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Immigrants make up a growing share of the US population and by 2040 foreign-born households will constitute the primary source of new housing demand. However, little is known…

The United States foreign-born population has quadrupled since the 1960s. In 2021, one in seven US households were headed by a foreign-born resident. Around half of these…

Storefronts often remain empty for months or years at a time, even in some of the world’s highest-rent retail districts. Between 2015 and 2019, for example, empty storefronts…

Why do storefronts remain empty for more than a year in some of the world’s highest-rent retail districts? Landlords with vacancies derive option value from two sources of…