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The economic effects of real estate investors

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dc.contributor.authorGarriga, Carlos
dc.contributor.authorTsouderou, Athena
dc.contributor.authorGete, Pedro
dc.contributor.funderFederación Española de Enfermedades Raras
dc.contributor.funderHebrew University of Jerusalem
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2024-07-08T13:14:13Z
dc.date.available2024-07-08T13:14:13Z
dc.date.issued2023
dc.description.abstractWe show five new results about small- and medium-sized real estate investors (SMREI) who participate through legal entities in US housing markets. First,SMREI have the largest growth across all cities post Great Recession,in contrast to Wall Street Landlords who concentrate in superstar cities. Second,SMREI increase house price growth and price-to-income ratio,especially in the bottom price tier. Third,this effect is reversed as investors trigger a medium-run supply response. Fourth,in areas with a high supply elasticity,SMREI affect rents more than prices. Finally,SMREI change the composition of the housing stock in favor of multifamily units. © 2023 American Real Estate and Urban Economics Association.
dc.description.fundingtypeWe thank Itzhak Ben-David, Morris Davis, Anthony DeFusco, David Echeverry, Andra Ghent, Jonathan Halket, Lu Han, Nina Karnaukh, Finn Kydland, Jose Maria Liberti, David Ling, Christos Andreas Makridis, Charles Nathanson, Michael Reher, Stephen L. Ross, Martin Schneider, Steven Xiao and participants at AREUEA, Durham, ECB, Econometric Society, Hebrew University, HULM, NEOMA, Notre Dame, IE, Ohio State, SED, Spanish Finance Forum and Urban Economics Association. The views expressed herein do not necessarily reflect those of the Federal Reserve Bank of St. Louis or the Federal Reserve System. The results and opinions are those of the authors and do not reflect the position of Zillow Group. Research reported in this article was partially funded by MCIN /AEI/10.13039/501100011033 / FEDER, UE grant no. PID2021-125359NB-I00. This article was previously circulated as “Investors and Housing Affordability.” We thank Itzhak Ben-David, Morris Davis, Anthony DeFusco, David Echeverry, Andra Ghent, Jonathan Halket, Lu Han, Nina Karnaukh, Finn Kydland, Jose Maria Liberti, David Ling, Christos Andreas Makridis, Charles Nathanson, Michael Reher, Stephen L. Ross, Martin Schneider, Steven Xiao and participants at AREUEA, Durham, ECB, Econometric Society, Hebrew University, HULM, NEOMA, Notre Dame, IE, Ohio State, SED, Spanish Finance Forum and Urban Economics Association. The views expressed herein do not necessarily reflect those of the Federal Reserve Bank of St. Louis or the Federal Reserve System. The results and opinions are those of the authors and do not reflect the position of Zillow Group. Research reported in this article was partially funded by MCIN /AEI/10.13039/501100011033 / FEDER, UE grant no. PID2021-125359NB-I00. This article was previously circulated as “Investors and Housing Affordability.”
dc.formatapplication/pdf
dc.identifier.citationGarriga, C., Gete, P., & Tsouderou, A. (2023). The economic effects of real estate investors. Real Estate Economics, 51(3), 655-685.
dc.identifier.doihttps://doi.org/10.1111/1540-6229.12427
dc.identifier.issn10808620
dc.identifier.officialurlhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85147509791&doi=10.1111%2f1540-6229.12427&partnerID=40&md5=f28729e1db03506f1331ae11b6a3d8a9
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3023
dc.issue.number3
dc.journal.titleReal Estate Economics
dc.language.isoeng
dc.page.final685
dc.page.initial655
dc.page.total0
dc.publisherJohn Wiley and Sons Inc
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.projectID10.13039/50110001103
dc.relation.projectID FEDER: PID2021-125359NB-I00
dc.relation.schoolIE Business School
dc.rightsAttribution 4,0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.titleThe economic effects of real estate investors
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dc.volume.number51
dspace.entity.typePublication
person.identifier.scopus-author-id36796902800
person.identifier.scopus-author-id56574304100
person.identifier.scopus-author-id57225962742
relation.isAuthorOfPublication627e06b8-d61f-4611-96fe-15cf32670e9f
relation.isAuthorOfPublication.latestForDiscovery627e06b8-d61f-4611-96fe-15cf32670e9f
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