Annual Conference

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Real Estate and Urban Economics

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May 2022

Combining granular data on temperatures across the continental US with micro-level com-mercial real estate (CRE) data from 1980 to 2020, we study the impact of exposure to extreme temperature shocks on investment performance of CRE at the individual asset level. We find that exposure to extreme temp...
Keywords: climate change, climate finance, commercial real estate, economic costs
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

This paper investigates the relationship between climate change information and property prices. We employ datasets of home transactions and a novel climate change information shock in Singapore, the sea level rise (SLR) projections announced by the government. Based on Difference-in-Differences est...
Keywords: climate change, property prices, government announcement, Singapore
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

We document that after the stock market index reaches a milestone number (round 1000), more households apply mortgage for home purchase, and they are more likely to apply mortgage for second homes compared to non-milestone historical maxima. The loan amount also increases after the milestone event. ...
Keywords: Stock market wealth, Rounding number bias, mortgage
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Annual Conference

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Real Estate and Urban Economics

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May 2022

Property taxes are the primary funding mechanism by which local governments pay for public goods. In the United States, the federal income tax system provides a subsidy to this cost by allowing taxpayers to deduct property taxes on their federal income tax returns. Using local referendum approval ra...
Keywords: Local Public Finance, Tax Deductibility, Fiscal Policy, Capitalization, TCJA
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Annual Conference

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Real Estate and Urban Economics, Senior Fellows/Fellows

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May 2022

This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a newly developed multi-sector heterogeneous agent equilibrium model that features migration and a rich housing market structure with mortgages. U...
Keywords: Migration, Structural Transformation, Housing.
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