Acolin, Arthur; Lin, Desen; Wachter, Susan M. (2019). Endowments and Minority Homeownership. Cityscape, 21(1), 5 – 62.
Abstract
Fifty years after the adoption of the 1968 Fair Housing Act that prohibits discrimination in the housing market, homeownership rates have not increased for Black or Hispanic households. The current homeownership rate for Black households is 42 percent, identical to the 1970 census reported level, and 48 percent for Hispanic households, lower than that in 1970. Using data from the 1989, 2005, and 2013 American Housing Surveys, we identify the extent to which group differences in household endowments account for persistently low minority homeownership levels.
Keywords
Borrowing Constraints; Household Formation; Race; Wealth; Trends; Rates
Costa, Ana; Sass, Victoria; Kennedy, Ian; Roy, Roshni; Walter, Rebecca J.; Acolin, Arthur; Crowder, Kyle; Hess, Chris; Ramiller, Alex; Chasins, Sarah. (2021). Toward a Cross-Platform Framework: Assessing the Comprehensiveness of Online Rental Listings. Cityscape, 23(2), 327 – 339.
Abstract
Research on rental housing markets in the United States has traditionally relied on national or local housing surveys. Those sources lack temporal and spatial specificity, limiting their use for tracking short-term changes in local markets. As rental housing ads have transitioned to digital spaces, a growing body of literature has utilized web scraping to analyze listing practices and variations in rental market dynamics. Those studies have primarily relied on one platform, Craigslist, as a source of data. Despite Craigslist's popularity, the authors contend that rental listings from various websites, rather than from individual ones, provide a more comprehensive picture. Using a mixed-methods approach to study listings across various platforms in five metropolitan areas, this article demonstrates considerable variation in both the types of rental units advertised and the features provided across those platforms. The article begins with an account of the birth and consolidation of online rental platforms and emergent characteristics of several selected websites, including the criteria for posting, search parameters, search results priority, and first-page search results. Visualizations are used to compare features such as the 40th percentile of rent, rent distribution, and bedroom size based on scraped data from six online platforms (Padmapper, Forrent.com , Trulia, Zillow, Craigslist, and GoSection8), 2020 Fair Market Rents, and 2019 American Community Survey data. The analyses indicate that online listing platforms target different audiences and offer distinct information on units within those market segments, resulting in markedly different estimates of local rental costs and unit size distribution depending on the platform.
Ametefe, Frank Kwakutse; Devaney, Steven; Stevenson, Simon Andrew. (2019). Optimal Composition of Hybrid/Blended Real Estate Portfolios. Journal Of Property Investment & Finance, 37(1), 20 – 41.
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Abstract
Purpose The purpose of this paper is to establish an optimum mix of liquid, publicly traded assets that may be added to a real estate portfolio, such as those held by open-ended funds, to provide the liquidity required by institutional investors, such as UK defined contribution pension funds. This is with the objective of securing liquidity while not unduly compromising the risk-return characteristics of the underlying asset class. This paper considers the best mix of liquid assets at different thresholds for a liquid asset allocation, with the performance then evaluated against that of a direct real estate benchmark index. Design/methodology/approach The authors employ a mean-tracking error optimisation approach in determining the optimal combination of liquid assets that can be added to a real estate fund portfolio. The returns of the optimised portfolios are compared to the returns for portfolios that employ the use of either cash or listed real estate alone as a liquidity buffer. Multivariate generalised autoregressive models are used along with rolling correlations and tracking errors to gauge the effectiveness of the various portfolios in tracking the performance of the benchmark index. Findings The results indicate that applying formal optimisation techniques leads to a considerable improvement in the ability of the returns from blended real estate portfolios to track the underlying real estate market. This is the case at a number of different thresholds for the liquid asset allocation and in cases where a minimum return requirement is imposed.
Keywords
Hedge-fund-replication; Volatility Dynamics; Tracking Error; Stock; Performance; Property; Returns; Markets; Private; Model; Open-ended Funds; Real Estate Liquidity; Portfolio Optimization; Blended Real Estate; Defined Contribution Pensions
Hess, Chris; Acolin, Arthur; Walter, Rebecca; Kennedy, Ian; Chasins, Sarah; Crowder, Kyle. (2021). Searching for Housing in the Digital Age: Neighborhood Representation on Internet Rental Housing Platforms across Space, Platform, and Metropolitan Segregation. Environment And Planning A-economy And Space, 53(8), 2012 – 2032.
