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Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Upjohn Institute Working Paper No. 19-316
Verlag: 
W.E. Upjohn Institute for Employment Research, Kalamazoo, MI
Zusammenfassung: 
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 buildings slow local rent increases rather than initiate or accelerate them.
Schlagwörter: 
housing supply
housing affordability
gentrification
amenities
JEL: 
R21
R23
R31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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