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Adverse market events can affect credit supply not only by hurting financial fundamentals but also by changing the risk-taking behaviors of individual decision-makers. We provide micro-level evidence of this individual decision-making channel in the U.S. mortgage market. We find that mortgage application rejection rates are more sensitive to foreclosure intensity when loan officers are more exposed to foreclosure news, despite the same housing market and bank fundamentals. Loans originated from the affected branches have lower ex post default rates, consistent with higher lending standards being applied. In the aggregate, this effect results in tighter credit supply during housing market downturns. [ABSTRACT FROM AUTHOR]

I identify the effect of financial constraints on product prices using granular data on home-builder housing developments from the 2006–2009 housing crisis. Builders who experience losses in one area subsequently sell homes in unaffected areas at a discount to raise cash quickly. When builders cut prices, they sell homes faster and builders cut prices more in areas in which price cuts produce larger declines in time-to-sale. Financially constrained firms are more likely to cut prices of homes in healthy areas following losses elsewhere. Firms cut prices following losses in other projects only during the crisis, not during the boom. [ABSTRACT FROM AUTHOR]

This paper studies the real effects of foreign real estate capital inflows. Using transaction-level data, we document (i) a "China shock" in the U.S. housing market characterized by surging foreign Chinese housing purchases after 2008, and (ii) "home bias" in these purchases, as they concentrate in neighborhoods historically populated by ethnic Chinese. Exploiting their temporal and spatial variation, we find that these capital inflows raise local employment, with the effect transmitted through a housing net worth channel. However, they displace local lower-income residents. Our results show that real estate capital inflows can both stimulate the real economy and induce gentrification. [ABSTRACT FROM AUTHOR]

Producing less than 20,000 units on average annually in California, the Low Income Housing Tax Credit (LIHTC) cannot meet the outsized demand for subsidized housing alone . This report examines alternatives to the Low Income Housing Tax Credit in the State of California, with particular emphasis on the Los Angeles market. This report analyzes project feasibility in today’s conditions, as well as an analysis of the financial impact that certain international policies could have on affordable housing development at the project level. The analyses aim to illustrate possible project models as additional options beyond LIHTC, and demonstrate the value of including higher income projects within an affordable housing system on being able to leverage more debt, equity and other financial resources and thereby produce more affordable housing at all levels.

Homeowners who originally bought when marketwide price levels were high (low) fetch high (low) sales prices and rents, even decades later. We study the propagation of reference-dependence to neighboring listings. The "spillover" reference point effect is about one-half as large as the "own" reference point effect. Neither house quality nor location appears capable of explaining the result. Using a simple model to provide empirical predictions, we find support for a competition-based mechanism. We quantify the aggregate effect of own and spillover reference point effects on aggregate prices and/or rents at the ZIP code level. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Declining rural areas have become central sites for migrant settlement. In the hope that migration will counteract rural shrinkage, migrants are increasingly portrayed as catalysts to revitalize communities. This article critically examines migration to declining rural areas vis-à-vis rural reception and regeneration policies. Drawing on qualitative research including interviews, focus group discussions, and participant observations, we compare migrants’ settlement experiences and their positions in rural revitalization processes in northeast Spain and eastern Germany. Our research illustrates that local reception and regeneration policies do not only sideline the role of newcomers as rural place-makers, who contribute to the sustainment (or expansion) of local services and infrastructures. They also result in conditions of ‘predatory inclusion’, in which migrants’ settlement is shaped regarding their potential ‘use’ for revitalizing local economies and housing markets in exploitative terms and along racialized lines. Facing precarious labor and housing conditions, migrants tend to reside only temporarily in our investigated areas. This article contributes to a growing body of migration research in rural areas and explains that attempts at regeneration through migration can run the risk of ignoring migrants' structural conditions, needs, mobility aspirations and life plans, thereby reinforcing racial and class-based inequalities present in rural areas. [ABSTRACT FROM AUTHOR]

Problem, research strategy, and findings: Scholars and practitioners are increasingly interested in understanding who owns real estate in communities and resultant implications for targeted planning approaches. Yet, practitioners lack an efficient and comprehensive methodology to assess landlords' ownership scale, namely, how many properties they own in each geographic area. The existence of variegated ownership, multiple legal entities, siloed databases within government bureaucracies, and inconsistencies in spelling and documentation across data entries make it time-consuming and costly to determine the extent of real estate ownership by the same landlords. To address these challenges, we have created a data-driven natural language processing solution. Using OpenRefine, an open-source software, we present a step-by-step, practice-oriented methodology for amassing data, cleaning textual inconsistencies, and clustering properties to uncover the truer ownership scale in local housing markets. Applied to a large U.S. urban county—Fulton, home to Atlanta (GA)—our proposed methodology demonstrated its superior efficiency, comprehensiveness, and accuracy compared with traditional approaches. Using code enforcement as a study frame, we then empirically examined a linkage between landlords' ownership scale and their code violation patterns. With the proposed methodology in place, the analysis consistently showed that the ownership scale was related to both the likelihood and number of code violations. In contrast, the analysis missed this critical linkage without applying the methodology. Our methodology can yield practical implications regarding targeted code enforcement. Takeaway for practice: Our methodology can serve as a useful toolbox for both practitioners and fellow researchers to unravel real estate ownership and its concentrations in housing markets. Using the methodology presented here, they can uncover all types and scales of landlords and monitor their code violation frequencies for targeted outreach and resource allocation in enforcement [ABSTRACT FROM AUTHOR]

