IDEAS home Printed from https://ideas.repec.org/p/cth/wpaper/gru_2021_011.html
   My bibliography  Save this paper

Housing “Affordability” and Responses During Times of Stress: A Brief Global Review

Author

Listed:
  • Stephen Malpezzi

    (University of Wisconsin-Madison)

Abstract

This paper is based on a presentation to the City University of Hong Kong Workshop on “Postcrisis Housing Market and Financial Stability: Recovery Without Affordability?” held virtually on July 9, 2020, with revisions. That presentation and this paper are in turn based partly on several larger reviews of housing affordability, the coronavirus and its effects on housing and urban development, and potential shocks. Many colleagues have commented on and otherwise contributed to those efforts, including Brent Ambrose, Shlomo Angel, David Barker, Alain Bertaud, Julia Coronado, Morris Davis, Mike Eriksen, Eugene Flynn, Allen Goodman, Jacques Gordon, Richard Green, Marja Hoek, Harvey Jacobs, Kyung-Hwan Kim, Charles Ka Yui Leung, David Ling, Jaime Luque, Duncan Maclennan, Antonio Mello, Stani Milcheva, Norm Miller, Bertrand Renaud, Andy Reschovsky, Jenny Schuetz, Dale Whittington and Jiro Yoshido. Seminar participants at USC and Penn State as well as the participants in the City University of Hong Kong Workshop also provided useful suggestions. Naturally, none of these colleagues are responsible for the results.

Suggested Citation

  • Stephen Malpezzi, 2021. "Housing “Affordability” and Responses During Times of Stress: A Brief Global Review," GRU Working Paper Series GRU_2021_011, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    • Handle: RePEc:cth:wpaper:gru_2021_011
    as

