Housing

Jurisdictional Size and Residential Development: Are Large-Scale Local Governments More Receptive to Multifamily Housing?

By Nicholas J. Marantz (University of California Irvine) and Paul G. Lewis (Arizona State University) | As World War II drew to a close, residents of an affluent unincorporated area south of Denver, Colorado sought ways to preserve the low-density, single-family character of their community. They were especially alarmed by the possibility of central-city annexation to nearby Denver, which was much more racially, ethnically, and socioeconomically diverse. In order to maintain the community’s low-density single-family residential character, residents voted in 1945 to incorporate a new municipality called Cherry Hills Village. The new local government locked into place the area’s existing zoning, with a 2.5-acre minimum lot size across most of the city. Today, Cherry Hills Village remains an exclusive enclave: As of 2018, 94% of its 6,600 residents were non-Hispanic whites and 98% of its housing units were single-family detached, despite its location near major employment centers. Similar choices about local control and restrictive zoning have been made by electorates and public officials in countless other suburban locales around the United States. Read More

February 16, 2022 // 0 Comments

Capitalizing on Collapse: An Analysis of Institutional Single-Family Rental Investors

By By Gregg Colburn (University of Washington), Rebecca Walter (University of Washington), and Deirdre Pfeiffer (Arizona State University) | A well-documented consequence of the recent foreclosure crisis was a pronounced dislocation in the single-family home market. Large institutional buyers backed with Wall Street capital emerged to capitalize on this dislocation. These firms acquired hundreds of thousands of single-family homes to create a pool of institutionally-owned single-family rentals (SFRs) in markets across the U.S. Existing research highlights both positive and negative effects of this investor activity. Analyses suggest that home purchases and subsequent investments by these actors have reduced vacancies and aided recovery from the housing bust, however, studies also show associations between institutional investment in SFRs and increases in home prices and evictions. Read More

June 3, 2020 // 0 Comments