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Working Paper
Who Bears Climate-Related Physical Risk?
This paper combines data on current and future property-level physical risk from major climate-related perils (storms, floods, hurricanes, and wildfires) that owner-occupied single-family residences face with data on local economic characteristics to study the geographic and demographic distribution of such risks in the contiguous United States. Current expected damage from climate-related perils is approximately $19 billion per year. Severe convective storms and inland floods account for almost half of the expected damage. The central and southern parts of the U.S. are most exposed to ...
Working Paper
Institutional Investors, Rents, and Neighborhood Change in the Single Family Residential Market
Institutional investors that buy and rent out single family homes have continued to increase their presence after the Great Recession. We examine their neighborhood entry choices and rent charging behavior by leveraging tax and deed transfer records and Multiple Listing Service (MLS) data for 2010-2021. We find that investor share is higher in markets with lower housing values and higher shares of Black and noncollege residents, but higher median income. We also find that investors raise rents at 60% higher rates than the average increase when first acquiring the property, and higher investor ...