This article examines how the disclosure of local gun‐ownership information affects property values. Using the sudden disclosure of a gun‐ownership map in two New York counties, we explore how home sellers respond to this exogenous information shock. Our results show that an additional permit holder in the neighborhood leads to a 1% decrease in housing prices after the disclosure. This effect is highly localized in that property values are only negatively impacted by gun‐permit holders within 0.1 mi of the focal property. These findings highlight the negative effect of the disclosure of gun‐ownership information on localized home prices.
{"title":"Gun‐ownership disclosure and localized home prices","authors":"Michael J. Seiler, Liuming Yang","doi":"10.1111/1540-6229.12454","DOIUrl":"https://doi.org/10.1111/1540-6229.12454","url":null,"abstract":"This article examines how the disclosure of local gun‐ownership information affects property values. Using the sudden disclosure of a gun‐ownership map in two New York counties, we explore how home sellers respond to this exogenous information shock. Our results show that an additional permit holder in the neighborhood leads to a 1% decrease in housing prices after the disclosure. This effect is highly localized in that property values are only negatively impacted by gun‐permit holders within 0.1 mi of the focal property. These findings highlight the negative effect of the disclosure of gun‐ownership information on localized home prices.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75128350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We estimate nonmarket values for natural views in an urban setting. These views contain the aesthetics of natural areas commonly found in public parks and open space, and offer an aspect of property valuation that previous research is unable to disentangle from proximity to parks and open space. We incorporate machine learning techniques on Google Street View images to identify natural views in an urban setting. We find positive capitalization rates associated with household views of park‐like properties. Estimates are robust to a variety of specifications, including models that are identified off of new developments on neighboring properties and falsification tests that help to rule out the effect of a broader neighborhood environment. From a policy perspective, our results inform as to the optimal size, location, and shape of open space. Furthermore, machine learning methods used in the construction of our view variable provide a potentially powerful tool for other nonmarket valuation studies.
{"title":"The amenity value of natural views","authors":"Timothy L. Hamilton, Erik B. Johnson","doi":"10.1111/1540-6229.12451","DOIUrl":"https://doi.org/10.1111/1540-6229.12451","url":null,"abstract":"We estimate nonmarket values for natural views in an urban setting. These views contain the aesthetics of natural areas commonly found in public parks and open space, and offer an aspect of property valuation that previous research is unable to disentangle from proximity to parks and open space. We incorporate machine learning techniques on Google Street View images to identify natural views in an urban setting. We find positive capitalization rates associated with household views of park‐like properties. Estimates are robust to a variety of specifications, including models that are identified off of new developments on neighboring properties and falsification tests that help to rule out the effect of a broader neighborhood environment. From a policy perspective, our results inform as to the optimal size, location, and shape of open space. Furthermore, machine learning methods used in the construction of our view variable provide a potentially powerful tool for other nonmarket valuation studies.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89685750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The heterogeneous impact of house purchase limits policy on housing prices: Comparison between elite and non‐elite school district houses","authors":"Yongbin Huang, Hai Hong","doi":"10.1111/1540-6229.12452","DOIUrl":"https://doi.org/10.1111/1540-6229.12452","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78326579","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Vasilios Plakandaras, Ioannis Pragidis, Paris Karypidis
{"title":"Deciphering the U.S. metropolitan house price dynamics","authors":"Vasilios Plakandaras, Ioannis Pragidis, Paris Karypidis","doi":"10.1111/1540-6229.12453","DOIUrl":"https://doi.org/10.1111/1540-6229.12453","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77368338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols
We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.
{"title":"Recourse as shadow equity: Evidence from commercial real estate loans","authors":"David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols","doi":"10.1111/1540-6229.12450","DOIUrl":"https://doi.org/10.1111/1540-6229.12450","url":null,"abstract":"We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.
{"title":"Emergence of subprime lending in minority neighborhoods","authors":"Eglė Jakučionytė, Swapnil Singh","doi":"10.1111/1540-6229.12449","DOIUrl":"https://doi.org/10.1111/1540-6229.12449","url":null,"abstract":"Abstract Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136355777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Previous models of tenant composition in shopping malls have focused on traditional anchor and nonanchor retailers who sell similar merchandise. With the changing preferences of modern shoppers who seek unique and entertaining experiences, this article introduces a new type of store known as “specialty stores” that offer experiential consumption. Using a dynamic game model that considers the trade‐off between the benefits of agglomeration and the costs of competition, we re‐examine the tenant optimization problem faced by mall owners in the current retail environment. Our findings show that specialty stores have a significant impact on the optimal tenant mix and the rent revenue of developers. This article provides valuable insights into the optimal tenant composition for large‐scale shopping centers that cater to contemporary consumers.
{"title":"Competition, agglomeration, and tenant composition in shopping malls","authors":"David Leung, Peng Liu, Tingyu Zhou","doi":"10.1111/1540-6229.12442","DOIUrl":"https://doi.org/10.1111/1540-6229.12442","url":null,"abstract":"Abstract Previous models of tenant composition in shopping malls have focused on traditional anchor and nonanchor retailers who sell similar merchandise. With the changing preferences of modern shoppers who seek unique and entertaining experiences, this article introduces a new type of store known as “specialty stores” that offer experiential consumption. Using a dynamic game model that considers the trade‐off between the benefits of agglomeration and the costs of competition, we re‐examine the tenant optimization problem faced by mall owners in the current retail environment. Our findings show that specialty stores have a significant impact on the optimal tenant mix and the rent revenue of developers. This article provides valuable insights into the optimal tenant composition for large‐scale shopping centers that cater to contemporary consumers.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135792487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Airbnb or not Airbnb? That is the question: How Airbnb bans disrupt rental markets","authors":"Michael J. Seiler, R. Siebert, Liuming Yang","doi":"10.1111/1540-6229.12440","DOIUrl":"https://doi.org/10.1111/1540-6229.12440","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79096275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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