Flattening the curve: Pandemic-Induced revaluation of urban real estate

• 成果类型: Article
• 署名作者: Gupta, Arpit; Mittal, Vrinda; Peeters, Jonas; Van Nieuwerburgh, Stijn
• 署名单位: New York University; Columbia University; University of Pennsylvania
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.10.008
• 发表日期: 2022
• 页码: 594-636
• 关键词: covid-19; Land values; Bid-rent function; Working from home

摘要

We show that the COVID-19 pandemic brought house price and rent declines in city cen-ters, and price and rent increases away from the center, thereby flattening the bid-rent curve in most U.S. metropolitan areas. Across MSAs, the flattening of the bid-rent curve is larger when working from home is more prevalent, housing markets are more regu-lated, and supply is less elastic. Housing markets predict an urban revival with urban rent growth exceeding suburban rent growth for the foreseeable future, as working from home recedes. (c) 2021 Elsevier B.V. All rights reserved.