- University of Southern California, USC Sol Price School of Public Policy, Graduate Studentadd
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Research Interests: Business, Finance, Economic History, Economics, Financial Economics, and 15 moreCorporate Governance, Banking, Capital Markets, Housing Policy, Housing, Consumer Behavior, Financial Regulation, Housing finance, Credit Ratings, Financial History, Asymmetric Information, Finance and banking, Housing and mortgage finance, Credit Rating Agencies, and Credit Rationing
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We use engineering data on building assemblies to estimate the average and marginal costs of developing multistory apartment buildings in the 50 largest cities in the United States. The majority of housing in the least affordable cities... more
We use engineering data on building assemblies to estimate the average and marginal costs of developing multistory apartment buildings in the 50 largest cities in the United States. The majority of housing in the least affordable cities is in multistory buildings, but most of our knowledge of how housing is produced is limited to single-family homes. By focusing on the vertical margin, we discover non-linearities in the cost curve and directly estimate the returns to scale, which allow us to measure the impact of height regulations on break-even rents of new supply. We find that height regulation has large, negative effects on affordability, with increasing magnitudes for more expensive land markets.
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This report uses estimates from the Congressional Budget Office to project an unemployment scenario for the Pandemic Recession. We go on to use detailed unemployment and homeless data from the 2008 Great Recession to estimate the linkage... more
This report uses estimates from the Congressional Budget Office to project an unemployment scenario for the Pandemic Recession. We go on to use detailed unemployment and homeless data from the 2008 Great Recession to estimate the linkage between unemployment and homelessness and forecast the amount and type of pandemic-driven homelessness in Los Angeles, California and the United States. Then we assess the condition of the housing market and identify steps for preventing evictions and increasing the housing supply. We examine characteristics of workers who are most likely to fall through the cracks of the economy and identify the risk factors that make them vulnerable. Then we describe how employment programs can use their skills to meet public needs.
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Research Interests: Physics and Color Line
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We estimate the marginal cost and break‐even rent of developing multifamily apartment buildings in the 50 largest cities in the United States using a novel data set of required construction inputs of standardized assemblies. We find... more
We estimate the marginal cost and break‐even rent of developing multifamily apartment buildings in the 50 largest cities in the United States using a novel data set of required construction inputs of standardized assemblies. We find nonlinearities in the marginal cost curve at the fourth and eighth stories that directly impact a developer's returns to scale with respect to height. This curve allows us to identify a developer's maximum willingness to pay for land for each building height, which we then compare to existing single‐family land prices to determine whether new multifamily development will occur. The analysis concludes by simulating the impact of height regulations on break‐even rents of new supply. We find that height regulation often has large, negative effects on housing affordability, with increasing magnitudes for more expensive land markets.
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Is income inequality a driver of homelessness at the community level? We theorize that inequality affects homelessness both by crowding out low-income households from the rental market (what we call an “income channel”) and by causing... more
Is income inequality a driver of homelessness at the community level? We theorize that inequality affects homelessness both by crowding out low-income households from the rental market (what we call an “income channel”) and by causing home prices to rise (a “price channel”). We construct a dataset of information on inequality, homelessness, rent burden, and housing prices in 239 communities from 2007 to 2018 and use it to assess the income inequality–homelessness relationship. Our results suggest that income inequality is a significant driver of community homelessness and that the “income channel” is the more likely mechanism through which homelessness is created. We argue that broader policy efforts to reduce income inequality are likely to have the collateral effect of reducing homelessness, and we discuss the need for national and local policies to help low-income households afford housing.
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Recent research demonstrates that land use choices, which date back to a century ago still powerfully shape the current development patterns. With advances in digitization, scholars have started studying the long-term effects of historic... more
Recent research demonstrates that land use choices, which date back to a century ago still powerfully shape the current development patterns. With advances in digitization, scholars have started studying the long-term effects of historic federal placed-based policies. One such area that has drawn attention from the housing and real estate community is “redlining,” designated by the Home Owners’ Loan Corporation in 1930s. Scholarly evidence suggest that neighborhoods graded poorly decades ago still face challenges in access to mortgage credit, homeownership rate, and housing value. However, the literature is not clear about the mechanisms through which the placed based policy in the past affects the current neighborhood performance. In this paper, we unravel one of these mechanisms. We argue that redlining has shaped the geography of housing segregation, not just that of racial segregation, by delineating the predominant location of single family and multi-family stock. We then hypothesize that these built environment effects persist even while redlining-related racial segregation diminished over time. Specifically, we explore how and why poorly-graded multi-family neighborhoods became locked in a continued cycle of impoverishment, with continued under-resourced and underinvested housing stock. We test this idea for ten U.S. cities for which digitized maps and 1930-2010 census data are available. By instrumenting the geography of housing segregation through the redlining policy, we find the connection between redlining policy and contemporary neighborhood outcomes in local housing markets with a mechanism identified.
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For several years, experts have warned about the lack of diversity in genetic research databases, and researchers have devoted time and resources to recruiting subjects from underrepresented subgroups. In this study, we review published... more
For several years, experts have warned about the lack of diversity in genetic research databases, and researchers have devoted time and resources to recruiting subjects from underrepresented subgroups. In this study, we review published reports in academic journals of genetic studies of Alzheimer’s disease to note whether demographic diversity was indicated in the reports and, if so, the extent of representation of non-European subjects over the period from 1997 to 2022. We use multivariate regression analysis to analyze changes over time and to explain variation across studies. Our analysis indicates that reported diversity has not changed over time. Rather, it appears to have remained relatively constant since GWAS (Genome-Wide Association Studies) were first used in the 1990s. We find most variation to be across journals rather than within journals, suggesting that characteristics of journals are an important influence on the dissemination of research with diverse samples. Lack of racial diversity in genetic databases used to develop clinical applications could lead to disparities in the effectiveness of those applications for underrepresented groups.