Many scholars have drawn attention to the large housing programme at play in the late Soviet period. However, this programme did not solve the housing shortage, and the housing order (zhilishchnyi order) remained an object of desire for Soviet citizens. This document was an official guarantee of accommodation in the USSR, where there was no housing market. Based on archival sources and interviews, this article focuses on the history of the housing order and people's strategies for obtaining it. It reveals the specifics of the public housing delivery system and the means through which ordinary Soviet citizens navigated its bureaucracy. [ABSTRACT FROM AUTHOR]

This paper discusses the roles of those who mediate citizenship by investment (CBI) in Türkiye. Within the scope of the study, those who mediate the sale of CBI to foreigners in 8 cities were interviewed. The study revealed that the investment industry in Türkiye has multiple actors, and these actors invest in institutional infrastructure to improve their organizational capacity, and they have institutional and political connections. With these connections, intermediaries affect both the shaping of investment programmes and the socio-spatial mobilization of migrants within intertwined relations with the housing market. Based on all this information, it can be clearly stated that the intermediaries have a crucial role in the development of the global citizenship market. [ABSTRACT FROM AUTHOR]

This study compares the inter- and intra-metropolitan patterns of housing return volatility in four market phases (boom, bust, recovery, and pandemic) in the United States between 2000 and 2022. The study finds a weak correlation between the physical characteristics of neighborhoods and housing market volatility. Notably, higher-density neighborhoods show greater market volatility throughout the boom, bust, and recovery phases but the trend is reversed during the pandemic period. However, the sociodemographic composition of neighborhoods exhibits a stronger correlation with market volatility. Specifically, housing markets in Black neighborhoods demonstrate persistently higher volatility, irrespective of market fluctuations. Similarly, low-income neighborhoods are consistently associated with greater volatility before the pandemic. The study does not find a consistent association between housing supply and market volatility across the four market phases. It shows that during the 2008 housing downturn, housing markets were less volatile in metropolitan areas with stricter land use regulations, less developable land, fewer home constructions, and better natural amenities. [ABSTRACT FROM AUTHOR]

The UK's city centre apartment markets have been affected by the coronavirus pandemic and a building safety crisis in ways not experienced by its suburban and rural housing markets. Sellers and estate agents have encountered falling demand and prices, elevated safety concerns, reluctant lenders and changes in buyers' preferences. Against this backdrop, we investigated the narratives and images used to sell what have sometimes appeared to be 'less sellable' homes. Analysing the textual and visual content of 100 adverts for city centre flats, we explored the possible effects of the pandemic on property advertising, the positioning within adverts of building safety and, noting growing interest in sustainability, the presence of sustainability messages. Findings suggest that the core narratives used to sell city centre flats remain largely unchanged from those deployed to first market the concept of 'city living' to UK buyers in the late 1990s. Messages about building safety and sustainability appear uncommon. The implications of the findings are considered. [ABSTRACT FROM AUTHOR]

Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies' health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely between the different countries in terms of both, the available product types and the institutions offering them. This research examines the implications of different financial intermediaries on housing market cycles with special emphasis on two institutional types, conventional banks and building and loan associations. Introducing a heterogeneous agent-based model, the interactions of buyers, sellers, and the two types of credit institutions are assessed. Heterogeneous economic principles and expectations of agents create endogenous market conditions which are strongly influenced by the lending practices of financial intermediaries. Focusing primarily on collateral values to decide about lending, conventional banks may contribute to volatile housing markets which are prone to recessions. Building and loan associations, on the other hand, rely to a greater extent on endogenously created borrower information. Thus, they are able to cushion the volatility of house prices caused by procyclical mortgage lending of conventional banks and increase the stability of the housing market. Simulations show that the most stable market conditions are attained if both types of financial intermediaries serve the mortgage lending market jointly. Furthermore, transaction and homeownership rates are the highest in this market setting. These findings advocate in favor of diversified financial markets. [ABSTRACT FROM AUTHOR]

This study addresses how and why the stock return volatility of REITs changes over time and identifies which mechanisms influence it at a firm level. Using U.S. equity REIT data from 1997 to 2018, we provide evidence that systematic risk and the underlying market for a REIT's properties affect their stock return volatility. The results suggest that both equity and property markets can contribute to an increase in REITs' stock return volatility. Portfolio diversification can reduce their sensitivity to property market risk. REITs with more asymmetric information and financial constraints are more vulnerable to property market risk. [ABSTRACT FROM AUTHOR]

