The gap between market rent and the price of shelter was 6.6 percent larger in December 2023 relative to December 2019. Because shelter prices comprise 36 percent of the Consumer Price Index and therefore influence monetary policy decisions, it is vital to understand the pass-through of this...

On December 3, 2024, Michael Hudson met with capital-as-power researchers Jonathan Nitzan, Tim Di Muzio, and Blair Fix to discuss the intersections between their two lines of research. What follows is a transcript of the conversation. A recording of the discussion is available at...

El 3 de diciembre de 2024, Michael Hudson se reunió con los investigadores del capital como poder Jonathan Nitzan, Tim Di Muzio y Blair Fix para discutir las intersecciones entre sus dos líneas de investigación. Lo que sigue es una transcripción de la conversación.

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

Housing markets are affected by a large variety of factors. Among them, governmental regulations play an important role. Besides desired effects, all these policies exert a number of side effects, some of which can even offset the desired effects. In addition, different policies can cancel out...

Over the past decade, the housing market in the EU has been characterised by significant price growth, putting pressure on housing affordability. Despite a price moderation in 2022 and 2023 due to monetary tightening and increased mortgage interest rates, house prices remain historically high in...

In 2018, Minneapolis became the first U.S. city to eliminate single-family zoning through the Minneapolis 2040 Plan, with a central focus on improving housing affordability. Using a synthetic control approach, this paper finds that the reform reduced the growth of housing costs over the...

This study examines Malta's peer-to-peer (P2P) rental market by comparing rental listings from Facebook Marketplace and an aggregation of real estate agencies' adverts, while the Housing Authority's official register is used as the benchmark characterising the local rental market. Using a...

We introduce a novel, non-parametric approach for estimating house price indices that capture heterogeneous price developments independently of strict functional form assumptions. Utilizing the potential outcomes framework, our approach employs causal forests to effectively address changes in...

The Housing Choice Voucher program provides substantial rental subsidies to low-income households, yet many recipients struggle to secure housing with their vouchers, particularly in low-poverty areas. This paper examines a key bottleneck in the program: landlord discrimination against voucher...

We develop a statistical-methodological framework for a set of core commercial real estate market indicators, which consists of a market price index, a gross rent index, and a net rental yield index as well a vacancy rate. We argue that the indicators should be (macro-)consistent, meaning that...

I study how monetary policy interacts with mortgage underwriting standards in shaping tenure decisions and rental market equilibria. Using property-level data from the American Housing Survey, I show that the increase in mortgage rates between 2021 and 2023 pushed many potential first-time...

Der vorliegende IW-Wohnindex untersucht die Entwicklung der Kauf- und Mietpreise für Wohnimmobilien in Deutschland. Der vierteljährig erscheinende Kurzreport präsentiert die Ergebnisse eines hedonischen Preisindex auf der Basis von mehreren Millionen Wohnimmobilieninseraten. Betrachtet werden...

Housing rents are one of the most important and difficult elements of spatial cost of living comparisons. Difficulties arise from the lack of sufficiently detailed and harmonized data, especially at the international level. The emergence of Airbnb has created a valuable new source of...

On December 3, 2024, Michael Hudson met with capital-as-power researchers Jonathan Nitzan, Tim Di Muzio, and Blair Fix to discuss the intersections between their two lines of research. What follows is a transcript of the conversation.

This paper examines the effects of Argentina's repeal of the rental law in December 2023, one of the most radical housing policy reforms in Latin America in recent decades. Using weekly data for Buenos Aires from 2023-2024 and applying a Regression Discontinuity Design, we provide causal...

This paper examines the effects of Argentina's repeal of the rental law in December 2023, one of the most radical housing policy reforms in Latin America in recent decades. Using weekly data for Buenos Aires from 2023-2024 and applying a Regression Discontinuity Design, we provide causal...

The purpose of this study is to synthesize existing peer-reviewed literature on fashion renting and provide insights into its role within the broader framework of sustainable consumption and business practices within different cultural contexts, while also guiding future research efforts. This...

Hidden “junk” fees have the potential to distort competition, creating high costs to consumers. However, regulating them can lead to adverse effects, especially in complex markets with intermediaries where they are most prevalent. To explore the equilibrium adjustments of regulating hidden...

How do different monetary policy tools influence residential housing markets, and how do these effects vary between owner-occupied and rental segments? To answer this question, we assemble a new monthly regional dataset from 35 million real estate listings over the period 2007- 2023 and exploit...

In this paper we assess the implications of monetary policy shocks on the house price to rent ratio in the case of the Irish property market. Crucially, in light of the particular circumstances of the market, we allow for the interaction between monetary policy and changing credit conditions in...

Der vorliegende IW-Wohnindex untersucht die Entwicklung der Kauf- und Mietpreise für Wohnimmobilien in Deutschland. Der vierteljährig erscheinende Kurzreport präsentiert die Ergebnisse eines hedonischen Preisindex auf der Basis von mehreren Millionen Wohnimmobilieninseraten. Betrachtet werden...

This study critically examines Shenzhen's centralized leasing initiatives aimed at transforming urban villages into Affordable Rental Housing (ARH) to address housing affordability for migrant workers. By analyzing three cases-the Ningmeng Talented Apartment (government-led), the Wancun Plan...

Tenancy rent control limits rent increases for sitting tenants while allowing market resets at vacancy. When demand grows or household composition differs across segments, spillovers raise rents in the unregulated market. We study its general equilibrium effects in Switzerland, where a...

We study how rent control and housing rationing shape housing investment and market tightness in Geneva using a VAR on annual data (1994-2022) with generalized impulse responses and Granger causality. We find that housing rationing functions as abinding quantity restriction as it precedes a...