Publications

  • Research Area: Homeownership ×
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  • Comment on ‘The Effects of Affordable and Multifamily Housing on Market Values of Nearby Homes’

    Advocates of growth management and smart growth often propose policies that raise housing prices, thereby making housing less affordable to many households trying to buy or rent homes. Such policies include urban growth boundaries, zoning restrictions on multi-family housing, utility district lines, building permit caps, and even construction moratoria. Does this mean there is an inherent conflict between growth management and smart growth on the one hand, and creating more affordable housing on the other? Or can growth management and smart growth promote policies that help increase the supply of affordable housing?

  • Building Homes, Reviving Neighborhoods: Spillovers from Subsidized Construction of Owner-Occupied Housing in New York City

    This article examines the impact of two New York City homeownership programs on surrounding property values.  Both programs, the Nehemiah Program and the Partnership New Homes program, subsidize the construction of affordable owner-occupied homes in distressed neighborhoods.  Our results show that during the past two decades prices of properties in the rings surrounding the homeownership projects have risen relative to their ZIP codes.  Results suggest that part of that rise is attributable to the affordable homeownership programs.

  • The Impact of the Capital Markets on Real Estate Law and Practice

    Over the past twenty years, the real estate markets of the United States have been swept by enormous change. A sector of the economy that had long been resistant to change, real estate has been and is continuing to be transformed by the process of securitization on both the debt and equity side. Just twenty years ago, the vast majority of single family residential mortgage loans were provided by local banks or savings and loan associations that held the debt in their portfolios until maturity or prepayment. Today, most single family mortgage debt is sold into the secondary mortgage market and converted into securities. Ten years ago, mortgage loans for commercial properties were largely originated and held by commercial banks, pension funds or insurance companies. In recent years, with the exception of the meltdown of the commercial mortgage-backed securities market in the summer of 1998, the proportion of commercial loans that were securitized rapidly grew. Just six or seven years ago, real estate investment trusts (REITs) were commonly thought of as the investment entity that crashed and burned in the 1970s. In the last two or three years, however, REITs have increasingly come to be seen as a dominant, if not preeminent ownership vehicle in many real estate markets throughout the nation.