    Download full text from publisher

    File URL: https://www.cb.cityu.edu.hk/ef/doc/GRU/WPS/GRU%232021-011%20Malpezzi.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Morris A. Davis, 2010. "housing and the business cycle," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    2. Ferreira,Francisco H. G. & Sterck,Olivier Christian Brigitte & Mahler,Daniel Gerszon & Decerf,Benoit Marie A, 2021. "Death and Destitution : The Global Distribution of Welfare Losses from the COVID-19 Pandemic," Policy Research Working Paper Series 9673, The World Bank.
    3. Sudeshna Ghosh Banerjee & Elvira Morella, 2011. "Africa's Water and Sanitation Infrastructure : Access, Affordability, and Alternatives," World Bank Publications - Books, The World Bank Group, number 2276, December.
    4. Timothy J. Bartik, 1991. "Who Benefits from State and Local Economic Development Policies?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number wbsle, july-dece.
    5. Robert J. Barro & José F. Ursúa & Joanna Weng, 2020. "The Coronavirus and the Great Influenza Pandemic: Lessons from the “Spanish Flu” for the Coronavirus’s Potential Effects on Mortality and Economic Activity," NBER Working Papers 26866, National Bureau of Economic Research, Inc.
    6. Vanda Almeida & Salvador Barrios & Michael Christl & Silvia Poli & Alberto Tumino & Wouter Wielen, 2021. "The impact of COVID-19 on households´ income in the EU," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 19(3), pages 413-431, September.
    7. Aron, Janine & Muellbauer, John, 2020. "Measuring excess mortality: the case of England during the Covid-19 Pandemic," INET Oxford Working Papers 2020-11, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    8. Dasgupta, Basab & Lall, Somik V. & Lozano-Gracia, Nancy, 2014. "Urbanization and housing investment," Policy Research Working Paper Series 7110, The World Bank.
    9. Ferreira, Francisco H. G. & Sterck, Olivier & Mahler, Daniel G. & Decerf, Benoit, 2021. "Death and destitution: distribution of welfare losses from the Covid-19 pandemic," LSE Research Online Documents on Economics 110480, London School of Economics and Political Science, LSE Library.
    10. Fetter, Daniel K., 2016. "The Home Front: Rent Control and the Rapid Wartime Increase in Home Ownership," The Journal of Economic History, Cambridge University Press, vol. 76(4), pages 1001-1043, December.
    11. Inter-American Development Bank (IDB), 2012. "Room for Development: Housing Markets in Latin America and the Caribbean: Summary," IDB Publications (Books), Inter-American Development Bank, number 79942, February.
    12. Richard Arnott, 1995. "Time for Revisionism on Rent Control?," Journal of Economic Perspectives, American Economic Association, vol. 9(1), pages 99-120, Winter.
    13. Eichenbaum, Martin S. & Rebelo, Sergio & Trabandt, Mathias, 2022. "The macroeconomics of testing and quarantining," Journal of Economic Dynamics and Control, Elsevier, vol. 138(C).
    14. Stuart S. Rosenthal, 2014. "Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a "Repeat Income" Model," American Economic Review, American Economic Association, vol. 104(2), pages 687-706, February.
    15. Davis, Morris A. & Van Nieuwerburgh, Stijn, 2015. "Housing, Finance, and the Macroeconomy," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 753-811, Elsevier.
    16. Rebecca Diamond & Tim McQuade & Franklin Qian, 2019. "The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco," American Economic Review, American Economic Association, vol. 109(9), pages 3365-3394, September.
    17. Diane Coyle, 2014. "GDP: A Brief but Affectionate History," Economics Books, Princeton University Press, edition 1, number 10183.
    18. Inter American Development Bank, 2012. "Room for Development: Housing Markets in Latin America and the Caribbean: Summary," IDB Publications (Books), Inter-American Development Bank, number 447, October.
    19. Rebecca Diamond & Tim McQuade, 2019. "Who Wants Affordable Housing in Their Backyard? An Equilibrium Analysis of Low-Income Property Development," Journal of Political Economy, University of Chicago Press, vol. 127(3), pages 1063-1117.
    20. Dean Corbae & Erwan Quintin, 2015. "Leverage and the Foreclosure Crisis," Journal of Political Economy, University of Chicago Press, vol. 123(1), pages 1-65.
    21. Philip Lowe & Claudio Borio, 2002. "Asset prices, financial and monetary stability: exploring the nexus," BIS Working Papers 114, Bank for International Settlements.
    22. Burns, Leland S & Grebler, Leo, 1976. "Resource Allocation to Housing Investment: A Comparative International Study," Economic Development and Cultural Change, University of Chicago Press, vol. 25(1), pages 95-121, October.
    23. César Patricio Bouillon (ed.), 2012. "Room for Development," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-03146-4.
    24. Boris Cournède & Volker Ziemann & Frederica De Pace, 2020. "The Future of Housing: Policy Scenarios," OECD Economics Department Working Papers 1624, OECD Publishing.
    25. Xudong An & Lawrence R. Cordell & Liang Geng & Keyoung Lee, 2021. "Inequality in the Time of COVID-19: Evidence from Mortgage Delinquency and Forbearance," Working Papers 21-09, Federal Reserve Bank of Philadelphia.
    26. Ammar Farooq & Adriana D. Kugler & Umberto Muratori, 2020. "Do Unemployment Insurance Benefits Improve Match and Employer Quality? Evidence from Recent U.S. Recessions," NBER Working Papers 27574, National Bureau of Economic Research, Inc.
    27. Ms. Marina Mendes Tavares & Ms. Stefania Fabrizio, 2021. "COVID-19 She-Cession: The Employment Penalty of Taking Care of Young Children," IMF Working Papers 2021/058, International Monetary Fund.
    28. Gilles Duranton & J. V. Henderson & William C. Strange (ed.), 2015. "Handbook of Regional and Urban Economics," Handbook of Regional and Urban Economics, Elsevier, edition 1, volume 5, number 5.