We study the relationship between finance and growth using a sample of 275 Chinese cities from 2009 to 2018. We exclude bank loans to local governments through the local government financing vehicles (LGFVs) and construct a better financial development index which measures the level of loans extended by banks to enterprises and households. We find that financial development in the form of a higher loan‐to‐GDP ratio leads to lower economic growth. This negative relationship between finance and growth may be attributed to various mechanisms, including discrimination in bank lending, housing market bubbles, and an imbalance in growth between real and financial sectors. [ABSTRACT FROM AUTHOR]

We study the impact of different sources of global, regional and local uncertainty on the seven largest Scandinavian banks over the period 2005–2018. Using a spillover approach and network analysis, we find that Swedish banks are the main source of contagion in the region and spillovers tend to increase in times of heightened uncertainty. Global economic policy uncertainty, global financial uncertainty and local housing market uncertainty affect the Scandinavian banking sector the most. By contrast, geopolitical risk spillovers are limited. [ABSTRACT FROM AUTHOR]

Fertility has declined in many rich societies after 2010. However, the factors that explain this fertility decline remain poorly understood. In particular, little is known about how changes on the housing market contributed to the fertility decline. This study examines the links between house prices and fertility in the Netherlands, a country where house prices have risen dramatically in the past decade. Regional (NUTS 3) data for the period 1995–2022 are analysed using within‐between models. The results for the within‐effect of house prices show that after 2010, fertility decreased (more) in regions where house prices increased (more), suggesting that the housing crisis in the Netherlands can explain a substantial part of the post‐2010 fertility decline. Before 2010, however, increases in regional house prices were associated with small increases in fertility, showing that the direction of the within‐effect of house prices depends on the time period that is studied. Finally, differences in house prices between regions are not consistently associated with fertility. [ABSTRACT FROM AUTHOR]

Boom‐and‐bust cycles in the housing market pose a threat to macroeconomic and financial stability, thus calling for a timely assessment of imbalances. This work sheds light on the drivers of house price dynamics in some euro area economies, investigating the risks of overheating. We show that an Error‐Correction‐Model (ECM) featuring a long‐run relationship between house prices and income and short‐run effects of interest rates and housing supply fits the data well in most cases. We then propose a novel model‐based misalignment indicator and find that extrapolative house price expectations play an important role in the build‐up of speculative bubbles. [ABSTRACT FROM AUTHOR]

AbstractIn 1967, John Rex and Robert Moore published an influential book on ethnic housing inequality in Birmingham, titled Race, Community and Conflict. The book presented a theory about classes formed in the housing market, inspired by a particular reading of Max Weber’s ideas about class. The basic idea of the housing class is that people’s relation to the means of housing is a class-forming factor that is not reducible to their relation to the means of production. This paper presents the original housing class theory and its revision by Peter Saunders, property class theory, and criticisms of the two theories. Since the 1980s, both theories have disappeared from housing research. In the 2020s, the basic idea of the housing class was revived in Lisa Adkins’ and her co-authors’ asset class theory. This paper discusses the history of the idea of the housing class and its contemporary relevance. It also raises questions about the conceptualization of class and housing inequality. [ABSTRACT FROM AUTHOR]

This paper argues that in housing transaction with asymmetric information, sellers may signal their private information with special design of listing prices. We build a cheap-talk signalling model in which sellers strategically choose round number listing prices to signal their weakness, i.e. they are willing to accept lower prices in order to sell their houses more quickly. Using housing market transaction data in Beijing, we find that round number listings sell 0.13% lower and 0.086 months sooner than precise ones. We also show that these results are unlikely to be driven by housing unobserved attributes or round number self-attractiveness. In addition, we find that as the roundness of listing price increases, the signalling effects become more pronounced. Our results present empirical evidence that signalling helps improve negotiation efficiency under asymmetric information. [ABSTRACT FROM AUTHOR]

Discrimination persists as a major societal issue, with much attention given to overt biases in areas like labor and housing markets. However, covert discrimination, including implicit biases and microaggressions, remains less explored despite its significant impact on individuals’ opportunities and well-being. We conducted a conjoint experiment in Belgium to investigate discriminatory attitudes based on age, gender, physical characteristics, religion, region of origin, and sexual orientation. Participants were asked to choose between two hypothetical passengers on public transit. Results revealed strong biases against Muslims, Jews, Nigerians, Moroccans, overweight individuals, those with visible piercings, and transgender people, while women and individuals of Chinese descent experienced positive discrimination. Our analysis also showed that covert biases varied significantly by gender, age, and political ideology, revealing the complexity of discrimination beyond its overt forms. Our study thus contributes to understanding nuanced dynamics of discrimination and highlights the importance of addressing covert biases alongside overt manifestations. [ABSTRACT FROM AUTHOR]

We estimate a series of Threshold Vector Autoregression models to examine the nonlinear nature of interactions among housing market condition, output growth, credit market condition, monetary policy, and inflation across different housing market regimes. We find that the effects of housing, output, monetary, and credit shocks are highly regime-dependent, both qualitatively and quantitatively. Almost all shocks have larger impacts when the housing market is in the distress regime than normal regime. Furthermore, we find that the asymmetrical effects of shocks are the most prominent when the housing market moves in and out of the distress regime. However, once the housing market is in the normal regime, the asymmetry becomes economically insignificant when the housing market condition crosses between moderate and booming growth phases. [ABSTRACT FROM AUTHOR]