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Abstract
Understanding residential mobility, housing affordability, and the geography of neighborhood advantage and disadvantage relies on robust information about housing search processes and housing markets. Existing data about housing markets, especially rental markets, suffer from accuracy issues and a lack of temporal and geographic flexibility. Data collected from online rental platforms that are commonly used can help address these issues and hold considerable promise for better understanding the full distribution of available rental homes. However, realizing this promise requires a careful assessment of potential sources of bias as online rental listing platforms may perpetuate inequalities similar to those found in physical spaces. This paper approaches the production of rental advertisements as a social process driven by both contextual and property level factors. We compare data from two online platforms for the 100 most populated metropolitan areas in the United States to explore inequality in digital rental listing spaces and understand what characteristics are associated with over and underrepresentation of advertisements in certain areas. We find similar associations for socioeconomic measures between platforms and across urban and suburban parts of these metropolitan areas. In contrast, the importance of racial and ethnic composition, as well as broader patterns of segregation, for online representation differs substantially across space and platform. This analysis informs our understanding of how online platforms affect housing search dynamics through their biases and segmentation, and highlights the potential and limits in using the data available on these platforms to produce small area rental estimates.
Keywords
Fair Market Rents; Cities; Opportunity; Residential Mobility; Online Rental Listings; Rental Housing Markets; Housing Search; Inequality
Ascherl, Claudia; Schrand, Liesa; Schaefers, Wolfgang; Dermisi, Sofia. (2019). The Determinants of Executive Compensation in US REITs: Performance vs. Corporate Governance Factors. Journal Of Property Research, 36(4), 313 – 342.
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Abstract
The paper examines whether executive compensation packages within the US REIT industry are determined merely by performance or also by CEO power mechanisms that have an essential influence on board-level negotiations. We offer original insights into management compensation arrangements during and after the financial crisis. The relative importance of cash bonuses in CEO compensation contracts has more than halved after the crisis. Simultaneously, after the financial crisis, equity-based compensation became increasingly important. Concerning the pay-for-performance link, our results show no relationship during the financial crisis. However, after the crisis, we find a strong significant link between remuneration packages and corporate success.
Keywords
Executive Compensation; Chief Executive Officers; Negotiations; Compensation; Packages; Crises; Economic Crisis; Corporate Governance; United States--us
Tillyer, Marie Skubak; Wilcox, Pamela; Walter, Rebecca J. (2021). Crime Generators In Context: Examining ‘place In Neighborhood’ Propositions. Journal Of Quantitative Criminology, 37(2), 517 – 546.
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Abstract
Objectives The present study tests hypotheses regarding the moderating influence of neighborhood-level criminal opportunity on the relationship between crime generators and block-level crime. Methods We first estimated multilevel negative binomial regression models for violent, property, and drug crimes to identify crime-type specific crime generators on each block. We then estimated a series of crime-type specific models to examine whether the effects of violent, property, and drug crime generators are moderated by three census block group-level indicators of neighborhood criminal opportunity-concentrated disadvantage, vehicular traffic activity, and civic engagement. Results The positive relationship between crime generators and crime on blocks was exacerbated in census block groups with high levels of concentrated disadvantage and high levels of traffic activity for all three crime types. The effects of crime generators on block-level crime were significantly tempered in census block groups with high levels of civic engagement. Conclusions Particular place types do not generate crime similarly across varying neighborhood contexts. Rather, the criminogenic effects of micro-places appear to be exacerbated in neighborhoods with extensive criminal opportunity and tempered in neighborhoods with less criminal opportunity.
Keywords
Neighborhoods; Crime; Regression Analysis; Census; Crime And Place; Crime Generators; Multilevel Opportunity; Place In Neighborhood; Alcohol Outlet Density; Block-level Analysis; Social-disorganization; Routine Activities; Longitudinal Analysis; Street Robbery; Land-use; Multilevel; Victimization; Community; Citizen Participation; Traffic; Property Offences; Drugs; Effects; Property
Colburn, Gregg. (2019). The Effect of Market Conditions on the Housing Outcomes of Subsidized Households: The Case of the US Voucher Programme. Housing Studies, 34(9), 1465 – 1484.
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Abstract
Since being created in the 1970s, housing vouchers have become the primary mode of federal housing support for low-income households in the US. The voucher programme was designed to provide recipients with the mobility needed to secure higher quality housing in neighbourhoods of their choice. Decades of analysis suggest that the programme has failed to produce the favourable outcomes envisioned by policymakers. To add to our understanding of the outcomes of this important federal programme, this paper seeks to underscore the importance of context-dependent policy analysis. In particular, this study analyses the impact of housing market conditions on the outcomes achieved by voucher recipients. Using neighbourhood and housing outcome data from the American Housing Survey, and median rent and rental market vacancy data, this paper demonstrates the important role that market conditions play in programme outcomes. The results from this study suggest that voucher recipients are successful at improving housing unit quality outcomes regardless of market conditions, but the ability to move to a better neighbourhood is a function of vacancy rates.
