Before the COVID-19 outbreak, a lack of housing supply was the most pressing problem in the housing market. In this data talk, two economists will share their recent research on the lack of housing inventory. Filtering—where lower-income buyers move into more expensive units—has historically been a source of affordable housing. Sam Khater will discuss this topic, showing that higher-income people in cities with limited housing supply often gravitate toward aging homes. Brian Asquith will examine rent-controlled homes in San Francisco and show that housing supply decreases in the medium term when local demand increases. When policymakers make it more difficult to withdraw units from the market, landlords respond by removing tenants through at-fault evictions. Lastly, Mark Fleming will discuss these findings.
- Brian Asquith, Economist, W.E. Upjohn Institute for Employment Research
- Mark Fleming, Chief Economist, First American Financial Corporation
- Sam Khater, Vice President and Chief Economist, Economic and Housing Research, Freddie Mac
- Laurie Goodman, Vice President, Housing Finance Policy Center, Urban Institute (moderator)