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Working Papers

Option Value and Storefront Vacancy in New York City

Erica Moszkowski, Daniel Stackman • April 12, 2023

Why do storefronts remain empty for more than a year in some of the world’s highest-rent retail districts? Landlords with vacancies derive option value from two sources of…
Working Papers

Hitting the Wall: Credit as an Impediment to Homeownership

Raphael Bostic, Paul Calem, Susan Wachter • February 5, 2004

BABC 04-5: There is a broad consensus regarding the benefits of homeownership, which include wealth accumulation and improvements along social and personal dimensions.…