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The Low-Income Housing Tax Credit is the largest supply-side housing subsidy in the United States, costing over $8 billion per year. LIHTC properties tend to be concentrated in low-income urban communities. Numerous studies have examined... more
The Low-Income Housing Tax Credit is the largest supply-side housing subsidy in the United States, costing over $8 billion per year. LIHTC properties tend to be concentrated in low-income urban communities. Numerous studies have examined the spillover effects of these properties but have not accounted for their clustering or teased out the effects of introducing additional LIHTC developments to neighborhoods. We combine an interrupted time series model with a difference-in-difference approach to estimate the additive property value effects in Chicago and surrounding Cook County, Illinois. The development of subsequent LIHTC properties within a neighborhood augments the positive effects of the initial property as far as half a mile away, in both low-income and higher-income areas. The effects are most pronounced in neighborhoods with low median incomes.
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We review the history of health insurance in the U.S., emphasizing how our system came to be so heavily based on voluntary employer action. We assess the consequences of placing EBHI at the center of our nation’s healthcare system. We... more
We review the history of health insurance in the U.S., emphasizing how our system came to be so heavily based on voluntary employer action. We assess the consequences of placing EBHI at the center of our nation’s healthcare system. We examine how the ACA undertakes to change the employer-based health insurance environment, and how the Obama Administration, the Internal Revenue Service, and the U.S. Department of Health and Human Services are implementing the relevant provisions. Finally, we project how employers will respond to these changes, and how the U.S. healthcare system will evolve as a result.
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Along with the potential for breakthroughs in care and prevention, the search for genetic mechanisms underlying the spread and severity of COVID-19 introduces the risk of discrimination against those found to have markers for... more
Along with the potential for breakthroughs in care and prevention, the search for genetic mechanisms underlying the spread and severity of COVID-19 introduces the risk of discrimination against those found to have markers for susceptibility. We propose new legal protections to mitigate gaps in protections under existing laws.
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Donald Trump premised his successful campaign for the United States presidency on a pledge that his supporters would "start winning again." This paper evaluates the extent to which this promise became a reality for those voters.... more
Donald Trump premised his successful campaign for the United States presidency on a pledge that his supporters would "start winning again." This paper evaluates the extent to which this promise became a reality for those voters. By comparing votes at the county level, I show that Trump support is not associated with any significant relative improvement in either employment or housing prices. In fact, counties that voted for Hillary Clinton have performed significantly better in the housing market, even after controlling for previous differences in prices and growth rates. There is simply no evidence of superior economic performance in the regions that had fallen behind under previous presidencies.
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A. PURPORTED BENEFITS ............................................................................... 262 B. PRIVACY CONCERNS .................................................................................. 263 C. HARMS TO HEALTH AND... more
A. PURPORTED BENEFITS ............................................................................... 262 B. PRIVACY CONCERNS .................................................................................. 263 C. HARMS TO HEALTH AND SAFETY ............................................................... 264 D. CIVIL RIGHTS ............................................................................................. 265 E. LIABILITY ISSUES ....................................................................................... 265
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The Low-Income Housing Tax Credit is the largest supply-side housing subsidy in the United States, costing over $8 billion per year. LIHTC properties tend to be concentrated in low-income urban communities. Numerous studies have examined... more
The Low-Income Housing Tax Credit is the largest supply-side housing subsidy in the United States, costing over $8 billion per year. LIHTC properties tend to be concentrated in low-income urban communities. Numerous studies have examined the spillover effects of these properties but have not accounted for their clustering or teased out the effects of introducing additional LIHTC developments to neighborhoods. We combine an interrupted time series model with a difference-in-difference approach to estimate the additive property value effects in Chicago and surrounding Cook County, Illinois. The development of subsequent LIHTC properties within a neighborhood augments the positive effects of the initial property as far as half a mile away, in both low-income and higher-income areas. The effects are most pronounced in neighborhoods with low median incomes.
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For several years, experts have warned about the lack of diversity in genetic research databases, and researchers have devoted time and resources to recruiting subjects from underrepresented subgroups. In this study, we review published... more
For several years, experts have warned about the lack of diversity in genetic research databases, and researchers have devoted time and resources to recruiting subjects from underrepresented subgroups. In this study, we review published reports in academic journals of genetic studies of Alzheimer’s disease to note whether demographic diversity was indicated in the reports and, if so, the extent of representation of non-European subjects over the period from 1997 to 2022. We use multivariate regression analysis to analyze changes over time and to explain variation across studies. Our analysis indicates that reported diversity has not changed over time. Rather, it appears to have remained relatively constant since GWAS (Genome-Wide Association Studies) were first used in the 1990s. We find most variation to be across journals rather than within journals, suggesting that characteristics of journals are an important influence on the dissemination of research with diverse samples. Lack o...
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We review the history of health insurance in the U.S., emphasizing how our system came to be so heavily based on voluntary employer action. We assess the consequences of placing EBHI at the center of our nation’s healthcare system. We... more
We review the history of health insurance in the U.S., emphasizing how our system came to be so heavily based on voluntary employer action. We assess the consequences of placing EBHI at the center of our nation’s healthcare system. We examine how the ACA undertakes to change the employer-based health insurance environment, and how the Obama Administration, the Internal Revenue Service, and the U.S. Department of Health and Human Services are implementing the relevant provisions. Finally, we project how employers will respond to these changes, and how the U.S. healthcare system will evolve as a result.