Acolin, Arthur; Goodman, Laurie S.; Wachter, Susan M. (2016). A Renter or Homeowner Nation? Cityscape, 18(1), 145 – 158.
Research Theme: Economy & Finance & Development
Includes real estate finance and markets as well as economics and community development, from the scales of the building to the region
First-Time Homebuyers: Toward a New Measure
Acolin, Arthur; Calem, Paul; Jagtiani, Julapa; Wachter, Susan. (2018). First-Time Homebuyers: Toward a New Measure. Cityscape, 20(1), 193 – 204.
Abstract
Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this article, we use a new dataset to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New York Equifax Consumer Credit Panel, shows a significant decline in the share of first-time homebuyers, particularly among young households, consistent with the decline in homeownership in this age cohort since the early 2000s.
Comparing Small Area Fair Market Rents with Other Rental Measures across Diverse Housing Markets
Hess, Christian; Walter, Rebecca J.; Acolin, Arthur; Chasins, Sarah. (2019). Comparing Small Area Fair Market Rents with Other Rental Measures across Diverse Housing Markets. Cityscape, 21(3), 159 – 186.
Abstract
Small Area Fair Market Rents (SAFMRs) are calculated at the 40th percentile of the U.S. postal ZIP Code instead of the metropolitan area in an effort to capture localized rents to expand choice for voucher holders to access housing in higher-opportunity neighborhoods. Existing studies on the potential and actual outcomes of SAFMRs demonstrate that findings vary for different types of housing markets. Furthermore, the decisions public housing authorities (PHAs) make in the implementation process affect PHAs' program budget and the rent burden and locational outcomes for voucher households. This study aims to address how these implementation factors are affected by local rental market conditions for three PHAs-Housing Authority of the City of Fort Lauderdale, San Antonio Housing Authority, and Seattle Housing Authority-in diverse housing markets. By comparing different sources of market rent estimates with SAFMRs in each location, we contribute new information about how this rule is likely to produce different residential outcomes in terms of increased access to low-poverty neighborhoods and adjustments to payment standards in low-rent neighborhoods. The findings reveal differences across rent measures in terms of estimated levels and relative differences across ZIP Codes. These findings suggest that housing authorities may face challenges in meeting the objectives of the SAFMR final rule without some form of local adjustments.]
Who Owns Chinatown: Neighbourhood Preservation and Change in Boston and Philadelphia
Acolin, Arthur; Vitiello, Domenic. (2018). Who Owns Chinatown: Neighbourhood Preservation and Change in Boston and Philadelphia. Urban Studies, 55(8), 1690 – 1710.
Abstract
The survival of Chinatowns and other ethnic enclaves in cities is largely determined by who owns property. Ethnic enclaves such as Chinatowns have traditionally played important economic, social and cultural functions as places for recent immigrants to live and work, though Chinatowns have long faced redevelopment pressures. In North America, as Chinese immigrants and their descendants settle in the suburbs, and as historic Chinatowns’ locations close to revitalising downtowns attract increasing investment, the future of these historic enclaves is shaped by various, often intense and divergent, forces. This article describes changes in the patterns of property ownership in Boston and Philadelphia’s downtown Chinatowns over the last decade (2003–2013) and relates them to changes and continuities in these neighbourhoods’ population, commercial activities and building stock. The trends we observe simultaneously reinforce and complicate debates about gentrification and longstanding efforts to preserve these Chinatowns as ethnic Chinese residential, commercial, and cultural centres.]
Keywords
Chinatown, Ethnic Enclave, Neighbourhood Change, Ownership
Vince Wang
Ruoniu (Vince) Wang is an Assistant Professor in the Runstad Department of Real Estate in the College of Built Environments at the University of Washington. He studies spatial justice and inclusive communities, including their impacts reflected in the built environment, human behaviors, and policy interventions. Vince joined the University of Washington after serving six years as the research manager and director in a national non-profit organization Grounded Solutions Network. He has designed and conducted a U.S. Census of inclusionary housing policies, a U.S. census of community land trusts, and a national performance evaluation of shared equity homeownership programs. His research expands to policy evaluation for the two largest federal assisted housing rental programs in the U.S.: the Low-Income Housing Tax Credit program and the Housing Choice Voucher program. Vince grounds his research with applied tools to democratize data for low-income communities.
Quantifying The Impacts Of Failures Of Departments Of Transportation Building Systems On Road System Users
Gatti, Umberto C.; El-anwar, Omar; Migliaccio, Giovanni C.; Lin, Ken-yu; Medina, Yvonne. (2014). Quantifying The Impacts Of Failures Of Departments Of Transportation Building Systems On Road System Users. Transportation Research Record, 2440, 85 – 93.
