House price differentials and dynamics: evidence from the Los Angeles and San Francisco metropolitan areas
运用经济理论解释加州两大都市区房价模式，重点分析都市间迁移对整体房价动态的影响，以及都市内家庭流动如何缓解供给受限地区的价格压力。
This paper applies insights from economic theory to explain recent housing price patterns in California's two largest metropolitan areas. We pay particular attention to the role of migration between metropolitan areas in explaining overall housing price dynamics for a given metropolitan area, and we show how household mobility within a metropolitan area tends to attenuate price pressures in the most supply-constrained places. In reviewing various models' ability to explain California's house price patterns, we also provide some historical perspective on California's urban structure, population growth, and housing price trends.