How the Wealth Was Won: Factors Shares as Market Fundamentals
We provide novel evidence on the driving forces behind the sharp increase in equity values over the post-war era. From the beginning of 1989 to the end of 2017, 23 [...]
Gentrification and pioneer businesses
We study gentrification at a micro-geographic scale using information on residents and businesses in New York from 1990 to 2010. We exploit atypical location decisions of businesses to identify the [...]
Do Distressed Banks Really Gamble for Resurrection?
We explore the actions of financially distressed banks in two distinct periods that include financial crises (1985-1994, 2005-2014) and differ in bank regulations, especially concerning capital requirements and enforcement. In [...]
To ask or not to ask: bank capital requirements and loan collateralization
We study the impact of higher capital requirements on banks’ decisions to grant collateralized rather than uncollateralized loans. We exploit the 2011 EBA capital exercise, a quasi-natural experiment that required [...]
Do Land Use Restrictions Increase Restaurant Quality and Diversity?
There is significant evidence that restrictions on residential land use reduce housing supply, increase house prices, and limit inflows of low‐income households. Local decision‐makers often argue that their efforts are [...]
Supply Skepticism: Housing Supply and Affordability
Growing numbers of affordable housing advocates and community members are questioning the premise that increasing the supply of market-rate housing will result in housing that is more affordable. This article [...]
Not Just Density Bonuses: Dealing with Demands Beyond the Bonus
"The State's density bonus law (Government Code Section 65915 – 65918) has over the course of the last several legislative sessions been the subject of bills modifying the statute and [...]
Upzoning Chicago: Impacts of a Zoning Reform on Property Values and Housing Construction
What are the local-level impacts of zoning change? I study recent Chicago upzonings that increased allowed densities and reduced parking requirements in a manner exogenous of development plans and neighborhood [...]
Balancing the ‘Zoning Budget’
The politics of urban land use frustrate even the best intentions. A number of cities have made strong political commitments to increasing their local housing supply in the face of [...]
Balancing Priorities
The Low-Income Housing Tax Credit (LIHTC) is the largest national affordable housing program in the U.S. By 2030, nearly half a million current LIHTC units, or nearly a quarter of [...]