because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new … housing supply, effectively limiting the number of workers who have access to such high productivity. Using a spatial …

because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new … housing supply, effectively limiting the number of workers who have access to such high productivity. Using a spatial …

This paper shows that rising real estate prices reduce industry productivity, because they lead to a reallocation of … labor towards inefficient firms. This has significant negative consequences for aggregate industry productivity. I find that … industries with stronger growth in real estate value see a significant reduction in total factor productivity growth. A 10 …

downturn and that it is aligned, at the sectoral level, with measures of productivity growth and market openness to competition …