Federal Reserve Bank of New York Economic Policy Review

Publication covering business, finance, and economic issues.

Articles from Vol. 9, No. 2, June

Commentary
The paper by Denise DiPasquale, Dennis Fricke, and Daniel Garcia-Diaz addresses a central question for the future direction of federal housing policy: how do the costs of delivering housing assistance vary by program? Costs are now central to the debate...
Commentary
John Goering does an excellent job summarizing the early results of the Moving to Opportunity for Fair Housing Demonstration (MTO). His paper serves as an excellent reference for anyone interested in learning about the motivation, design, and preliminary...
Commentary
Housing affordability is a wide-ranging topic, and the conference organizers have wisely chosen to organize the program sessions around different themes. The theme of this session is housing markets, but it is really about housing markets as they are...
Commentary
The paper by Joseph Harkness and Sandra Newman combines two important issues in community development research: the questions of "neighborhood effects" and of "homeowner effects." It is interesting that researchers widely accept the notion that neighborhood...
Commentary
Edward Glaeser and Joseph Gyourko present a good paper, but the paper is not what it claims to be, at least for lay readers who do not interpret words literally. For most people, "affordable housing" has something to do with housing for the poor. This...
Comparing the Costs of Federal Housing Assistance Programs
1. INTRODUCTIONFor more than sixty years, the federal government has provided assistance to improve the condition and reduce the cost of rental housing for low- and very low-income households.1 The focus of federal assistance has changed over time, as...
Comparing the Costs of Federal Housing Assistance Programs. (Session 4: Housing Subsidies and Finance)
1. INTRODUCTION For more than sixty years, the federal government has provided assistance to improve the condition and reduce the cost of rental housing for low- and very low-income households. (1) The focus of federal assistance has changed over...
Effects of Homeownership on Children: The Role of Neighborhood Characteristics and Family Income
1. INTRODUCTIONA recent press release from the U.S. Department of Housing and Urban Development (HUD) captures the wide-ranging benefits increasingly being attributed to homeownership: "Homeowners accumulate wealth as the investment in their homes grows,...
Effects of Homeownership on Children: The Role of Neighborhood Characteristics and Family Income. (Session 3: The Impact of Housing on People and Places)
1. INTRODUCTION A recent press release from the U.S. Department of Housing and Urban Development (HUD) captures the wide-ranging benefits increasingly being attributed to homeownership: "Homeowners accumulate wealth as the investment in their homes...
Government Regulation and Changes in the Affordable Housing Stock
1. INTRODUCTIONIn terms of housing issues, the primary public policy focus of economists has been the affordability of homes, mortgage availability, land-use regulation, and rent control. Studies of land-use regulation focus on the effects of regulation...
Government Regulation and Changes in the Affordable Housing Stock. (Session 2: Affordable Housing and the Housing Market)
1. INTRODUCTION In terms of housing issues, the primary public policy focus of economists has been the affordability of homes, mortgage availability, land-use regulation, and rent control. Studies of land-use regulation focus on the effects of regulation...
Housing Production Subsidies and Neighborhood Revitalization: New York City's Ten-Year Capital Plan for Housing
1. INTRODUCTIONA perennial question in housing policy concerns the form that housing assistance should take. Although some argue that housing assistance should be thought of as a form of income support and advocate direct cash grants to needy households,...
Housing Production Subsidies and Neighborhood Revitalization: New York City's Ten-Year Capital Plan for Housing. (Session 3: The Impact of Housing on People and Places)
1. INTRODUCTION A perennial question in housing policy concerns the form that housing assistance should take. Although some argue that housing assistance should be thought of as a form of income support and advocate direct cash grants to needy households,...
Opening Remarks
I am delighted to welcome you to the Federal Reserve Bank of New York. Today's conference, "Policies to Promote Affordable Housing," has been organized by this Bank and the Furman Center for Real Estate and Urban Policy of New York University. I would...
