Seminário Acadêmico

Palestrante: Bruno Barsanetti (FGV-EPGE)       

Título:  "Road Endpoints and City Sizes"

Data: 27/05/2021 - 16h00

O Seminário será pelo Zoom através do link


Seminário Acadêmico

Palestrante: Andrew Bibler (U of Nevada LV)       

Título:  "Is Sharing Really Caring? The Effect of Airbnb on the Affordability of Housing"

Data: 20/05/2021 - 16h00

O Seminário será pelo Zoom . Através do link

Resumo do paper:
We examine the impact of peer-to-peer (P2P) short-term rentals on housing prices and foreclosures. Using a simple model we illustrate that, although growth in the short-term rental market leads to higher housing prices, home sharing profits can offset increased housing costs. That is, we show the net effect of the rise of platforms like Airbnb on housing affordability is theoretically ambiguous. To address this ambiguity empirically, we leverage city-level policy shocks that increase the cost of hosting on Airbnb to empirically estimate the effect of policy enforcement on Airbnb market supply and booking activity, and the corresponding effects on home prices and foreclosures. To the extent that negative supply shocks reallocate housing toward long-term use, we expect the shocks to partially reverse the impacts of a decade of dramatic growth in P2P short-term rental markets. Using data on Airbnb listings and transactions, we find that enforcing restrictive registration requirements on Airbnb listings reduces Airbnb supply and nights booked by 40% on average. We also find substantial heterogeneity in these effects, with the largest negative shocks experienced by zip codes with the highest per-capita density of Airbnb listings. Using the same identification strategy with transaction-level data from Zillow on home sales and foreclosures, we find that home prices decline by roughly 10% in the most Airbnb-dense zip codes while foreclosures in these same zip codes increase by almost 20%. These findings suggest that, while growth in P2P short-term rental markets increases housing prices, it may also improve individuals’ ability to avoid negative financial outcomes like foreclosure.