Housing markets are often characterized by price bubbles, and governments have instituted policies to stabilize them. Under this circumstance, this study addresses the following questions. (1) Does policy tightening change expectations in housing prices, revealing a regime change? (2) If so, what determines the housing market's reaction to policy tightening? To answer these questions, we examine the effects of policy tightening that occurred in 2016 on the Chinese housing market where a price boom persisted in the post-2000 period. Using a log-periodic power law model and employing a modified multi-population genetic algorithm for parameter estimation, we find that tightening policy in China did not cause a market crash; instead, shifting the Chinese housing market from faster-than-exponential growth to a soft landing. We attribute this regime shift to low sensitivity in the Chinese housing market to global perturbations. Our findings suggest that government policies can help stabilize housing prices and improve market conditions when implemented expediently. Moreover, policymakers should consider preparedness for the possibility of an economic crisis and other social needs (e.g., housing affordability) for overall social welfare when managing housing price bubbles. [ABSTRACT FROM AUTHOR]

The rapid proliferation of peer-to-peer short-term vacation rentals has sparked a debate regarding their impact on housing markets. This study further investigates this issue by examining the effect of Airbnb on relative rent costs in San Francisco. The research addresses a critical gap in understanding whether Airbnb financially burdens local renters within different income groups. The authors also differentiated the effect of Airbnb accommodations with different levels of commercialization by categorizing Airbnb listings based on their level of commercialization. Using the multiscale geographically weighted regression technique, this study also considered spatial variations in the relationship between short- and long-term rental markets. The findings indicate that the density of Airbnb only affects the relative rent of renters with a yearly household income between USD 50,000 and USD 75,000. Furthermore, the density of Airbnb listings from more commercialized hosts that own between three and eleven showed a positive relationship with the relative rent cost. This study highlighted the variability in the impact of Airbnb on the local community by income group, listing characteristic, and geographic region. This finding underscores the need for differentiated regulation toward peer-to-peer accommodations, as the impact on rent affordability varies by host commercialization level and renter income group. [ABSTRACT FROM AUTHOR]

This paper employs the econometric models of relationships over time to evaluate the change in the unit prices of apartments on the local secondary markets in Warsaw and Szczecin, depending on various socioeconomic factors. Indicators reflecting the influence of socioeconomic aspects in these cities and the lagged values of housing prices, acting as so-called anchors in this model, were used as the independent variables. The results obtained from this analysis indicate that it is the lagged prices of housing that have the strongest influence on the formation of price levels in the market. The study confirms the presence of the so-called price anchoring effect, which can be understood as the tendency of market participants to accept prices at levels that can be justified not only by socio-economic factors, but also by the price levels established in their minds. The main purpose of the research presented here is to show that there is no close relationship between quoted housing prices and their objective factors. The quality of models reflecting these relationships clearly improves when lagged housing prices are introduced as the explanatory variables, which may confirm the price anchoring effect derived from behavioral economics, meaning that the heuristics of anchoring and adjustment can be applied to the analysis of the behavior of a collective of individuals - many market participants. [ABSTRACT FROM AUTHOR]

The right to housing is fraught with impositions of market housing logic: our solutions to housing generally imply that people must be housed in conventional housing markets, with a goal that they contribute to an economy that sustains this housing model. Using an anarchist conceptual framework, this paper explores the shortcomings of some existing approaches, challenging the assumption that people experiencing housing precarity inherently desire to participate in market housing and an associated economy. Rather, an anarchist conceptual model for housing suggests that the right to housing that preferentiates need and agency over full participation in the housing market and capitalist economy, while arguing that the means used to address housing instability must be in line with intended ends we hope to see. Proposed alternatives highlight the potential for integrating anarchist tools into practices in the housing sector in order to centre agency, anti-colonial work, and justice. [ABSTRACT FROM AUTHOR]

The mortgage industry is central to ethno-racial stratification in homeownership access. Ample research demonstrates that unequal treatment of minorities has created major differences in the access and exclusion of low-cost loan products in the housing market. While numerous studies have documented the disadvantages Black and Latino homebuyers face, these studies have been limited in their assessment of credit worthiness in accessing a mortgage. This study draws on the annual dataset from the Home Mortgage Disclosure Act from 2018 and 2019 to assess ethno-racial disparities in mortgage outcomes by debt-to-income (DTI) levels. I demonstrate that DTI levels vary tremendously by ethno-racial groups. In addition, I show that loan rejections and high-cost loan originations are highest among Blacks and Latinos across DTI levels compared to White applicants. Depending on the adverse loan outcome, Asians perform similarly or slightly underperform compared to Whites. These trends are particularly true when examining high-cost loan originations as Blacks and Latinos with excellent credit worthiness perform similarly as Whites and Asians with below-average credit worthiness. Implications for ethno-racial stratification are discussed. [ABSTRACT FROM AUTHOR]

