Working Papers

Financial Intermediaries as Suppliers of Housing Quality

Author: Michael Reher | May 21, 2019

While rents for many households have grown faster than either inflation or renters’ wages since the Great Recession, most discussions have overlooked the role that financing practices may have contributed to the rent increases and loss of low-cost rental units....

How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP

Authors: Joshua Abel, Andreas Fuster | May 15, 2019

This paper seeks to refine our understanding of how refinancing a mortgage affects household outcomes. This issue has attracted particular attention in the wake of the Great Recession, however, there is still not much clean evidence on the causal effects of refinancing on borrower outcomes, nor on the heterogeneity of these effects across different borrower types....

The Economic Effects of Climate Change Adaptation Measures: Evidence from Miami-Dade County and New York City

Author: Seung Kyum Kim | May 01, 2019

This research examines the economic impact of climate change adaptation measures on the housing markets of two representative coastal cities in the United States located along the Atlantic Ocean....

Totally Familiar Yet Completely New: Opportunities for and Challenges to Integrating Disaster Risk Management in Community Development

Author: Susanna Pho | April 26, 2019

While community-based organizations (CBOs) have been engaged in preparing and responding to disasters for decades, there has been little research on how this disaster-related work affects their organizational capacities....

Strategies for Sustainable Growth in Community Land Trusts

Author: Aneliese Palmer | April 22, 2019

While there has been significant research on the formation and impact of Community Land Trusts (CLT), less has been written on either the obstacles that have stymied the growth of existing CLTs or the strategies used by the handful of CLT leaders who have significantly expanded their group’s housing portfolios....

Estimating the Gap in Affordable and Available Rental Units for Families

Authors: Whitney Airgood-Obrycki, Jennifer Molinsky | April 02, 2019

While we typically think of family households as homeowners, renters are more likely than homeowners to have children in their household. However, migration, development, and tenure trends over the last decade have affected the availability of rental housing suitable for families. For low-income households with children, finding an affordable, right-sized, and safe unit can be a significant challenge....

Tenure Projections of Homeowner and Renter Households for 2018-2038

Author: Jonathan Spader | March 25, 2019

Following the rise and fall in the U.S. homeownership rate over the past two decades, considerable uncertainty exists about its future trajectory. This paper presents our tenure projections for 2018-2038. ...

Effects of the Community Reinvestment Act (CRA) on Small Business Lending

Authors: Lei Ding, Hyojung Lee, Raphael Bostic | March 04, 2019

This study provides new evidence on the effectiveness of the Community Reinvestment Act (CRA) on small business lending by focusing on a sample of neighborhoods with changed CRA eligibility status across the country because of an exogenous policy shock in 2013. ...