords: Land Use, Flood Damage, Environmental Effects, Right to Work Law
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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Lasting Impact of Historical Residential Security Maps on Experienced Segregation

Daniel AARONSON, Joel Kaiyuan HAN, Daniel A. HARTLEY, Bhashkar MAZUMDER
We study the impact of the 1930s HOLC residential security maps on experienced segregation based on cell phone records which track visits out of and into home neighborhoods. We compare adjacent neighborhoods, one of which was assigned a lower grade for creditworthiness than the other. We use a sampl...
Keywords: Redlining, access to credit, experienced segregation, intergroup exposure, within-city mobility
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Annual Conference

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Real Estate and Urban Economics

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May 2024

The Spillover Effects of Real Estate

Kaiji CHEN, Huancheng DU, Chang MA
We examine the spillover effects of the “Three-Red Lines” policy, a Chinese regulatory measure in 2020 that imposed leverage reduction requirements on the real estate sector. Using a firm-level exposure measure, we find that higher exposure to the real estate sector leads to more pronounced adve...
Keywords: Spillover, Real Estate, Production Network, Trade Credit
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Annual Conference

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Real Estate and Urban Economics

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May 2024

Individual Investors' Housing Income and Interest Rates Fluctuations

Antonio GARGANO, Marco GIACOLETTI
We study the relationship between the level of interest rates and the share of individuals who own rental properties. Using unique tax filing data from Australia, we show that declines in interest rates over the period between 2006 and 2019 have coincided with a substantial increase in the share of ...
Keywords: Household Income, Landlords, Interest Rates, Homeownership
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