The housing market in England is in crisis, in terms of both availability and costs of housing. Although it is not a solution for everyone, many advocates of the tiny house movement promote developing small houses that are financially affordable and environmentally sustainable. There is limited research on tiny houses, and the hidden costs of developing this type of housing have not been investigated. This paper addresses this gap through exploring the perceived transaction costs associated with developing tiny houses in England, and how these costs can be reduced. It was found that there are considerable transaction costs in different stages of the development process, including searching for information, finding suitable land, obtaining planning permission, and constructing the house. The paper concludes that tiny houses require enabling legislation in planning policy so that planning permission is easier to obtain. Also, awareness of tiny houses needs to be raised so that local planning authorities and the public understand the concept better. [ABSTRACT FROM AUTHOR]

Green gentrification is a potential side effect of the temporal change of green spaces via various improvements. This paper suggests that green gentrification may occur even when green spaces remain unchanged. Spatially-explicit datasets and econometric models were used for this purpose. We found that in the case study city, Lodz (Poland), residential change is linked to the housing market (i.e., the number of property transactions and their prices). However, the strength of this association depends on the proximity to temporarily unchanged parks. We also found that the value of park proximity among housing buyers rises, suggesting the increased desirability of living close to parks, resulting in more intense residential change close to parks than in other locations. Therefore, scholars should consider green gentrification as a process that may be induced by time (in)variant green spaces. More emphasis is needed in housing studies to explore how changing residential preferences are related to gentrification. [ABSTRACT FROM AUTHOR]

This article analyzes how the right to the city has been implemented in Ecuadorian housing policy after it was recognized in the 2008 Constitution, focusing on the link between this right and the right to housing. Based on the policy design framework, the study seeks to explore to what extent the set of policy instruments developed in the period 2009–2020 have been consistent with the right principles proposed in Constitution. Some limitations are identified, such as the prevalence of a housing policy model that disregards social production as an alternative and is disconnected from broader strategies of equitable urban development. The absence of indicators that account for the right to the city, and the lack of strategies that facilitate the articulation between the housing and land management competencies of the central and municipal governments are other fundamental constraints. [ABSTRACT FROM AUTHOR]

This paper addresses coliving as a product shaped to attract both young professionals in a student-style accommodation and investors of various scales, while integrating new geographies and housing types into capital accumulation. Taking Brussels as case-study, it answers the question 'how are new residential products created by the financialization process affecting the private rental sector?' by combining quantitative and qualitative methods. The paper also provides results on intra-urban geographies of financialized housing. First, coliving is aimed at a particular market segment consisting of young international workers attracted by the international functions of Brussels. To attract this clientele to a student-style accommodation, operators must promote a unique experience. Second, the Brussels coliving market illustrates that the financialization of the private rental sector relies notably on the creation of new products shaped so that investors of various scales can easily inject their capital. Third, most Brussels coliving establishments remain small-scale projects located in renovated old single-family houses. [ABSTRACT FROM AUTHOR]

In context of diminishing housing affordability, shared renting has acquired new salience in recent years, especially for single young-adults. Public discourses often pose shared renting as a potential solution to the 'housing crisis', with new regulation and investment stimulating conversions to multiple-occupancy and growth in co-living developments. This paper addresses how Amsterdam, a deeply regulated market, has approached affordability concerns through transformations in the shared rental sector. Drawing on secondary data and stakeholder interviews we analyze developments in the institutional features of shared housing, focusing on the regulatory context under neo-liberal pressures. We identify shifts from 'traditional', relatively informalized sharing arrangements towards a more complex and institutionalized sector featuring growth and diversification in co-living provision. Beyond illustrating interaction between changing real-estate investment practices and Amsterdam's socioeconomic and regulatory context, our analysis innovates a rough typology of sharing and co-living and seeks to contribute to understanding of emerging forms of housing and precarity characteristic to the experiences of young urbanites. [ABSTRACT FROM AUTHOR]

The past decade has seen the growth of Short-Term Lets (STLs) through Airbnb and other platforms. Measuring the scale of this activity is challenging as platforms appear unwilling to share data. Most research on Airbnb uses data from commercial sources but this raises issues of equity in access and transparency. Open data exist, but geographic and temporal coverage is limited. We consider whether these open data can be used to study the STLs sector, using a city in Scotland. Using 2017 data to construct: (i) property-level estimates of income; and (ii) through comparisons with rents in the long-term rental market, an area-level vulnerability index to identify neighbourhoods at greatest risk of properties switching from long-term to short-term renting. This index is strongly associated with the growth of Airbnb listings over two years. We conclude that open data can provide a valuable basis for research and policy. We discuss strategies for improving knowledge about this sector including through new data collection. [ABSTRACT FROM AUTHOR]

