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Matthew E. Kahn
I am an Economics Professor at UCLA
Interests: Real Estate, environmental and urban economics, energy policy
Recent Activity
Amir Sufi of the University of Chicago's Booth Business School has written a fascinating and accessible paper. You can read it here. Below, I reproduce a Figure from his paper. Home owners with lower FICO scores extract a much larger % of their house equity than households with higher FICO... Continue reading
Posted Apr 24, 2013 at UCLA Real Estate Wire
Here is my piece on bullet trains and economic geography. Continue reading
Posted Apr 8, 2013 at UCLA Real Estate Wire
This thought provoking piece argues that climate change is going to hurt Phoenix and drag down real estate prices there. For real estate owners in that great city and for developers considering building new housing there, how should they respond? The piece argues that Phoenix's quality of life will deteriorate... Continue reading
Posted Mar 17, 2013 at UCLA Real Estate Wire
The NY Times reports on the spread of gentrification within Brooklyn. My research interest here is the "snowball effect". As richer people move into a neighborhood, how much time passes before upscale restaurants and stores such as Starbucks or a Wholefoods locates in the area? As this process plays out,... Continue reading
Posted Mar 8, 2013 at UCLA Real Estate Wire
The NY Times has a great piece on the challenges and opportunities for real estate developers to build taller residential buildings in Manhattan. Air rights are valuable! A clear tradeoff emerges. Skyscrappers offer higher density and this reduces the carbon footprint of the metro area but more tall buildings block... Continue reading
Posted Feb 24, 2013 at UCLA Real Estate Wire
Over the last two days, I have sat and listened and learned a heck of a lot about the macroeconomy and housing markets. The Ziman Center's Steve Oliner and Stuart Gabriel and their colleagues at the S.F Fed worked hard to put together a great conference. A list of the... Continue reading
Posted Feb 22, 2013 at UCLA Real Estate Wire
The NY Times has written an impressive obituary for Jerry Buss, the Los Angeles Lakers' owner. Real estate investors will be interested in this quote. "Buss worked in aerospace technology for Douglas Aircraft in California as a young man. But his life changed in the wake of a small investment... Continue reading
Posted Feb 18, 2013 at UCLA Real Estate Wire
The LA Times has a fun feature listing which celebrity homes are on the market or have recently sold. This week's piece claims that some bold faced names such as Sheryl Crow and Nicky Hilton have dropped the asking price for their homes. Judging by the large number of people... Continue reading
Posted Feb 15, 2013 at UCLA Real Estate Wire
The New York Times has a funny piece focused on an unintended consequence of the super rich having pricy Pieds-à-terre apartments in Manhattan's leading buildings. Some doormen claim that at any point in time only 10% of the building's units are occupied because 90% of the owners are elsewhere. Take... Continue reading
Posted Feb 12, 2013 at UCLA Real Estate Wire
David Geffen is confident that the answer is "no". Here is a quote from today's NY Times. Some of those earners seem at least resigned to the tax burden as a cost of being able to live in California rather than, say, Texas. “I am happy to pay my taxes,... Continue reading
Posted Feb 6, 2013 at UCLA Real Estate Wire
The Scramento Bee offers a case study from the UC Davis campus. Here is the article's lead. "Before construction began, UC Davis laid out a vision for West Village, its new on-campus community, as a showcase of energy efficiency that would provide affordable housing for faculty and students. Nearly two... Continue reading
Posted Feb 3, 2013 at UCLA Real Estate Wire
For Anderson School students who are interested in real estate and the broad topic of sustainability, I strongly suggest that you consider enrolling in my Spring 2013 course titled "Real Estate Investment and the Development of Sustainable Cities". You can access the syllabus here. The course will focus on key... Continue reading
Posted Jan 29, 2013 at UCLA Real Estate Wire
In Today's NY Times, Robert Shiller discusses the recent rise in home prices. He is skeptical about whether the fundamentals justify this price increase. In his piece, he cites new research by UCLA's Stuart Gabriel. Stuart is the Director of the Ziman Center and is a Professor of Finance at... Continue reading
Posted Jan 27, 2013 at UCLA Real Estate Wire
The Commercial real estate sector is a major consumer of electricity as electricity is used for climate control, elevators, lighting and other building amenities. Surprisingly little empirical work has studied this topic. REITs and other major holders of commercial real estate have an incentive to economize on energy costs. My... Continue reading
Posted Jan 13, 2013 at UCLA Real Estate Wire
One of the great features of cities is that they economize on transportation costs and allow more trade to take place. Workers wake up and must go to work. If such workers could move at 1 million MPH, they would have more jobs to choose from. If the "time price"... Continue reading
Posted Dec 23, 2012 at UCLA Real Estate Wire
For readers eager to be exposed to the best academic real estate economics papers, I suggest that you go this website and click on the papers that interest you. These papers were written for an academic audience but the interested reader can still learn a lot from these papers. These... Continue reading
Posted Dec 5, 2012 at UCLA Real Estate Wire
California is home to many successful people. Now that Prop 30 has passed, taxes on the wealthy are going up. Will the rich leave the state and move to another location such as Iowa or Michigan? This Stanford Study says "no". Continue reading
Posted Dec 1, 2012 at UCLA Real Estate Wire
Google Insights is a powerful tool for tracking Internet search activity using Google. Here are time series data tracking searches for "real estate" using Google. Continue reading
Posted Nov 24, 2012 at UCLA Real Estate Wire
The WSJ has added some significant real estate content. I highly recommend its new Mansion Section. For example, in today's issue there is a really interesting first person article by the famous architecht Frank Gehry who talks about his decisions over rebuilding a home in Santa Monica. Continue reading
Posted Nov 23, 2012 at UCLA Real Estate Wire
While the Ziman Center is quite proud of our blog, we must acknowledge that there are other high quality real estate blogs. Here I name names! From the Mid-West, there is Steve Malpezzi's Wisconsin Blog. Richard Green's blog offers many insights. At the LSE, Henry Overman's blog focuses on British... Continue reading
Posted Nov 12, 2012 at UCLA Real Estate Wire
Two Stanford University economists have released a new NBER Working Paper titled; "The Hated Property Tax: Salience, Tax Rates and Tax Revolts". Here is the paper's abstract: Because of the manner in which it is normally paid, the property tax is almost certainly the most salient major tax in the... Continue reading
Posted Nov 5, 2012 at UCLA Real Estate Wire
How will climate change affect the value of coastal real estate? For those areas that are threatened, should federal government $ be used to protect them? Does moral hazard lurk? To see my views, read my recent Harvard Business Review Blog piece posted here. We need more free market price... Continue reading
Posted Nov 1, 2012 at UCLA Real Estate Wire
"Location, Location, Location". Why do real estate prices for commercial and residential properties differ across cities and within cities? We know the basic answer but there is still a lot of research that needs to be done. My academic research on environmental and urban economics provides some of the underpinnings... Continue reading
Posted Oct 25, 2012 at UCLA Real Estate Wire
The NY Times celebrates that you can live well in downtown San Fran. The article does not discuss the challenges that developers face in building high rise buildings in this part of this beautiful city but the market prices indicate high demand! Continue reading
Posted Oct 23, 2012 at UCLA Real Estate Wire
To deliver merchandise on the same day it is purchased requires holding inventory close to population centers. Amazon knows this and is investing in large physical spaces in San Bernardino County. This must be a good time to buy warehouse space and Amazon is taking a long term perspective. Using... Continue reading
Posted Oct 20, 2012 at UCLA Real Estate Wire