Cameron LaPoint
@cslapoint
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Assistant Prof. of Finance @YaleSOM. I study real estate & spatial corporate finance. @UofR alum & @Columbia_econ PhD.
New Haven, CT
Joined April 2018
π’NEW WP!π’ Property Tax Policy and Housing Affordability, joint w/Emily Horton, Byron Lutz, Nathan Seegert, and Jared Walczak. Some new facts about the prevalence and use of local property tax relief policies and how these often make housing less affordable. π§΅π #econtwitter
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RT @NicolaLimodio: Exciting call for proposals below for a conference at @Unibocconi in September with a special issue from the #ReviewofFiβ¦.
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Thanks to the @VoxDev team for featuring our recent work on interest rate caps on corporate loans in Bangladesh. I'll also be presenting our work in the WEFIDEV webinar on Mon. 5/12 at 11am EST: Full paper available here π«±
π How interest rate caps increased the provision of credit to firms in Bangladesh. Yusuke Kuroishi (@Hitotsubashi_U), @cslapoint (@YaleSOM) & Yuhei Miyauchi (@bu_economics) discuss the impact of a cap on corporate loan interest rates in Bangladesh:
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RT @KarstenMueIIer: π π
π’π«π¬π ππ©ππππ: ππ₯π¨πππ₯ ππππ«π¨ πππππππ¬π (πππ), ππππ-ππ π. This week, we published the first update of the πΊπΌππ π°πΌπΊπ½πΏπ²π΅π²π»πβ¦.
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RT @JournalTax: New work in @JournalTax:.βProperty Tax Policy and Housing Affordabilityβ.By @emilyhearsawho @cslapoint @byron_lutz Nathan Sβ¦.
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RT @SVNieuwerburgh: π£new paper alert: An Alpha in Affordable Housing? a collaboration with with @damensven and @MKorevaar_ showing that loβ¦.
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RT @EdwardConard: US data since 1919 shows that volatility in building permits foreshadows financial market volatility. βCities and statesβ¦.
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RT @AdamJorring: Call for papers for the very 1st UMass Amherst Finance Conference . The conference is on Friday,β¦.
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RT @francemazzola: The call for paper of the 1st CCAxESCP Finance workshop is out! Please submit your best papers by Feb 15th, 2025. πLookiβ¦.
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RT @CortesGustavoS: π¨ Excited to debut my new paper, "Housing Is the Financial Cycle: Evidence from 100 Years of Local Building Permits," jβ¦.
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RT @dlblumberg: @YaleSOM's @cslapoint found in a new study that periods of rapid increases in building permits followed by quick declines pβ¦.
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RT @wang_chongyu: Weβre excited to host our annual research symposium with UF on March 20-22, 2025, focusing on housing economics and finanβ¦.
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RT @jenny_schuetz: Housing policy researchers! As you plan your fall schedule, don't forget that JHEC is doing a special issue on upzoningβ¦.
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This work grew out of a panel discussion at the Spring National Tax Association meeting. The paper will appear soon in the National Tax Journal, but in the meantime, you can find the details here π
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Key takeaway: First-time homebuyers + renters ποΈ, who are more likely younger + lower-income, are least likely to benefit from property tax relief measures and often see affordability decrease. On top of this, we hope our property tax atlas will spur more research in this area!.
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Are these implausibly large estimates? No! They are consistent with full capitalization of tax relief into home values. We calculate a discount rate (IRR) of 2.8% to equate the NPV of benefits to the DiD effect on prices. Prior studies report similar discount rate estimates. 11/N
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Using staggered DiD estimators, there is an immediate bump in house prices in the passage year of approx. 3%, with stronger and more persistent results for urban counties. Tax competition from neighboring counties passing their own limits drives the hump-shaped response. 10/N
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Georgia offers a nice natural experiment for testing capitalization into house prices b/c. 1. Staggered rollout of assessment limits with annually revalued property tax base. 2. Strong test b/c limits are less likely to capitalize due lack of an immediate benefit to homeowners
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Fact #6: impact fees, as measured by permit filing fees, vary wildly across counties. The fees function as a Pigouvian tax on new residential development. In the median county, the fees are 1% of project cost, but exceed 10% in the top decile of counties (mostly in CA and FL) 8/N
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Fact #5: user fees have been a small, but stable fraction of overall tax revenues over the last decade. These are widely used to earmark funds for local public goods (e.g. utilities). At least 67% of counties or jurisdictions contained in those counties collect user fees. 7/N
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Fact #4: Homestead exemptions confer large benefits to owners by granting assessment limits and/or through the exemption itself. Homesteaders in FL get a 0.18 p.p. ETR cut, which is a 15% lower avg. tax bill. Tax breaks are even more stark in terms of statutory tax rates. 6/N
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