Recent years have seen the resurgence of private-rental housing as both a place to live, and a site of capital investment. Individual landlordism is a key feature of this resurgence. This paper aims to understand the networked geographies of private landlordism. Drawing on Dutch register data, containing geocoded information on the full population and housing stock, this paper is able to uniquely link private-rental units to their (landlord) owners. By linking landlords' places of residence and investment, flows of capital across space are visualized. Empirically, these findings show that, despite the liquidity of capital and the typical focus on transnational investments, most landlords invest locally or regionally, resulting in urban-regional networks of landlordism. These patterns pertain to landlord spatial strategies as well as the functioning of urban systems. Conceptually, findings demonstrate that property-based class relations between tenants and landlords are spatial relations as well, linking places of accumulation with places of extraction and reproducing spatial patterns of (dis)advantage. [ABSTRACT FROM AUTHOR]

While field experiments are valuable in their ability to objectively analyse patterns of discrimination, research that focuses on reducing discrimination is systematically lacking. The present study addresses this gap. Building on both cognitive and behavioural processes that steer discriminatory decision-making and insights from diversity literature, we develop and test the effectiveness of a training intervention which is tailored to the specific context of the housing market, with 113 students in real estate. We develop our training around three theoretical mechanisms of discrimination that are measured through a specified vignette experiment in pre- and post-tests. Our results show a reduction in statistical and customer taste-based discrimination after the training, but no change in agent taste-based discrimination. The driver for this reduction in discrimination is being more selective on majority candidates rather than increasing the chances of ethnic minority candidates. Additionally, we found that training has no effect on taste and that most of these effects remain present on the long term. [ABSTRACT FROM AUTHOR]

Canadians are experiencing a housing affordability crisis, but little attention has been paid to its ethno-racial and nativity disparities. Using data from the 2016 Canadian Census, we assess whether the likelihood of living in unaffordable housing (i.e. spending 30% or more of pretax income on housing costs) varies by ethno-race and nativity status, and identify the social factors contributing to these differences. We show that Middle Eastern and North Africans (MENAs) are most, and Whites are least, likely to live in unaffordable housing. Results from decomposition analyses suggest that MENA individuals' high unaffordable housing rates are largely attributable to their high unemployment rates. The high unaffordable housing rates of East and South Asians are mainly associated with their higher propensity to live in urban areas with expensive housing. Immigrants are generally more likely than Canadian-born co-ethnics to live in unaffordable housing. Blacks and Southeast Asians are exceptions. As many governments take steps to address housing affordability crises, they should curtail the influence of structural barriers that preclude ethno-racial minorities from living in affordable housing. [ABSTRACT FROM AUTHOR]

Purpose: We challenge the conventional approach to distinguish between professional and non-professional Airbnb hosts by solely using the number of managed listings. Design/methodology/approach: We leverage the recently released platform policy that categorizes hosts' professionalism by their self-declared status. Our multinomial modeling approach predicts true host status, factoring in the number of managed listings and controlling for listing and host traits. We employ data from five major European cities collected through scraping the Airbnb webpage. Findings: Our research reveals that relying solely on the number of listings managed falls short of accurately predicting the host type, leading to difficulties in evaluating the platform's impact on the local housing market and reducing the effectiveness of policy intervention. Moreover, we advocate using more fine-grained measures to differentiate further between semi-professional and professional hosts who exhibit heterogeneous economic behaviors. Research limitations/implications: Reliable professionalism metrics are essential to curb unethical practices, promote market transparency and ensure a level playing field for all market participants. Originality/value: This work pioneers the revelation of the inadequacy of a commonly used measure for predicting host professionalism accurately. [ABSTRACT FROM AUTHOR]

Land use and the housing market are important driving forces of economic growth in China. These two factors are also closely associated with people's daily lives. The land fiscal policy in China and the pursuit of economic growth of local governments have resulted in irrational land use structures in most Chinese cities since the reform of the tax-sharing system in 1994. The high proportion of industrial land supply and low proportion of residential land supply has led to an increase in housing price and an unneglectable decrease in air quality, influencing people's living quality to some extent. Thus, adjusting the land use structure is necessary to achieve sustainable growth. The data of 30 cities in China from 2009 to 2017 and the fixed effects model are used in this paper to investigate the in-depth effect of land use structure on housing prices and air quality. Special importance has been attached to the influence of air pollution in the research framework, which has been overlooked by existing studies. The results indicate that air pollution negatively affects housing price and shows an unneglectable mediating effect in the relationship between land use structure and housing price. The empirical results and implications of this study can help governments optimize land use structure to achieve a balance between economic growth and people's living quality. [ABSTRACT FROM AUTHOR]

It is recognised that migrants' access to housing in destination cities is shaped by a number of factors. This paper takes as its focus the processes of housing allocation for low-income West African migrants in the Bronx, New York City. Drawing on 37 semi-structured interviews with housing providers and intermediary organisations that perform housing-related functions, the paper builds upon literature on migration industries and informal housing solutions among migrant communities, and reveals the formal and informal systems which migrants must navigate in order to secure housing. The specific roles which housing providers and intermediary organisations – including housing advocacies NGOs, public institutions, and religious groups – play are highlighted. The paper shows that informal processes operating in the low-income housing market in the Bronx mirror the operations of formal institutional structures, but instead of financial and legal grounds for housing allocation, informal migration industries are centred on social ties within the established migrant community. Such arrangements provide much-needed access to affordable housing for low-income tenants and facilitate further migration. [ABSTRACT FROM AUTHOR]

