Steve Bourassa, Director of the School of Urban and Regional Planning, co-authored an article titled “U.S. Metropolitan House Price Dynamics” in the May 2018 issue of the Journal of Urban Economics. The paper uses advanced statistical techniques to explain changes in house prices in metropolitan areas in the United States. He and his co-authors find that aggregate personal income for metropolitan areas is an important determinant of house price dynamics, but the effect of aggregate income is closely related to constraints on the supply of housing. Supply constraints can be topographical or regulatory. His co-authors are Martin Hoesli (University of Geneva, Switzerland) and Elias Oikarinen and Janne Engblom (both at the University of Turku, Finland).
As reported in The Guardian, the US spends twice as much on a tax break for the rich as on rent for the poorest. Dr. Steven Bourassa comments on the fact that the US spent $60bn in 2015 on the mortgage interest deduction for wealthy homeowners – while just a quarter of those needing housing assistance receive it. Read the article
The latest issue of the journal Housing Policy Debate is a special issue co-edited by SURP’s John Renne, Associate Professor and Director of the Center for Urban and Environmental Solutions in the School of Urban and Regional Planning. The issue includes 15 papers focused on how location choices and associated transportation costs affect housing affordability.