Mortgage Supply and Housing Rents

• 成果类型: Article
• 署名作者: Gete, Pedro; Reher, Michael
• 署名单位: IE University; Harvard University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx145
• 发表日期: 2018
• 页码: 4884
• 关键词: Credit expansion; ORIGINATIONS; constraints

摘要

We show that a contraction of mortgage supply after the Great Recession has increased housing rents. Our empirical strategy exploits heterogeneity in MSAs' exposure to regulatory shocks experienced by lenders over the 2010-2014 period. Tighter lending standards have increased demand for rental housing, leading to higher rents, depressed homeownership rates and an increase in rental supply. Absent the credit supply contraction, annual rent growth would have been 2.1 percentage points lower over 2010-2014 in MSAs in which lending standards rose from their 2008 levels.