Abstract
Because of the financial crisis of 2007 to 2008 and the subsequent economic downturn, funding for transportation agencies has been consistently reduced. This lack of funds prevents the building assets of transportation agencies from being efficiently maintained, so failures may occur that discontinue employees' operations and activities and affect transportation system users. Thus, to maximize the use of available funding, it is compelling to create innovative tools and techniques capable of estimating how potential failures can affect employees' activities and, eventually, transportation system users. Facility managers and decision makers could use such estimates to make decisions on maintenance of building assets that would minimize the risks of disruptions to employees and transportation system users. Among the capital assets of the Washington State Department of Transportation (DOT), transportation equipment fund (TEF) shops are crucial in ensuring timely and effective care and maintenance of the majority of state vehicles and equipment Therefore, any disruption of the operations of TEF shop facilities could significantly affect not only the Washington State DOT's vehicles and equipment maintenance but also the department's ability to fulfill its core mission. Given the importance of TEF shops, this exploratory case study investigates the failures that have occurred or are likely to occur in these facilities and employs discrete-event simulation to quantify the consequences of such failures on the shop activities and road users.
Keywords
Simulation
Housing Trajectories of Immigrants and Their Children in France: Between Integration and Stratification
Acolin, Arthur. (2019). Housing Trajectories of Immigrants and Their Children in France: Between Integration and Stratification. Urban Studies (sage Publications, Ltd.), 56(10), 2021 – 2039.
Abstract
Immigrants have been found to exhibit different housing tenure patterns from the rest of the population in a number of contexts. This article tests whether observed differences in tenure in France can be explained by differences in socio-demographic characteristics or whether unexplained differences might result from housing market mechanisms that affect immigrants differentially from the rest of the population, and extends this to the second generation. The article relies on data from TeO, a survey of 21,761 persons designed to oversample and identify immigrants and their children, providing information about the outcomes of children of immigrants that is otherwise lacking in French statistics. The results indicate that while immigrants are significantly less likely to be homeowners, even after controlling for compositional difference, the gap in homeownership between the second generation and the rest of the population is smaller and not statistically significant. This suggests a progressive integration in the housing market over time and over generations rather than overall stratified housing trajectories. Differences in terms of the share of social housing residents, the level of residential crowding, and housing and neighbourhood characteristics also decline across generations. However, children of immigrants from some non-European origins are experiencing higher levels of stratification than other groups, with continued significant differences in tenure.
Keywords
Immigrants; Housing; Home Ownership; Children Of Immigrants; Housing Market; Social Stratification; France; Homeownership; Housing Trajectories; Tenure; Segmented Assimilation; Location Choices; Wealth; 2nd-generation; Discrimination; Segregation; Inequality; Quality; Markets; Demographics; Homeowners; Neighborhoods; Crowding; Statistical Analysis; Residential Patterns; Children; Trajectories; Residents; Residential Areas; Integration; Statistics; European Cultural Groups; Sociodemographics; Stratification; Demographic Aspects; Second Generation; Property; Public Housing; Noncitizens
Owning vs. Renting: The Benefits of Residential Stability?
Acolin, Arthur. (2020). Owning vs. Renting: The Benefits of Residential Stability? Housing Studies, 37(4), 644-647.
Abstract
In housing research, owning, as compared to renting, is generally depicted as more desirable and associated with better outcomes. This paper explores differences in outcomes between owners and renters in 25 European countries and whether these differences are systematically smaller in countries in which owners and renters have more similar levels of residential stability (smaller tenure length gap). The results indicate that the direction of the relationship between tenure type and the selected outcomes is largely similar across countries. Owners generally exhibit more desirable outcomes (including life satisfaction, civic participation, educational outcomes for children, and physical and mental health). However, when looking at the relationship between outcomes and country level differences in tenure length gap, findings suggest that renters have outcomes that are more similar to owners in countries in which tenure length gaps are smaller. These results point to the potential benefits of policies that would increase residential stability, particularly for renters.
Keywords
European Union; Homeownership Benefits; Length Of Residence; Tenure; Home-ownership; Homeownership
The Economic Effects of Volcanic Alerts-A Case Study of High-Threat US Volcanoes
Peers, Justin B.; Gregg, Christopher E.; Lindell, Michael K.; Pelletier, Denis; Romerio, Franco; Joyner, Andrew T. (2021). The Economic Effects of Volcanic Alerts-A Case Study of High-Threat US Volcanoes. Risk Analysis, 41(10).
