Research

 Job Market Paper

Market Power in Residential Real Estate: Evidence from Chicago Rental Properties (pdf) 

Abstract: This paper investigates the impact of market power in residential real estate. I study this question empirically in the context of the Chicago rental market. To do so, I build a novel dataset that links the universe of market-rate multifamily properties and their owners from 2000 to 2023. Using a staggered event study design, I find that acquisitions of competing properties raise price and reduce occupancy. I then estimate a structural model of rental demand and supply, and I use the estimates to calculate welfare under various policy counterfactuals. These results highlight how market power mediates the effectiveness of urban rental policies and shapes housing affordability in the 21st century.

Work in Progress

Imperfect Competition and Quality Degradation in Affordable Housing Markets

Abstract: In affordable housing markets, landlords have limited discretion over how much they can raise prices because they face regulatory constraints. In these markets, I hypothesize that landlords compete on another margin (i.e., quality) in order to maximize profit. To evaluate this hypothesis, I build a novel dataset that links all affordable housing properties in the city of Chicago to data on building quality, and I test whether acquisitions of competing properties reduce quality. I plan to estimate a structural model of demand and supply for affordable housing, where landlords choose quality to maximize profits. I will also assess welfare under various counterfactual policies.

Race and Redevelopment (with A. Orokoh)

Abstract: Does the racial composition of a neighborhood affect its likelihood of redevelopment? We start by constructing a novel dataset that identifies which parcels of land were sold by the city to private developers, following the public housing demolitions in Chicago in the late 1990s and early 2000s. We test whether the likelihood of parcel sale and redevelopment varies based on whether its nearest neighbors and the racial composition of the surrounding tracts are majority-Black versus majority-White.

Place-Based Gentrification (with K. Burr)

Abstract: How do place-based interventions affect repositioning and displacement in residential real estate? To answer this question, we evaluate the roll-out of the Opportunity Zone (OZ) program in New York City. We exploit the “substantial improvement” feature of the OZ program, which requires that OZ funds make additional capital improvements to purchased buildings that are at least equal to their acquisition costs within 30 months.