Opening Remarks
I am delighted to welcome you to the Federal Reserve Bank of New York. Today's conference, "Policies to Promote Affordable Housing," has been organized by this Bank and the Furman Center for Real Estate and Urban Policy of New York University. I would...
Preservation First
I would like to begin by thanking Christine Cumming and Michael Schill and their staffs for organizing this conference. It certainly has enhanced our understanding of the issues, and hopefully will lead to a more informed and therefore more effective...
Preservation First. (Session 5: Remarks on the Future of Housing Policy)
I would like to begin by thanking Christine Cumming and Michael Schill and their staffs for organizing this conference. It certainly has enhanced our understanding of the issues, and hopefully will lead to a more informed and therefore more effective...
State of New York City's Housing and Neighborhoods: An Overview of Recent Trends
1. INTRODUCTIONNew York City is well-known for the special challenges it faces in providing the largest urban population in the United States with quality affordable housing. The city's housing problems are frequently the subject of intense debate. It...
State of New York City's Housing and Neighborhoods: An Overview of Recent Trends. (Session 1)
1. INTRODUCTION New York City is well-known for the special challenges it faces in providing the largest urban population in the United States with quality affordable housing. The city's housing problems are frequently the subject of intense debate....
The Building Blocks for Private Investment in New York City's Underserved Communities
It is good to see everybody, and I trust you are having an informative day. First, I want to thank Christine Cumming and Michael Schill for inviting me to participate in this conference. I thought I would share with you briefly the perspective of someone...
The Building Blocks for Private Investment in New York City's Underserved Communities. (Session 5: Remarks on the Future of Housing Policy)
It is good to see everybody, and I trust you are having an informative day. First, I want to thank Christine Cumming and Michael Schill for inviting me to participate in this conference. I thought I would share with you briefly the perspective of someone...
The Impact of Building Restrictions on Housing Affordability
(Proquest Information and Learning: ... denotes formula omitted.)1. INTRODUCTIONA chorus of voices appears to proclaim unanimously that America is in the midst of an affordable housing crisis. Housing and Urban Development Secretary Andrew Cuomo asserted...
The Impact of Building Restrictions on Housing Affordability. (Session 2: Affordable Housing and the Housing Market)
1. INTRODUCTION A chorus of voices appears to proclaim unanimously that America is in the midst of an affordable housing crisis. Housing and Urban Development Secretary Andrew Cuomo asserted the existence of such a crisis in his introduction to...
The Impacts of New Neighborhoods on Poor Families: Evaluating the Policy Implications of the Moving to Opportunity Demonstration
1. INTRODUCTIONThe U.S. Department of Housing and Urban Development's (HUD) Moving to Opportunity for Fair Housing Demonstration, or MTO, is a large, federally funded social experiment designed to test whether improved neighborhood opportunities may...
The Impacts of New Neighborhoods on Poor Families: Evaluating the Policy Implications of the Moving to Opportunity Demonstration. (Session 3: The Impact of Housing on People and Places)
1. INTRODUCTION The U.S. Department of Housing and Urban Development's (HUD) Moving to Opportunity for Fair Housing Demonstration, or MTO, is a large, federally funded social experiment designed to test whether improved neighborhood opportunities...
The Twenty-Fifth Anniversary of the Community Reinvestment Act: Past Accomplishments and Future Regulatory Challenges
1. INTRODUCTION AND SUMMARY1The U.S. Congress passed the Community Reinvestment Act (CRA) in 1977 to encourage depository institutions to meet the credit needs of lower income neighborhoods. The CRA was built on the simple proposition that deposit-taking...
The Twenty-Fifth Anniversary of the Community Reinvestment Act: Past Accomplishments and Future Regulatory Challenges. (Session 4: Housing Subsidies and Finances)
I. INTRODUCTION AND SUMMARY (1) The U.S. Congress passed the Community Reinvestment Act (CRA) in 1977 to encourage depository institutions to meet the credit needs of lower income neighborhoods. The CRA was built on the simple proposition that deposit-taking...