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Institutional Investors’ Impact on the Housing Market

In the aftermath of the financial crisis, institutional single-family investors contributed significantly to recovery in home prices. Join the Urban Institute for a discussion with coauthors of papers that quantify this contribution using property records data. Lauren Lambie-Hanson will show that institutional investors contributed to reduced vacancy rates, increased real home price appreciation rates, and the decline in homeownership between 2006 and 2014. Rohan Ganduri will discuss how institutional investors’ bulk purchasing of distressed properties helped local housing markets recover, because properties near bulk-sold properties sold better than those located farther from such properties. George Auerbach will discuss both papers and provide his perspective on the role of institutional investors in the market.



  • George Auerbach, Managing Director and Head of Research, Pretium Partners
  • Rohan Ganduri, Assistant Professor of Finance, Goizueta Business School, Emory University
  • Lauren Lambie-Hanson, Advisor and Research Fellow, Consumer Finance Institute, Federal Reserve Bank of Philadelphia
  • Laurie Goodman, Vice President, Housing Finance Policy Center, Urban Institute (moderator)
Event Materials


Support for this event is provided by the Urban Institute and First American DataTree LLC. For more information on the Urban Institute’s funding principles, go to

Check-in and lunch will be available at 12:00 p.m. We strive to host inclusive, accessible events that enable all individuals, including individuals with disabilities, to engage fully. Please email if you require any accommodations or have any questions about this event.


Date & Time Wednesday, February 5, 2020

  • Institute Fellow