The economic effects of real estate investors
研究了中小型房地产投资者通过法律实体参与美国住房市场的五个新发现，包括其对房价、租金和住房结构的影响，对理解房地产市场和政策制定有参考价值。
Abstract We show five new results about small‐ and medium‐sized real estate investors (SMREI) who participate through legal entities in US housing markets. First, SMREI have the largest growth across all cities post Great Recession, in contrast to Wall Street Landlords who concentrate in superstar cities. Second, SMREI increase house price growth and price‐to‐income ratio, especially in the bottom price tier. Third, this effect is reversed as investors trigger a medium‐run supply response. Fourth, in areas with a high supply elasticity, SMREI affect rents more than prices. Finally, SMREI change the composition of the housing stock in favor of multifamily units.