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Working Paper
Rural Affordable Rental Housing : Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas
Dumont, Andrew M. (2018-11-14)
Recently, there has been significant interest in the high levels of rental cost burden being experienced across the United States. Much of this scholarship has focused on rental cost burdens in larger urban areas, or at the national level, and has not explored differences in the prevalence of rental cost burden in urban versus rural communities. In this paper, I find that rental cost burdens are a challenge facing both urban and rural communities. However, despite the need for affordable rental housing in rural communities identified, I find the amount of resources made available by the ...
Finance and Economics Discussion Series , Paper 2018-077

Discussion Paper
Understanding the Racial and Income Gap in COVID-19: Public Transportation and Home Crowding
Avtar, Ruchi; Chakrabarti, Rajashri; Pinkovskiy, Maxim L. (2021-01-12)
This is the second post in a series that aims to understand the gap in COVID-19 intensity by race and income. In our first post, we looked at how comorbidities, uninsurance rates, and health resources may help to explain the race and income gap observed in COVID-19 intensity. We found that a quarter of the income gap and more than a third of the racial gap in case rates are explained by health status and system factors. In this post, we look at two factors related to indoor density—namely public transportation use and home crowding. Here, we will aim to understand whether these two factors ...
Liberty Street Economics , Paper 20210112b

Newsletter
What is driving the differences in inflation across U.S. regions?
McGranahan, Leslie; Gupta, Elainia (2023-05)
In this article, we explore differences in inflation dynamics across U.S. regions. Looking independently at the impact of consumption patterns and inflation by expenditure categories, we find that recent gaps across regions have existed largely because of different regional inflation rates for the housing category. Yet we also find that overall inflation is very highly correlated across regions.
Chicago Fed Letter , Volume no 478 , Pages 8

Discussion Paper
A Look at the New York-Northern New Jersey Region’s Pandemic Housing Boom
Bram, Jason; Hastings, Jonathan; Deitz, Richard; Abel, Jaison R. (2022-11-10)
Since the start of the pandemic, home prices in the U.S. have increased by an astonishing 40 percent. The New York-Northern New Jersey region saw a similar meteoric rise, as home prices shot up by 30 percent or more almost everywhere—even in upstate New York, where economic growth was sluggish well before the pandemic hit. New York City is the exception, where home price growth was less than half that pace. Indeed, home prices actually declined in Manhattan early in the pandemic, though they have rebounded markedly since. Much of the region’s home price boom can be traced to the rise in ...
Liberty Street Economics , Paper 20221110b

Working Paper
The Labor Market Effects of Place-Based Policies: Evidence from England’s Neighbourhood Renewal Fund
Jump, Robert Calvert; Scavette, Adam (2022-03-23)
Neighborhood renewal programs are a type of place-based policy that aim to revive underperforming localities. The literature on place-based policies has found mixed results regarding their effects on local labor market outcomes, but there are relatively few studies of policies that aim to improve local labor supply. In this paper, we examine the labor market effects of the Neighbourhood Renewal Fund, which targeted eighty-eight of the most deprived areas in England during the early 2000s as part of the Labour Government's National Strategy for Neighbourhood Renewal. The fund disbursed almost ...
Working Paper , Paper 22-02

Working Paper
Have Distressed Neighborhoods Recovered? Evidence from the Neighborhood Stabilization Program
Cortes, Alvaro; Spader, Jonathan; Schuetz, Jenny (2015-03-04)
During the 2007-2009 housing crisis, concentrations of foreclosed and vacant properties created severe blight in many cities and neighborhoods. The federal Neighborhood Stabilization Program (NSP) was established to help mitigate distress in hard-hit areas by funding the rehabilitation or demolition of troubled properties. This paper analyzes housing market changes in areas that received investments during the second round of NSP funding, focusing on seven large urban counties. Grantees used NSP to invest in census tracts with high rates of distressed and vacancy properties, and tracts that ...
Finance and Economics Discussion Series , Paper 2015-16

Working Paper
Work from Home and Interstate Migration
Rubinton, Hannah; Bick, Alexander; Blandin, Adam; Mertens, Karel (2024-05-20)
Interstate migration by working-age adults in the US declined substantially during the Great Recession and remained subdued through 2019. We document that interstate migration rose sharply following the 2020 Covid-19 outbreak, nearly recovering to pre-Great recession levels, and provide evidence that this reversal was primarily driven by the rise in work from home (WFH). Before the pandemic, interstate migration by WFH workers was consistently 50% higher than for commuters. Since the Covid-19 outbreak, this migration gap persisted while the WFH share tripled. Using quasi-panel data and ...
Working Papers , Paper 2024-012

Discussion Paper
Flood Risk and Firm Location Decisions in the Fed’s Second District
Hannaoui, Oliver Zain; Jung, Hyeyoon; Santos, João A. C.; Seltzer, Lee (2023-11-14)
The intensity, duration, and frequency of flooding have increased over the past few decades. According to the Federal Emergency Management Agency (FEMA), 99 percent of U.S. counties have been impacted by a flooding event since 1999. As the frequency of flood events continues to increase, the number of people, buildings, and agriculture exposed to flood risk is only likely to grow. As a previous post points out, measuring the geographical accuracy of such risk is important and may impact bank lending. In this post, we focus on the distribution of flood risk within the Federal Reserve’s ...
Liberty Street Economics , Paper 20231114

Discussion Paper
Uneven Distribution of Household Debt by Gender, Race, and Education
Chakrabarti, Rajashri; Chatterji-Len, Kasey; Avtar, Ruchi (2021-11-17)
Household debt has risen markedly since 2013 and amounts to more than $15 trillion dollars. While the aggregate volume of household debt has been well-documented, literature on the gender, racial and education distribution of debt is lacking, largely because of an absence of adequate data that combine debt, demographic, and education information. In a three-part series beginning with this post, we seek to bridge this gap. In this first post, we focus on differences in debt holding behavior across race and gender. Specifically, we explore gender and racial disparities in different types of ...
Liberty Street Economics , Paper 20211117a

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