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Discussion Paper
Housing Affordability Challenges for Renters and Homeowners in the Rural Fifth District
As previously discussed in this blog, homeownership affordability has been on the decline in rural communities throughout the Fifth District. The combination of elevated home prices and rising mortgage rates have made homeownership harder to achieve. But affordability challenges aren't limited to prospective homebuyers. Many existing rural homeowners and renters — especially low-to-moderate income (LMI) households — are burdened by their housing costs.
Discussion Paper
A Look at the New York-Northern New Jersey Region’s Pandemic Housing Boom
Since the start of the pandemic, home prices in the U.S. have increased by an astonishing 40 percent. The New York-Northern New Jersey region saw a similar meteoric rise, as home prices shot up by 30 percent or more almost everywhere—even in upstate New York, where economic growth was sluggish well before the pandemic hit. New York City is the exception, where home price growth was less than half that pace. Indeed, home prices actually declined in Manhattan early in the pandemic, though they have rebounded markedly since. Much of the region’s home price boom can be traced to the rise in ...
What Are the Long-run Trade-offs of Rent-Control Policies?
While rent-control policies can mean more affordable housing for some, research shows they can also lead to a decline in the supply and quality of rental housing.
Addressing the Housing Affordability Crisis as COVID-19’s Impact Continues
Finding an affordable apartment or rental house already was a struggle for many families before the pandemic.
Working Paper
Supply Shock Versus Demand Shock: The Local Effects of New Housing in Low-Income Areas
We study the local effects of new market-rate housing in low-income areas using microdata on large apartment buildings, rents, and migration. New buildings decrease nearby rents by 5 to 7 percent relative to locations slightly farther away or developed later, and they increase in-migration from low-income areas. Results are driven by a large supply effect—we show that new buildings absorb many high-income households—that overwhelms any offsetting endogenous amenity effect. The latter may be small because most new buildings go into already-changing areas. Contrary to common concerns, new ...