Conference on Housing Affordability

Conference on Housing Affordability

Thursday & Friday, September 17-18, 2015

UCLA Anderson School of Management
University of California, Los Angeles

(Attendance is by invitation only)

Presented by American Enterprise Institute, Bank of Israel, Board of Governors of the Federal Reserve System, Tel Aviv University, and UCLA

Agenda

Thursday, September 17, 2015

7:45 a.m. Continental Breakfast
8:00 a.m. Welcoming Remarks
8:05 a.m. SESSION ONE: Affordability and Housing Booms: Cause and Effect

CHAIR: Stephen Oliner, American Enterprise Institute and UCLA Ziman Center for Real Estate

Affordability, Financial Innovation and the Start of the Housing Boom
Benjamin J. Keys, University of Chicago
Jane K. Dokko*, Brookings Institution
Lindsay E. Relihan, University of Pennsylvania
DISCUSSANT: Joseph Tracy, Federal Reserve Bank of New York

The Consequences of Interest Only Loans for the Housing Boom and Bust
Claes Backman, Copenhagen Business School
Chandler Lutz*, Copenhagen Business School
DISCUSSANT: Danny Ben-Shahar, Tel Aviv University

10:05 a.m. BREAK (15 minutes)
10:20 a.m. SESSION TWO: Affordability and Housing Consumption

CHAIR: Wayne Passmore, Board of Governors of the Federal Reserve system

Housing Demand and Expenditures: How Rising Rent Levels Affect Behavior and Cost-of-Living Over Space and Time
David Albouy*, University of Illinois
Gabriel Ehrlich, CBO
Yingyi Liu, University of Illinois
DISCUSSANT: Tom Davidoff, University of British Columbia

Debt, Jobs, or Housing: What’s Keeping Millennials at Home?
Zachary Bleemer, Federal Reserve Bank of New York
Meta Brown*, Federal Reserve Bank of New York
Donghoon Lee, Federal Reserve Bank of New York
Wilbert van der Klaauw, Federal Reserve Bank of New York
DISCUSSANT: Shane Sherlund, Board of Governors of the Federal Reserve System

12:25 p.m. KEYNOTE PRESENTATION & LUNCH (Executive Dining Room, Gold Hall)

William A. Witte, Chairman and CEO, Related California

1:45 p.m. SESSION THREE: Affordability and Credit Supply

CHAIR: Stuart Gabriel, UCLA Anderson School of Management/UCLA Ziman Center for Real Estate

A Theory of Subprime Mortgage Lending
Jaime Luque*, University of Wisconsin, Madison Timothy Riddiough, University of Wisconsin, Madison
DISCUSSANT: Barney Hartman-Glaser, UCLA Anderson School of Management/UCLA Ziman Center for Real Estate

2:45 p.m. SESSION FOUR: Affordability and Returns to Home Ownership

CHAIR: Danny Ben-Shahar, Tel Aviv University, Faculty of Management/Alrov Institute for Real Estate Research

Socioeconomic and Racial Disparities in the Financial Returns to Homeownership
Tom Mayock*, Office of the Comptroller of the Currency
Rachel Spritzer, Federal Reserve Bank of Philadelphia
DISCUSSANT: Gary Painter, USC

*Presenting Author

Thursday Evening

4:15 p.m. Outdoor Hike via UCLA bus to Will Rogers State Park
6:30 p.m. Outdoor Dinner at UCLA Fowler Museum Terrace

Friday, September 18, 2015

7:45 a.m. Continental Breakfast
8:15 a.m. SESSION FIVE: Affordability and the Housing Market: Fundamentals and Regulation

CHAIR: Diana Hancock, Board of Governors of the Federal Reserve System

Regulating Vacancies Away? The Paradoxical Effects of Mismatch in the Housing Market
Christian Hilber*, London School of Economics
Paul Cheshire, London School of Economics
Hans R.A. Koster, VU University Amsterdam
DISCUSSANT: Raven Molloy, Board of Governors of the Federal Reserve System

Housing Price and Fundamentals in a Transition Economy: The Case of Beijing Market
Bing Han, University of Toronto

Lu Han, University of Toronto
Guozhong Zhu*, University of Alberta
DISCUSSANT: Zheng Liu, Federal Reserve Bank of San Francisco

10:15 a.m. BREAK (15 minutes)
10:30 a.m. SESSION SIX: Affordable Housing Programs

CHAIR: Nathan Sussman, Bank of Israel

Who Wants Affordable Housing in Their Backyard? An Equilibrium Analysis of Low Income Property Development
Tim McQuade, Stanford GSB
Rebecca Diamond*, Stanford GSB
DISCUSSANT: Stuart Rosenthal, Syracuse University

The Distribution of Rental Assistance Between Tenants and Landlords: The Case of Students in Central Jerusalem
Doron Sayag*, Israel Central Bureau of Statistics
Noam Zussman, Bank of Israel
DISCUSSANT: David Genesove, The Hebrew University of Jerusalem

12:30 p.m. CONFERENCE ADJOURNMENT & LUNCH

*Presenting Author

Organizing Committee

 

Danny Ben-Shahar, Tel Aviv University
Stuart Gabriel, UCLA
Diana Hancock, Board of Governors of the Federal Reserve System
Stephen Oliner, American Enterprise Institute and UCLA
Wayne Passmore, Board of Governors of the Federal Reserve System
Nathan Sussman, Bank of Israel

Program Committee

 

Zahi Ben-David, Ohio State University
Danny Ben-Shahar, Tel Aviv University
Raphael Bostic, USC
Tom Davidoff, University of British Columbia
Yongheng Deng, National University of Singapore
Ingrid Gould Ellen, NYU
Scott Frame, Federal Reserve Bank of Atlanta
Stuart Gabriel, UCLA
Mark Garmaise, UCLA
David Genesove, Hebrew University of Jerusalem
Diana Hancock, Board of Governors of the Federal Reserve System
Barney Hartman-Glaser, UCLA
Matthew Kahn, UCLA
John Krainer, Federal Reserve Bank of San Francisco
Raven Molloy, Board of Governors of the Federal Reserve System
Stephen Oliner, American Enterprise Institute and UCLA
Wayne Passmore, Board of Governors of the Federal Reserve System
Stuart Rosenthal, Syracuse University
David Scharfstein, Harvard University
Shane Sherlund, Board of Governors of the Federal Reserve System
Tsur Somerville, University of British Columbia
Nathan Sussman, Bank of Israel
Joseph Tracy, Federal Reserve Bank of New York
Susan Wachter, University of Pennsylvania