Abstract
A common concern about volcanic unrest is that the communication of information about increasing volcanic alert levels (VALs) to the public could cause serious social and economic impacts even if an eruption does not occur. To test this statement, this study examined housing prices and business patterns from 1974-2016 in volcanic regions with very-high threat designations from the U.S. Geological Survey (USGS)-Long Valley Caldera (LVC), CA (caldera); Mount St. Helens (MSH), Washington (stratovolcano); and Kilauea, HawaiModified Letter Turned Commai (shield volcano). To compare economic trends in nonvolcanic regions that are economically dependent on tourism, Steamboat Springs, CO, served as a control as it is a ski-tourism community much like Mammoth Lakes in LVC. Autoregressive distributed lag (ARDL) models predicted that housing prices were negatively affected by VALs at LVC from 1982-1983 and 1991-1997. While VALs associated with unrest and eruptions included in this study both had short-term indirect effects on housing prices and business indicators (e.g., number of establishments, employment, and salary), these notifications were not strong predictors of long-term economic trends. Our findings suggest that these indirect effects result from both eruptions with higher level VALs and from unrest involving lower-level VAL notifications that communicate a change in volcanic activity but do not indicate that an eruption is imminent or underway. This provides evidence concerning a systemic issue in disaster resilience. While disaster relief is provided by the U.S. federal government for direct impacts associated with disaster events that result in presidential major disaster declarations, there is limited or no assistance for indirect effects to businesses and homeowners that may follow volcanic unrest with no resulting direct physical losses. The fact that periods of volcanic unrest preceding eruption are often protracted in comparison to precursory periods for other hazardous events (e.g., earthquakes, hurricanes, flooding) makes the issue of indirect effects particularly important in regions susceptible to volcanic activity.
Keywords
Direct Impacts; Econometric Analysis; Indirect Impacts; Risk Assessment; Volcano Alert Levels; Earthquakes; Hurricanes; Threats; Housing Costs; Business Indicators; Disasters; Disaster Relief; Declarations; Volcanoes; Resilience; Tourism; Economics; Flooding; Trends; Calderas; Geological Surveys; Housing Prices; Eruptions; Precursors; Indirect Effects; Business; Disaster Management; Economic Trends; Autoregressive Models; Floods; Employment Status; Prices; Federal Government; Housing; Eruption; Economic Impact; Seismic Activity; Volcanic Activity; Earthquake Prediction; Lakes; Communication; United States--us
Free: Accounting for the Costs of the Internet’s Most Popular Price
Hoofnagle, Chris Jay; Whittington, Jan. (2014). Free: Accounting for the Costs of the Internet’s Most Popular Price. UCLA Law Review, 61(3), 606 – 670.
Abstract
Offers of free services abound on the Internet. But the focus on the price rather than on the cost of free services has led consumers into a position of vulnerability. For example, even though internet users typically exchange personal information for the opportunity to use these purportedly free services, one court has found that users of free services are not consumers for purposes of California consumer protection law. This holding reflects the common misconception that the costs of free online transactions are negligible when in fact true costs may be quite significant. To elucidate the true costs of these allegedly free services, we apply a transaction cost economics (TCE) approach. Unlike orthodox economic theory, TCE provides a framework for analyzing exchanges in which the price of the product seems to be zero. Under a TCE analysis, we argue that information-intensive companies misuse the term free to promote products and services that involve numerous nonpecuniary costs. In so doing, firms generate contractual hazards for consumers, ignore consumer preferences for privacy, and mislead consumers by creating the impression that a given transaction will be free. While psychological research and behavioral economics may support an outright ban of free offers because of their biasing effects, TCE suggests reforming governance structures to place the business risks associated with free transactions more firmly in the hands of businesses. We suggest alterations to governance structures such as the Federal Trade Commission's Guide Concerning Use of the Word Free (FTC Guide) to curb the incentives of firms to raise transaction costs for consumers. The FTC Guide provides support for two of the consumer protection measures we propose: first, a requirement that free service providers clearly disclose that such providers seek users' personal information in exchange for those services, and, second, the establishment of a regular price before providers can market a service as free. We further argue that the recognition of users of free services as consumers for purposes of consumer protection law would better align incentives and ensure users access to legal redress against some of the most popular services on the Internet. Lastly, we suggest the adoption of alternative governance structures designed to reduce the cost of transacting by curbing the collection of personal information from consumers of free services and by enhancing the rights of consumers to govern the dispersal of personal information from free online services to third parties.
Keywords
Free Internet Service Providers; Internet Usage Monitoring; Transaction Cost Theory Of The Firm; Internet Privacy -- Law & Legislation; Law; United States. Federal Trade Commission; Vertical Integration; Privacy