Stephen Malpezzi

Stephen Malpezzi
University of Wisconsin–Madison | UW · Department of Real Estate & Urban Land Economics

About

57
Publications
15,251
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
2,397
Citations

Publications

Publications (57)
Article
The global SARS‐CoV‐2/COVID‐19 Pandemic has disrupted public health, economies, and housing markets since early 2020. The shock has called forth a number of policy responses, such as moratoria on foreclosures and evictions, attempts to regulate rents and prices, and a range of subsidies on both supply and demand sides. This paper reviews the state...
Article
Full-text available
What impact does a forced sale have upon a property owner's wealth? And do certain characteristics of a property owner such as whether they are rich or poor or whether they are black or white, tend to affect the price yielded at a forced sale? This Article addresses arguments made by some courts and legal scholars who have claimed that certain type...
Article
This paper uses data on U.S. metropolitan areas from 1970 to 1999 to examine the extent to which recent increases in earnings are attributable to agglomeration economies. We decompose the total change in earnings over the 1970-1999 period into components attributable to changes in relative growth, industry mix and interaction effects. We find stron...
Article
The low-income housing tax credit (LIHTC) was originated in conjunction with the Tax Reform Act of 1986 (TRA 86) to provide incentives for private sector production of low-income housing. In this note we examine whether these units have added to the existing stock or merely substituted for unsubsidized units that otherwise would have been built. We...
Article
Full-text available
Land use regulation per se is neither good nor bad. What matters is the cost and benefit of specific regulations in specific market conditions. This paper presents a straightforward cost-benefit framework for analyzing land use and related regulations in such a context, and presents an application of the method to Malaysia. We use these results to...
Article
Full-text available
In this paper, we describe the construction of estimates of private real estate capital for each of 242 MSAs, annually, for 1982 through 1994. We compute three such series: (1) total private real estate capital (residential and nonresidential); (2) private single-family residential capital; and (3) private income property capital (multifamily housi...
Article
Full-text available
This article confirms and extends prior results regarding tilting of institutional investment in common stock toward quality. The evidence presented here suggests that, while both real estate investment trusts and institutional investors tilt their real estate holdings toward quality, the tilt is much more pronounced in the case of institutional in...
Article
Housing prices vary widely from market to market in the United States. The purpose of this study is to (1) construct new place-to-place indexes of the price of housing, using the 1990 Census, and (2) analyze the determinants of housing prices, with a particular focus on the supply side determinants—regulatory and natural constraint—as well as the u...
Article
This study focuses on the precision of models that forecast office construction and absorption. The article is novel because for the first time it applies Feldstein's (1971) technique for developing forecast standard errors in the presence of stochastic exogenous variables. The purpose of the article is not to find behavioral relationships but rath...
Article
This paper examines why formal housing costs are so high in Malaysia. Two complementary analyses are presented: a microanalysis of a wide range of government interventions (taxes, subsidies, and regulations); and an aggregate analysis of housing supply behavior. The interventions analysis demonstrates that the costs of regulatory and pricing restri...
Article
This special issue of "Real Estate Economics" is devoted to "Housing and Urban Development Indicators." The issue has been underwritten by the United States Department of Housing and Urban Development as a U.S. Contribution to the United Nation's "Habitat II" Conference, held in Istanbul, Turkey in June 1996. This introduction first briefly explain...
Article
Exxon Mobil and ConocoPhillips stock price has been predicted using the difference between core and headline CPI in the United States. Linear trends in the CPI difference allow accurate prediction of the prices at a five to ten-year horizon.
Article
Full-text available
Housing quality has improved dramatically for most low-income households, but they are paying much larger shares of their income for it. Many discussions of the bottom of the market focus on either the rising costs (thebad' news) or the rising quality (thegood' news). Both points of view have some merit. This paper takes a positivist approach to th...
Article
Exxon Mobil and ConocoPhillips stock price has been predicted using the difference between core and headline CPI in the United States. Linear trends in the CPI difference allow accurate prediction of the prices at a five to ten-year horizon.
Article
South Korea is a remarkable macroeconomic success story, but it has performed relatively poorly in one respect: the provision of high quality housing at reasonable prices. This paper analyzes the Korean housing market and the market for related inputs, with special emphasis on the regulatory environment.
Article
This paper presents a preliminary index of the stringency of rent control regimes in a large number of countries. It is one of a very few attempts to 'measure' urban policy environments, or for that matter economic policy environments generally. The paper also provides exploratory analysis of the correlations between controls, as measured by this i...
Article
The main part of the paper attempts to cover broad issues using such comparative data as can be readily assembled. The section following covers some issues which are particularly relevant to Less Developed Countries (LDCs), and of some general interest. The penultimate section discusses some issues currently under discussion in some countries which...
Article
An empirical analysis of rent control in Kumasi, Ghana, is presented based upon a consumer demand model for housing. Controlled rent-to-income ratios are exceptionally low for a developing country. Moreover, the Asante housing market exhibits unusual cultural attributes and problems in estimating the 'without' rent control situation. Benefits and c...
Article
Full-text available
Over the past forty years, rent control has been a feature of housing in Ghana. This study focusses on the housing market in Kumasi, the second largest city in Ghana. The authors examine the characteristics of the rent control regime in force there, and assess the costs and benefits of rent control, on landlords and on tenants, and its effect on th...
Article
This paper reports estimates of metropolitan area specific rates of economic depreciation for residential real estate obtained using the hedonic pricing methodology. Separate hedonic equations were estimated for owner-occupied and renter-occupied properties for each of 59 metropolitan areas. -from Authors
Article
This paper reports on research conducted at the World Bank to increase understanding of developing country housing markets; in particular, of housing demand behavior. The objectives of the paper are (1) to briefly review recent evidence on housing demand parameters in developing countries, including new estimates for Colombia, Egypt, El Salvador, G...
Article
This paper reports on research conducted at the World Bank to increase understanding of developing country housing markets; in particular, of housing-demand behavior. The objectives of this paper are 1) to review briefly previous evidence on housing-demand parameters in developing countries; 2) to present new evidence on housing-demand parameters b...
Article
Rapid growth in many developing-country cities is straining the capacity of their shelter delivery systems. Governments have chosen a variety of implicit and explicit policies to ameliorate these strains. However, these policies are not always consistent with their objectives, often because of a lack of knowledge of how housing markets actually wor...
Article
Since the mid-1970s some evidence exists that some American cities are being "revitalized." This paper presents empirical evidence on the effects of revitalization on the elderly in three neighborhoods in Washington, D.C., Boston, and St. Paul. Evidence from three cities shows that citywide data do not show any signs of strong revitalization, reinf...
Article
The existence of segregated housing has sparked interest in the question of whether blacks pay more for housing. That racial segregation exists is not in doubt. The effect of segregation on housing prices in black versus white submarkets is less clear. The empirical evidence is not conclusive. Past studies have yielded disparate results because the...
Article
This paper presents new estimates of the inflation rate of the value of owner-occupied housing and the gross rents of renteroccupied housing in 39 large metropolitan areas. The inflation rates are computed via the method of hedonic indexes usingAnnual Housing Survey data for the period April 1974 to March 1976. The estimates are compared to the off...

Network

Cited By

Projects

Project (1)
Archived project
State of knowledge on Urban land issues through a bibliographical survey and three special issues prepared as guest editor for Storia Urbana Journal