Keywords
Housing Subsidies; Housing Vouchers; Housing Market; Poor Communities; Neighborhoods; Housing; Housing Choice Voucher; Market; Neighbourhood; Section 8; Vacancy; Voucher; Residential-mobility Decisions; Choice Vouchers; Neighborhood; Income; Live; Families; Place; Home; Markets; Economic Conditions; Policy Analysis; Households; Impact Analysis; Policy Making; Low Income Groups; Vouchers; Mobility; Vacancies; Conditions; United States--us
Walter, Rebecca J.; Caudy, Michael; Galvan Salcido, Christine; Ray, James; Viglione, Jill. (2021). Exploring Post-Incarceration Residential Trajectories: Indicators of Housing Stability During the Re-entry Process. Housing, Theory & Society, 38(3), 300 – 319.
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Abstract
Extant research on housing instability focuses on external housing barriers but limited research exists on individual-level indicators of housing stability for individuals returning to society from incarceration. This study addresses this gap with data collected from 70 individuals recently released from incarceration who returned to Bexar County (San Antonio, Texas) that were not placed in specific housing programmes, leaving them to seek housing independently. The study explores residential trajectories and the utility of individual-level characteristics, specifically readiness for change, in relation to housing stability. The findings reveal the importance of assessing the dynamics of each individual living situation since many of the participants are housed but not in stable housing situations. Furthermore, readiness for change (specifically action, self-sufficiency, and human agency) is found to be a significant indicator of housing stability and may represent an important intervention target for re-entry and reintegration programmes. [ABSTRACT FROM AUTHOR]; Copyright of Housing, Theory & Society is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Housing Discrimination; Housing; Self-reliant Living; Housing Instability; Housing Stability; Re-entry; Readiness For Change; Residential Trajectories
Reina, Vincent; Acolin, Arthur; Bostic, Raphael W. (2019). Section 8 Vouchers and Rent Limits: Do Small Area Fair Market Rent Limits Increase Access to Opportunity Neighborhoods? An Early Evaluation. Housing Policy Debate, 29(1), 44 – 61.
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Abstract
One critique of the U.S. Department of Housing and Urban Development (HUD)'s Housing Choice Voucher program is that its maximum rent limit is set at the metropolitan level, making more expensive neighborhoods effectively off limits to households who receive rental assistance. As a result, the design of the program limits a voucher household's access to opportunity neighborhood. In response, HUD created the Small Area Fair Market Rent (SAFMR) demonstration program, which calculates the maximum voucher rent at the zip code level so that HUD's rent limits more closely align with local neighborhood rents. In theory, this program should improve a voucher household's choice set and location outcomes. Looking at changes in the location of beneficiaries in the six sites that participated in the SAFMR demonstration program, we find a significant amount of regional variation in the results. Specifically, introduction of the SAFMR rent calculations results in voucher households living in higher opportunity neighborhoods in Dallas, Texas, in lower opportunity neighborhoods in Chattanooga, Tennessee, and mixed effects in other areas. These mixed results highlight some of the potential incremental benefits of the program and reinforce the importance of viewing this policy over a longer period of time, and in the context of other constraints voucher households face in accessing neighborhood opportunity.
Keywords
Choice; Mobility; Families; Live; Section 8; Low-income Housing; Subsidized Housing; Vouchers; Neighborhood; Access; Markets; Mathematical Analysis; Federal Agencies; Urban Development; Housing; Households; Neighborhoods; Rents; Limitations; Beneficiaries; Housing Subsidies; United States--us; Dallas Texas; Chattanooga Tennessee
Hall, Joshua C.; Lacombe, Donald J.; Neto, Amir; Young, James. (2022). Bayesian Estimation of the Hierarchical SLX Model with an Application to Housing Markets. Journal Of Economics & Finance, 46(2), 360 – 373.
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Abstract
Hierarchical or multilevel models have long been used in hedonic models to delineate housing submarket boundaries in order to improve model accuracy. School districts are one important delineator of housing submarkets in an MSA. Spatial hedonic models have been extensively employed to deal with unobserved spatial heterogeneity and spatial spillovers. In this paper, we develop the spatially lagged X (or SLX) hierarchical model to integrate these two approaches to better understanding local housing markets. We apply the SLX hierarchical model to housing and school district test score data from Cincinnati Ohio. Our results highlight the importance of accounting for spatial spillovers and the fact that houses are embedded in school districts which vary in quality. [ABSTRACT FROM AUTHOR]; Copyright of Journal of Economics & Finance is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Housing Market; Multilevel Models; Test Scoring; Cincinnati (ohio); Ohio; Bayesian Methods; Slx Model; Spatial Econometrics; Spatial Hierarchical Models