Excited to share our work in @osus_info this Friday, 3/7!.

Our discussants include: .- Jacob Cosman, @zillow .- @JimCostelloCRE, @MSCI_Inc.- @FionaGreigDC, @Vanguard_Group .- @TaylorAMarr, @Redfin.- Eva Steiner, @penn_state.- @ChrisOWheat, @JPMorgan Chase Institute.

Hey #EconTwitter, @RelihanLindsay and I have organized a great panel on how to navigate successful academic-industry collaborations for @AREUEA_ORG. #ASSA2023. If you're in NOLA, come join us from 4:30pm-6:00pm at the Sheraton (Nottoway). All are welcome!

It's been a while #EconTwitter. but being back in person at #NBERSI inspired me to log back in!. Looking forward to meeting new colleagues and finally starting my long awaited position at @UTexasMcCombs . (Tex-mex and BBQ reqs much appreciated).

RT @Harvard_JCHS: READ THE NEW REPORT: Rental housing demand came roaring back in the second year of the pandemic, but the market is starkl….

We are happy to provide new housing elasticities for your use in a broad range of reduced form and structural applications. Comments welcome!. Elasticities here: Draft and Elasticities: . 10/10.

How housing supply responds to prices affects choices made by households and firms. It also impacts the entry cost to a location, governing the equilibrium of spatial models that allow for sorting across space and potentially contributing to resource misallocation. 9/10.

Finally, our elasticities are correlated with Saiz (2010), but ours are much smaller in magnitude, reflecting tighter building regs noted in the change in WRLURI from 2008 and 2018 (cc @jkrimmel, @jon_hartley_). 8/10

We validate this exercise by comparing the observational and predicted changes in prices and quantities. As expected, the slope in Figure 9d is steeper than Figure 9c, ameliorating the endogeneity problem outlined in 1/10. 7/10

The ratio of the house price and supply elasticities w.r.t. foreign capital constructs new housing price elasticities of supply for 100 cities over 2009-2018. We find a lot of heterogeneity in local supply, with the average city having an elasticity of 0.26. 6/10

To trace out local housing supply, we measure the elasticity of house Ps and Qs w.r.t. foreign capital. This mitigates the endogeneity issue in 1/10. To correct for simultaneity bias from capital seeking housing returns, we instrument with the tax change X immigrant share. 5/10

After this tax policy change, foreign investment in US housing increases, with house prices and quantities growing significantly faster (6% and 1%, respectively) in locations attractive to foreign buyers: immigrant enclaves. 4/10

In contrast, we exploit a demand shock to US housing coming from a series of tax policy changes abroad, which push money into US housing, independent of local supply factors like zoning boards, or wages. 3/10

Why do we need a foreign demand shock? . Using local data, we might estimate the slope of the supply curve from shifts in both supply and demand. For example, a local demand shock from increased wages could also impact construction wages, shifting both supply and demand. 2/10

Looking forward to the final @osus_info seminar of the semester!.

RT @osus_info: 📢 Join us on Monday at 11:30 ET for @osus_info seminar!. Lauren Bergquist (Michigan) will present “Scaling Agricultural Poli….

RT @osus_info: 📢 Join us next Monday at 11:30 ET for another @osus_info seminar!. David Nagy (CREI) will present “The Death and Life of Gre….

RT @osus_info: 📢 Join us on Monday at 11:30 ET for another @osus_info seminar!. Maisy Wong (Wharton) will present “Estimating Preferences f….

RT @marcogleznav: I am super excited about the upcoming Urban Economics Association North America online conference. Here is the program we….

Excited to present my work in @FONCanada (joint with @Key_Z_E) on international real estate buyers' impacts on local markets. Especially looking forward to insights from Canadians closer to the tax policy changes we use in our paper!.