In 2020, Berlin enacted a rigorous rent-control policy: the “Mietendeckel” (rent freeze), aiming to stop rapidly growing rental prices. We evaluate this newly enacted but old-fashionably designed policy by analyzing its immediate supply-side effects. Using a rich pool of rent advertisements reporting asking rents and comprehensive dwelling characteristics, we perform hedonic-style Difference-in-Difference ...
The long-run U-shaped patterns of economic inequality are standardly explained by basic economic trends (Piketty’s r>g), taxation policies, or “great levelers,” like catastrophes. This paper argues that housing policy, in particular rent control, is a neglected explanatory factor in understanding overall inequality. We hypothesize that rent control could decrease overall housing wealth, lower incomes ...
The coronavirus pandemic has led to a deep worldwide economic crisis. In many countries, the construction industry has been impacted. In Germany, however, construction activity is one of the economic sectors that has remained largely stable: In 2020, the total construction volume in Germany is expected to have increased by around four percent to 444 billion euros after increasing by around eight percent ...
Die Corona-Pandemie hat weltweit zu einer schweren wirtschaftlichen Krise geführt. In vielen Ländern ist auch die Bauwirtschaft erheblich beeinträchtigt. In Deutschland hingegen zählt die Bautätigkeit zu den Wirtschaftszweigen mit bisher weitgehend stabilem Geschäft. So dürfte das gesamte Bauvolumen in Deutschland nach rund acht Prozent im vorvergangenen Jahr im Corona-Jahr 2020 nominal immer noch ...
In an urban economy, the distribution of people and real estate prices depends on the location of the central business district of a city. As distance from the city center increases, both prices and population density diminish, for travel costs increase in terms of time and money. As manufacturing gradually leaves the cities, the importance of consumer amenities as attractors of population to the urban ...
Private rental markets have become increasingly important since the Global Financial Crisis 2008–2009 and rent controls are back on the political agenda. Yet, they have received less attention from housing scholars than homeownership and public housing. This paper presents new data on the development of private tenancy legislation based on a content-coding of rent control, protection of tenants from ...
This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the idiosyncratic shocks to newly issued ...
We consider the problem of regression with selectively observed covariates in a nonparametric framework. Our approach relies on instrumental variables that explain variation in the latent covariates but have no direct effect on selection. The regression function of interest is shown to be a weighted version of observed conditional expectation where the weighting function is a fraction of selection ...
Vor einem Jahr trat in Berlin der Mietendeckel in Kraft, mit dem die seit Jahren stark steigenden Mieten für fünf Jahre eingefroren werden sollen. Der Mietendeckel sieht verbindliche Quadratmeterpreise vor, nur wenig differenziert und nur mit wenigen Ausnahmen. Mithilfe von Mietannoncen werden die Effekte dieser Maßnahmen auf den Berliner Wohnungsmarkt untersucht. Die in den Annoncen geforderten Mieten ...
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