Superstar Cities

• 成果类型: Article
• 署名作者: Gyourko, Joseph; Mayer, Christopher; Sinai, Todd
• 署名单位: University of Pennsylvania; National Bureau of Economic Research; Columbia University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.5.4.167
• 发表日期: 2013
• 页码: 167-199
• 关键词: equilibrium

摘要

We document large long-run differences in average house price appreciation across metropolitan areas over the past 50 years, and show they can be explained by an inelastic supply of land in some unique locations combined with an increasing number of high-income households nationally. The resulting high house prices and price-to-rent ratios in those superstar areas crowd out lower income households. The same forces generate a similar pattern among municipalities within a metropolitan area. These facts suggest that disparate local house price and income trends can be driven by aggregate demand, not just changes in local factors such as productivity or amenities.