Classical assimilation theories hold that immigrant groups will slowly integrate economically over time over multiple generations, which implies that the (grand)children of immigrants will improve their housing market position compared to their (grand)parents and transition from rental housing to owner-occupation. This study uses unique data on the children and grandchildren of immigrants and native Dutch ('third generation') in 2018 to assess whether and how the descendants of large immigrant groups from the postwar era have attained ownership. The generational perspective is two-fold. First, we are interested in how individuals from various generations compare within and between origin groups (generational comparison). Second, the study also assesses the role of parental wealth and tenure in intergenerational transfers, i.e., ethnic and generational differences in the effects of these parental background variables. Our estimates from logistic regression models show that Surinamese-Dutch and Turkish-Dutch see higher predicted owner-occupation rates over generations, with some Turkish-Dutch groups having higher rates than native-Dutch. The parental background variables partly predict owner-occupation rates and explain group differences, which indicates the importance of generational transfers. [ABSTRACT FROM AUTHOR]

This paper shows the usefulness of open source points-of-interest (POI) data for understanding the causes of volatility in residential property prices. Points of interest are unique locations or features cartographically mapped in space and explicitly connected to various aspects of human life. This point number, and density, primarily reflect a city's spatial structure. They could therefore indicate a higher quality of life in a given urban zone, resulting in higher demand for housing in the area and, consequently, higher housing prices. This study was conducted in three Polish cities: Warsaw, Poznań and Olsztyn. Our research also attempted to establish which POI categories constitute stimulants and which are destimulants in the housing market. To determine the significance of POI in the price formation process, we used the quantile regression model and its spatial version, apart from classical regression models. The results of our research show the importance of POIs for the formation of housing prices. Individual POI categories are of minor importance, while the simultaneous presence of many different POIs definitely has a positive impact on housing prices. [ABSTRACT FROM AUTHOR]

This study examines the influence of heterogeneous expectations between buyers and sellers on housing market cycles. We propose an agent-based model that integrates houses into a Sugarscape model for analyzing housing market dynamics. Our model incorporates spatial factors into pricing by requiring agents to evaluate a property's value based on its location. Agents have limited information because they base their decision-making on spatial information. We investigate the impact of agents' visual range and the heterogeneity of their expectations regarding housing prices. Our simulations with different vision levels show that as agents expand their field of vision, the housing market experiences heightened buying competition, thereby increasing both average housing prices and market volatility. Simulation results with different heterogeneity levels show that when people have more homogeneous expectations, the housing market becomes more volatile. As heterogeneity decreases, the volatility of house prices increases more rapidly, implying that agents' homogeneous expectations reinforce feedback in the system, leading to higher volatility and more complex dynamics. [ABSTRACT FROM AUTHOR]

This study uses time series regression models and dynamic panel models of five-class housing to investigate the dynamics of the housing price-vacancy relationship in Hong Kong, offering insights distinct from previous cross-sectional analyses that take new housing completions as a supply proxy, without considering vacant homes as a source of housing supply. Two major contributions emerge: first, the results support the hypothesis that housing vacancies exert a negative impact on housing prices, holding other factors constant. Second, new builds supply is found to have a positive effect on housing prices, which is in line with many previous studies, but it contradicts the prediction. The results challenge the use of land supply or new housing completions as the proxy of housing supply and put forward a novel suggestion of including vacant homes in the housing price analysis. Advanced approaches to collecting housing vacancy data are also discussed. These findings have significant implications for policymakers, urban planners, and real estate investors, providing valuable insights for crafting targeted interventions and informing investment decisions. This is one of the first time series and dynamic panel analyses of housing vacancy's effect on prices. [ABSTRACT FROM AUTHOR]

