Is the San Francisco Housing Market Efficient ?
نویسندگان
چکیده
With prices skyrocketing for housing, especially in the San Francisco Bay Area, there is much talk about a housing bubble. However, the rapid price increases could also be due to changes in fundamentals: implicit rents, interest rates, and property and income tax rates. I use sales and implicit rental data from 1983 to 2005 for the City of San Francisco that is available through national accounting databases to examine the relationship between housing prices and fundamental factors. I find that the housing market is marked with inefficiencies in the short-run but is ultimately efficient in longrun. The short-run inefficiencies are most likely due to the high prevalence of transaction costs in the market.
منابع مشابه
Silver bullet or trojan horse? The effects of inclusionary zoning on local housing markets in the United States.
Many local governments are adopting inclusionary zoning (IZ) as a means of producing affordable housing without direct public subsidies. In this paper, panel data on IZ in the San Francisco metropolitan area and suburban Boston are used to analyse how much affordable housing the programmes produce and how IZ affects the prices and production of market-rate housing. The amount of affordable hous...
متن کاملLow Molecular Weight Heparin Overdose: A 10 Year Case Series
Background: Low molecular weight heparin (LMWH) is used for the treatment and prevention of coagulative disorders. Few patients receiving therapeutic doses of LMWH develop major hemorrhage. Currently there are few reports in the literature on acute overdose on adults. In this study, clinical profile, treatment and outcome of 21 patients who acutely overdosed enoxaparin are described. Method...
متن کاملThe Effects of Inclusionary Zoning on Local Housing Markets: Lessons from the San Francisco, Washington DC and Suburban Boston Areas
Inclusionary zoning (IZ) is an affordable housing tool that links the production of affordable housing to the production of market-rate housing. IZ policies either require or encourage new residential developments to make a certain percentage of the housing units affordable to lowor moderateincome residents. In exchange, many IZ programs provide cost offsets to developers, such as density bonus...
متن کاملIs Housing Unaffordable ? Why Isn ’ t It More Affordable ?
P ublic concern over the affordability of housing arises from two factors. First, housing is the single largest expenditure item in the budgets of most families and individuals. The average household devotes roughly onequarter of income to housing expenditures, while poor and near-poor households commonly devote half of their incomes to housing. These high proportions suggest that small percent...
متن کاملThe Effect of Earthquake Risk on the San Francisco Bay Area Housing Market: How Has it Changed Since the Loma Prieta and Northridge Earthquakes?
This paper examines the effect of relative geophysical earthquake risk on housing prices in the Bay Area. The data concludes that the effect of risk on prices is much more significant today than it was prior to the 1989 Loma Prieta earthquake. Evidence also suggests that the 1994 Northridge quake has played a role in shaping the time trend of the impact of this risk factor. Several different sc...
متن کامل