    29. Donald R. Davis & David E. Weinstein, 2002. "Bones, Bombs, and Break Points: The Geography of Economic Activity," American Economic Review, American Economic Association, vol. 92(5), pages 1269-1289, December.
    30. Burgard, Sarah A. & Seefeldt, Kristin S. & Zelner, Sarah, 2012. "Housing instability and health: Findings from the Michigan recession and recovery study," Social Science & Medicine, Elsevier, vol. 75(12), pages 2215-2224.
    31. Christopher Avery & William Bossert & Adam Clark & Glenn Ellison & Sara Fisher Ellison, 2020. "An Economist's Guide to Epidemiology Models of Infectious Disease," Journal of Economic Perspectives, American Economic Association, vol. 34(4), pages 79-104, Fall.
    32. Francois Bourguignon, 2004. "The Poverty-growth-inequality triangle," Indian Council for Research on International Economic Relations, New Delhi Working Papers 125, Indian Council for Research on International Economic Relations, New Delhi, India.
    33. Attila Ambrus & Erica Field & Robert Gonzalez, 2020. "Loss in the Time of Cholera: Long-Run Impact of a Disease Epidemic on the Urban Landscape," American Economic Review, American Economic Association, vol. 110(2), pages 475-525, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brian Asquith & Evan Mast & Davin Reed, 2019. "Supply Shock Versus Demand Shock: The Local Effects of New Housing in Low-Income Areas," Upjohn Working Papers 19-316, W.E. Upjohn Institute for Employment Research.
    2. Stephan Heblich & Stephen J Redding & Daniel M Sturm, 2020. "The Making of the Modern Metropolis: Evidence from London," The Quarterly Journal of Economics, Oxford University Press, vol. 135(4), pages 2059-2133.
    3. Duranton, Gilles & Venables, Anthony J, 2018. "Place-Based Policies for Development," CEPR Discussion Papers 12889, C.E.P.R. Discussion Papers.
    4. Gandhi, Sahil & Green, Richard K. & Patranabis, Shaonlee, 2022. "Insecure property rights and the housing market: Explaining India’s housing vacancy paradox," Journal of Urban Economics, Elsevier, vol. 131(C).
    5. Pierre-Philippe Combes & Gilles Duranton & Laurent Gobillon, 2012. "The Cost of Agglomeration: Land Prices in Cities," Sciences Po publications 9240, Sciences Po.
    6. Yoshida, Jiro, 2016. "Structure Depreciation and the Production of Real Estate Services," HIT-REFINED Working Paper Series 44, Institute of Economic Research, Hitotsubashi University.
    7. Fehrle, Daniel, 2019. "Housing and the business cycle revisited," Journal of Economic Dynamics and Control, Elsevier, vol. 99(C), pages 103-115.
    8. Elenev, Vadim & Landvoigt, Tim & Van Nieuwerburgh, Stijn, 2016. "Phasing out the GSEs," Journal of Monetary Economics, Elsevier, vol. 81(C), pages 111-132.
    9. Piazzesi, M. & Schneider, M., 2016. "Housing and Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1547-1640, Elsevier.
    10. Mense, Andreas, 2020. "The Impact of New Housing Supply on the Distribution of Rents," VfS Annual Conference 2020 (Virtual Conference): Gender Economics 224569, Verein für Socialpolitik / German Economic Association.
    11. repec:hal:spmain:info:hdl:2441/6bmhhi42888fj8hn1okddaqsab is not listed on IDEAS
    12. Konstantin A. Kholodilin & Sebastian Kohl, 2020. "Does Social Policy through Rent Controls Inhibit New Construction? Some Answers from Long-Run Historical Evidence," Discussion Papers of DIW Berlin 1839, DIW Berlin, German Institute for Economic Research.
    13. Bertrand Achou & Hippolyte d'Albis & Eleni Iliopulos, 2021. "Real Estate and Rental Markets during Covid Times," Documents de recherche 21-02, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
    14. Zhimin Li & Leslie Sheng Shen & Calvin Zhang, 2020. "Capital Flows, Asset Prices, and the Real Economy: A "China Shock" in the U.S. Real Estate Market," International Finance Discussion Papers 1286, Board of Governors of the Federal Reserve System (U.S.).
    15. Divya Singh, 2020. "Do Property Tax Incentives for New Construction Spur Gentrification? Evidence from New York City," 2020 Papers psi856, Job Market Papers.
    16. Weinstein, Russell, 2018. "Dynamic responses to labor demand shocks: Evidence from the financial industry in Delaware," Journal of Urban Economics, Elsevier, vol. 106(C), pages 27-45.
    17. Carlos Garriga & Aaron Hedlund, 2020. "Mortgage Debt, Consumption, and Illiquid Housing Markets in the Great Recession," American Economic Review, American Economic Association, vol. 110(6), pages 1603-1634, June.
    18. Laura Jaitman, 2015. "Urban infrastructure in Latin America and the Caribbean: public policy priorities," Latin American Economic Review, Springer;Centro de Investigaciòn y Docencia Económica (CIDE), vol. 24(1), pages 1-57, December.
    19. Francis E Warnock & Veronica Cacdac Warnock, 2012. "Developing Housing Finance Systems," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Frank Packer & Callan Windsor (ed.),Property Markets and Financial Stability, Reserve Bank of Australia.
    20. Charles Ka Yui LEUNG, 2022. "Housing and Macroeconomics," ISER Discussion Paper 1197, Institute of Social and Economic Research, Osaka University.
    21. Daniel Broxterman & Tingyu Zhou, 2023. "Information Frictions in Real Estate Markets: Recent Evidence and Issues," The Journal of Real Estate Finance and Economics, Springer, vol. 66(2), pages 203-298, February.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cth:wpaper:gru_2021_011. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/decithk.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: GRU The email address of this maintainer does not seem to be valid anymore. Please ask GRU to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/decithk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.