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Speech
An Economy That Works for All: Housing Affordability
Williams, John C. (2025-01-14)
Remarks at An Economy That Works for All: Housing Affordability, Federal Reserve Bank of New York, New York City.
Speech

Journal Article
Recent Findings on Residential Instability in Oakland
Hwang, Jackelyn; Kumar, Vasudha; Kneebone, Elizabeth (2023-02-10)
Safe, stable, and affordable housing is central to ensuring healthy, sustainable, and inclusive communities. Amid COVID-19-related economic shocks and a worsening housing crisis, residents in cities across California are struggling to keep up with the rising costs of housing. This report draws from a unique, longitudinal dataset of over 14,000 residents to examine residential instability–in the form of moving and household crowding–in the City of Oakland, California. It presents trends from the last 20 years, with an additional focus on patterns emerging during the COVID-19 pandemic.The ...
Community Development Research Brief , Volume 2023 , Issue 02 , Pages 33

Discussion Paper
Do People View Housing as a Good Investment and Why?
Haughwout, Andrew F.; Liu, Haoyang; Parker, Dean; Zhang, Xiaohan (2021-04-05)
Housing represents the largest asset owned by most households and is a major means of wealth accumulation, particularly for the middle class. Yet there is limited understanding of how households view housing as an investment relative to financial assets, in part because of their differences beyond the usual risk and return trade-off. Housing offers households an accessible source of leverage and a commitment device for saving through an amortization schedule. For an owner-occupied residence, it also provides stability and hedges for rising housing costs. On the other hand, housing is much ...
Liberty Street Economics , Paper 20210405b

Journal Article
Survey of Low-Income Housing Tax Credit Properties
Community Development, Federal Reserve Bank of Dallas (2001)
In 1987, states began offering federally authorized tax credits to investors to encourage the development of low-income rental housing—with the stipulation that the rents remain "affordable" for at least 15 years. Now—as that 15-year mark looms—a Dallas Fed survey of Low-Income Housing Tax Credit (LIHTC) properties located in Texas has found that 76 percent of the property owners plan to keep their housing affordable for low-income families, but many are in need of repair.
e-Perspectives , Volume 1 , Issue 3

Working Paper
Financial Business Cycles
Iacoviello, Matteo (2014-08-28)
Using Bayesian methods, I estimate a DSGE model where a recession is initiated by losses suffered by banks and exacerbated by their inability to extend credit to the real sector. The event triggering the recession has the workings of a redistribution shock: a small sector of the economy -- borrowers who use their home as collateral -- defaults on their loans. When banks hold little equity in excess of regulatory requirements, the losses require them to react immediately, either by recapitalizing or by deleveraging. By deleveraging, banks transform the initial shock into a credit crunch, and, ...
International Finance Discussion Papers , Paper 1116

Journal Article
Pandemic Homebuyers: Who Were They, and Where Did They Buy?
Sanchez-Moyano, Rocio (2024-10-01)
Stable and affordable housing is foundational for participating in the economy, and homeownership is the primary form of wealth accumulation for most American families. Housing demand changed as households responded to the economic and social environment of the COVID-19 pandemic. As households moved because of these changing conditions and homebuying surged, many popular narratives emerged around migration patterns, “hot” places to buy, and what types of buyers were succeeding in the market.This research brief employs mortgage data from the Home Mortgage Disclosure Act (HMDA) to examine ...
Community Development Research Brief , Volume 2024 , Issue 02 , Pages 43

Report
The supply of permanent supportive housing in Massachusetts: comparing availability to the chronic homeless population
Chiumenti, Nicholas (2018-09-01)
Permanent supportive housing (PSH) has become an important resource for Massachusetts service providers working to address chronic homelessness in the state. Nationally, and in the Commonwealth, the number of PSH beds available for homeless individuals and families now exceeds the amount of emergency shelter beds and other, non-permanent, housing options. While PSH is acknowledged as an important tool, there has been little research into the inventory level needed to effectively house the state?s current chronic homeless population, and what, if any, local shortages exist. This report uses ...
New England Public Policy Center Policy Reports , Paper 18-2

Journal Article
Comparing Measures of Rental Prices Can Inform Monetary Policy
McAdam, Peter (2023-09-29)
Shelter makes up one-third of the Consumer Price Index (CPI) and is important to understanding inflation developments. Comparing two measures of shelter prices—the official U.S. Bureau of Labor Statistics (BLS) dataset and the Zillow rental price index—shows that the Zillow series leads the BLS series by about six to 10 months. Changes in the Zillow series should eventually be reflected in the BLS data, so any positive gap between the two suggests that tighter monetary conditions may be needed to lower CPI inflation.
Economic Bulletin

Journal Article
Preserving Chicagoland's Small Multifamily Housing Stock
Markowski, John G. (Jack) (2015)
On May 22, 2014, more than 75 lenders, regulators and housing stakeholders gathered at the Federal Reserve Bank of Chicago to discuss lending to small rental properties (5 to 49 units). Co-hosted by the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Institute for Housing Studies at DePaul University (IHS), Community Investment Corporation (CIC) and The Preservation Compact, the discussion focused on causes and potential solutions for the dearth of lending to small rental buildings in Chicagoland?s low? and moderate?income communities.
Profitwise , Issue 1 , Pages 1-4

Journal Article
Housing affordability: recommendations for new research to guide policy
Dokko, Jane K. (2018-24-03)
This article highlights areas where economic research is needed to guide federal policymakers addressing the challenge of improving housing affordability. The author places these research recommendations in the framework of five key issues, reflecting policymakers? need to identify a rationale for government action; to employ a single, clear measure to gauge affordability; to understand the unintended consequences of current housing policies; to ensure that the political environment is considered when developing policy; and to decide whether to use housing finance reform as a means of ...
Economic Policy Review , Issue 24-3 , Pages 138-144

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