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Please note that all times are shown in the time zone of the conference. The current conference time is: 13th Aug 2022, 09:31:26am IST
Room in the Arts Building, Trinity College Dublin.
Exact details to be confirmed by May 31
Tenant Rights, Eviction, and Rent Affordability
Coulson, Edward1; Le, Thao2; Shen, Lily3
1UC Irvine, United States of America; 2Georgia State University; 3Clemson University;
We use state-level differences in the legal relationship between landlords and ten-
ants to estimate the impact of these differences on housing markets. We construct
a search-theoretic model of landlord and tenant search and matching, which predicts
that an increase in the cost of eviction reduces the number of evictions but raises rents
and homeless rates and lowers housing supply and vacancy rates. To test these pre-
dictions, we construct an annual index to measure the level of the legal protection of
tenant rights in each state. Our instrumental variable results indicate while a one-unit
increase in the Tenant-Right Index reduces eviction rates by 0.32 percentage points,
rental housing is 1.8 percent more expensive in areas where tenants have more pro-
tections against landlords. A higher Tenant-Right Index is also associated with an
increase in households. There is also an increase in the homeless rate and a decrease in
vacancy. Taken together, our findings highlight a significant trade-off between tenant
protections and rent affordability and the negative effects of the increased demand for
Regime switching and the responsiveness of prices to supply: The case of the Irish housing market
Egan, Paul1; McQuinn, Kieran2
1ESRI, Ireland; 2ESRI, Ireland;
Understanding the impact of housing supply on house price inflation is a particularly important issue from a policy-maker’s perspective. Notwithstanding the impact of the great financial crisis (GFC) in 2007/08, the past 25 years has seen a significant increase in house prices across a number of western economies. More recently, across countries, a common characteristic observed in housing markets appears to be the increase in price inflation in the aftermath of the Covid-19 pandemic. A key question which arises is whether house price inflation can be assuaged somewhat by greater levels of housing supply? In this paper, we seek to quantify the impact of additional supply on price inflation in the Irish property market. While residential property markets in many countries experienced substantial swings in activity since the early 1990s, the Irish market has demonstrated particular volatility. Crucially, therefore, we address this question using both a multiple breakpoint model and a Markov switching model to allow for the presence of structural changes in the Irish residential market over the period 1981 to 2019. Our results indicate that additional supply does indeed exert a negative impact on prices, however, the impact varies over time.
Race, Space and Take-Up: Explaining Housing Voucher Lease-Up Rates
Ellen, Ingrid; O'Regan, Katherine; Strochak, Sarah
New York University, United States of America;
The housing choice voucher program provides assistance each year to approximately 2.3 million low-income households in the United States. Unlike most other federal rental assistance programs, the voucher subsidy is not tied to specific housing units; rather voucher holders use the subsidy to help defray the cost of renting homes on the private market. Voucher recipients generally pay 30 percent of their income towards rent, and the local housing authority pays the balance of the rent, up to a specified local payment standard. Yet many voucher recipients fail to use their vouchers, in many cases, after waiting for years to receive them. We use administrative data on voucher issuances to estimate voucher search times and lease-up rates for about 100,000 voucher recipients each year in over 400 urban housing authorities for 2015 through 2019. The most recent estimate of voucher lease-up rates covered only 48 housing authorities in the year 2000. We show that lease-up rates have fallen in the past two decades, and there is significant variation across housing authorities in voucher lease-up rates. We find that housing market conditions, local policies, individual need and discriminatory barriers, and initial neighborhood location all shape lease-up rates and search times.