The concept of segregation analyses the unequal distribution of social groups between neighbourhoods. It rests on two assumptions: that of homogeneous neighbourhoods and of a market liberal housing system. Both assumptions are applicable the context of American cities, but they display severe limitations when applied to the European context. Vienna's housing market is particularly highly segmented, not only throughout the city as a whole but also within neighbourhoods. In the densely built-up area, residential buildings of different segments with different underlying rent regulations and entry barriers can be found side by side. Therefore, buildings are expected to show varying tenant and owner structures, which undermines the idea of a homogeneous neighbourhood. Against this background, we analyse at the micro scale small neighbourhoods defined by 100 m grid cells in a case study of two inner-city Viennese districts (districts 6 and 7) characterised by a particularly vivid housing-transformation and commodification dynamic. Using a novel and fine-grained dataset combining building information with the socio-economic data of households, we investigate the patterns and dynamics of income inequality and income segregation, as well as the relationship between housing market segments and socio-economic patterns. As data comprise two cross-sections for the years 2011 and 2020/21, changes in the neighbourhoods during the house-price boom period are also considered. This leads us to ask the question: How do housing market segmentation and its related changes affect income inequality and segregation at the micro scale? Our analysis delivers two main results: Firstly, we show the existence of marked social variation and related dynamics at the micro scale, even within a small urban area. Secondly, we show that the spatial distribution of housing market segments has a strong impact on income inequality in the neighbourhood. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to analyze the relationship between the consequences of the pandemic and the housing sector with econometric tests that allow for structural breaks. Design/methodology/approach: Study data were collected weekly between March 9, 2020, and February 4, 2022, and analyzed for Turkey. In the model of the study, housing loans were used as a housing market indicator, and the number of new deaths and new cases were used as data related to the pandemic. The exchange rate, which affects the use of housing loans, was added to the model as a control variable. This study was analyzed to examine the relationship between the pandemic and the housing sector, time series analysis techniques that allow structural breaks were used. Findings: Based on the result of the analyses, it was concluded that there is a long-run relationship between the pandemic stages and housing markets along with structural breaks. As a result of the time-varying causality test developed to determine the causality relationship between the variables and its direction, a bidirectional causality relationship was identified between all variables at certain dates. Research limitations/implications: Study data were collected weekly between March 9, 2020, and February 4, 2022, and analyzed in the case of Turkey. Practical implications: Based on results of the study, it is recommended that policy makers and market actors take into account extraordinary situations such as pandemics and create a budget allocation that is always ready to use for this purpose. Originality/value: The empirical examination of the relationship between the pandemic and the housing sector in Turkey provides originality to this study in terms of its topic, sample, methodology, contribution to the literature and potential policy recommendations. [ABSTRACT FROM AUTHOR]

Segregation based on caste, religion, and ethnicity exists primarily in the urban housing market in India even in cosmopolitan urban centres like Mumbai, Delhi, Bengaluru, Kolkata, and Hyderabad. The present study maps segregation in Hyderabad and explores its intricate linkages with access to public amenities. This study examines caste-based segregation in urban space using multiple indexes like dissimilarity index (DI), isolation index, interaction index, correlation analysis, and mandal development index (MDI). It is observed that there is no clear link between caste-based DI and MDI. The correlation of MDI and caste-based DI illustrates that it is the location (core or periphery) that decides the level of infrastructural development. This investigation of the link between residential segregation measurement of DI and MDI leads us to conclude that the historical factors are equally crucial along with the social identities to explain urban segregation and discrimination. [ABSTRACT FROM AUTHOR]

We study inequality generated by capital gains in the housing market by exploiting two countrywide data sources in Norway: a registry of housing units and a database of transactions. We identify and follow all individuals in six birth cohorts in Norway, who were owners on January 1, 2007, and on January 1, 2019, and estimate the sum of their actual and potential capital gains from their owned and sold properties. We demonstrate that there is a substantial increase in capital gains inequality over the period, both across and within geographical strata and across and within birth cohorts. We find a statistically significant and economically meaningful difference between the distributions of capital gains of female and male owners in Oslo. [ABSTRACT FROM AUTHOR]

We provide an experimental design to study how estimates of the distance deterrence parameter in a standard doubly-constrained gravity model respond to different patterns of spatial structure. The design is defined as an agent-based simulation framework that simultaneously considers the response of commuting and migration to changes in the spatial structure, accounting for labor and housing market issues. The agents are equipped with a utility function and are expected to maximize their utilities corresponding to their disposable income net of commuting costs and house value. We study how the estimates of the distance deterrence parameter respond to where the central business district is located, to the clustering of local and basic sector jobs, to changes in the road transportation network, and to the compactness in the system of towns in the geography. [ABSTRACT FROM AUTHOR]

We consider a market where a set of objects is sold to a set of buyers, each equipped with a valuation function for the objects. The goal of the auctioneer is to determine reasonable prices together with a stable allocation. One definition of "reasonable" and "stable" is a Walrasian equilibrium, which is a tuple consisting of a price vector together with an allocation satisfying the following desirable properties: (i) the allocation is market‐clearing in the sense that as much as possible is sold, and (ii) the allocation is stable in the sense that every buyer ends up with an optimal set with respect to the given prices. Moreover, "buyer‐optimal" means that the prices are smallest possible among all Walrasian prices. In this paper, we present a combinatorial network flow algorithm to compute buyer‐optimal Walrasian prices in a multi‐unit matching market with truncated additive valuation functions. The algorithm can be seen as a generalization of the classical housing market auction and mimics the very natural procedure of an ascending auction. We use our structural insights to prove monotonicity of the buyer‐optimal Walrasian prices with respect to changes in supply or demand. [ABSTRACT FROM AUTHOR]

We identify exposure to political risk by exploiting a unique variation around land lease extension protection after 2047 in Hong Kong's housing market due to historical arrangements. Relative to properties that have been promised an extension protection, those with unprotected leases granted by the current government are sold at a discount of 8 percent; those with colonial leases suffer an additional discount of 8 percent. Incorporating estimated structural parameters that suggest an additional 20 percent ground rent after 2047, our model matches empirical discounts well across lease horizons. Discounts increase over time, particularly in areas with greater pessimism about the city's future. (JEL D72, G12, R31, R38) [ABSTRACT FROM AUTHOR]