Through open discussion of evolving research, IREFIM aims to develop real-life solutions to complex problems in real estate. Our world-renowned research fellows are internationally recognized researchers with important scientific contributions in topics such as commercial real estate development, REITs, mortgage design, house price bubbles, and affordable housing. IREFIM's innovative teaching approach to the field of real estate combines theory with real-world applicability to prepare students to become leaders in the industry.

Alrov Institute for Real Estate Research at Tel Aviv University, ESCP Business School, and the UCLA Ziman Center for Real Estate

are jointly organizing a second conference on issues of low-income housing supply, related financing tools, and housing affordability. The study of these issues has taken on further importance in the wake of the Covid-19 pandemic. The selection committee is interested in economics and policy research on topics including housing affordability, inequality, house price and rent dynamics, rent control, low-income housing supply and demand, private-public partnerships including (but not limited to) the Low-Income Housing Tax Credit (LIHTC) and the Tax Increment Financing (TIF) programs, mortgage and housing finance system design and performance to support affordable housing, land use regulation and entitlements, demographic factors, homelessness, urban stratification, population mobility and immigration, and policy at all levels of government. The conference is planned for June 14-15, 2022 (in-person and COVID-19 permitting) at Tel Aviv University (Israel). A day-trip to major historic sites in the Old City of Jerusalem is planned for June 16, 2022. A follow-up academic meeting is planned for UCLA in June 2023.

"More Than Shelter: The Effects of Rental Eviction Moratoria on Household Well-Being"

Joint work by Stuart A. Gabriel, UCLA Anderson School of Management; UCLA Ziman Center for Real Estate; Nitzan Tzur-Ilan, Kellogg School of Management, Northwestern University

Thursday, May 20, 2021
8:00 AM Pacific Time/11:00AM Eastern Time (US & Canada)

Xudong An

Assistant Vice President
Supervision, Regulation, and Credit
Federal Reserve Bank of Philadelphia

We investigate the impact of 2020 COVID-19 rental eviction moratoria on household wellbeing. Analysis of new panel data indicates that eviction moratoria reduced evictions and resulted in redirection of scarce household financial resources to immediate consumption needs, notably including food and grocery spending. We also find that eviction moratoria reduced household food insecurity and mental stress, with larger effects evidenced among African American households. Findings suggest broad salutary effects of eviction moratoria during a period of widespread virus and economic distress.

The Alrov Institute for Real Estate Research at Tel Aviv University, ESCP Business School, and UCLA Ziman Center for Real Estate are pleased to partner on a series of Zoom-based winter and spring 2021 research seminars with a focus on issues of housing and public policy.

For questions, contact Julie Lindner at
110 Westwood Plaza, B100, Los Angeles, CA 90095-1481


"Why Have House Prices Risen So Much More Than Rents in Superstar Cities?"

Joint work by Andreas Mense, Friedrich-Alexander University Erlangen-Nuremberg.

Thursday, April 22, 2021
8:00 AM Pacific Time/11:00AM Eastern Time (US & Canada)

Christian A. L. Hilber

Professor of Economic Geography
Department of Geography and Environment
London School of Economics & Centre for Economic Performance

In most countries – particularly in supply constrained superstar cities – house prices have risen much more strongly than rents over the last two decades. We provide an explanation that does not rely on falling interest rates, changing credit conditions, unrealistic expectations, rising inequality, or global investor demand. Our model distinguishes between short- and long-run supply constraints and assumes housing demand shocks exhibit serial correlation. Employing panel data for England, our instrumental variable-fixed effect estimates suggest that in Greater London labor demand shocks in conjunction with supply constraints explain two-thirds of the 153% increase in the price-to-rent ratio between 1997 and 2018.

The Alrov Institute for Real Estate Research at Tel Aviv University, ESCP Business School, and UCLA Ziman Center for Real Estate are pleased to partner on a series of Zoom-based winter and spring 2021 research seminars with a focus on issues of housing and public policy.

For questions, contact Julie Lindner at
110 Westwood Plaza, B100, Los Angeles, CA 90095-1481

"Eviction Risk of Rental Housing: Does it Matter How Your Landlord Finances the Property?"

Join work by Xudon An (Federal Reserve Bank of Philadelphia) and Luis Lopez (College of Business Administration, University of Illinois at Chicago)

Wednesday, March 17, 2021
8:00 AM Pacific Time/11:00AM Eastern Time (US & Canada)

Brent William Ambrose

Smeal Professor of Risk Management
Smeal Professor of Real Estate
Director of Ph.D. Program
Director of Institute for Real Estate Studies
Smeal College of Bussines, Pennylvania State University

We show using a stylized model, how the financing choice of landlords can impact eviction decisions in rental markets. Since multifamiliy loans rely on timely cash flows from tenants, strict underwriting factors can increase the chances that landlords are able to weather income shocks. Lender provided relief may create further leeweay for landlords to work out a deal with tenants who default on rental payments.
Using comprehensive data on nationwide evictions in the US and perfomance records on multifamiliy mortgages, we confirm predictions from our model by documenting a negative relation between evictions and the financing activity by goverment-sponsored enterprises (GSE) who impose strict underwriting criteria but generally offer borrowers relief during unprecedented income schocks. We also quantify the eviction risks induced by the COVID-19 pandemic for twelve U.S. cities using our empirical model.

The Alrov Institute for Real Estate Research at Tel Aviv University, ESCP Business School, and UCLA Ziman Center for Real Estate are pleased to partner on a series of Zoom-based winter and spring 2021 research seminars with a focus on issues of housing and public policy.

For questions, contact Julie Lindner at
110 Westwood Plaza, B100, Los Angeles, CA 90095-1481

Beyond well-intentioned housing policies: The adverse effects of rent control

Jaime Luque & Kian Starsberg
ESCP Business School

La transformación del mercado de oficinas e implicaciones sobre el modelo urbano

Jaime Luque
ESCP Business School

Jiro Yoshida

Latest research highlights

Associate Professor of Business at the Pennsylvania State University and Research Fellow at Institute of Real Estate Finance and Management, has contributed a chapter in a collection of five books titled Real Estate Policy Studies published in Japanese by Toyo Keizai, Inc., Tokyo, Japan. The collection provides a comprehensive picture of real estate in Japan from various perspectives such as law, economics, finance, architecture and planning, and public administration.

Dr. Yoshida's chapter entitled, "Globalization and Evaluation Methods for Real Estate Investments in Japan," is included in the second volume focusing on the real estate economic analysis. The chapter documents the significant change in the method of evaluating real estate projects in Japan while global investors expanded their operations in Japan since the late 1990's. The chapter also assesses alternative evaluation methods and provides the theoretical background of the modern evaluation method. It concludes by cautioning that even the best practice did not prevent the global financial crisis in the late 2000's.

Our Research Members

Stephen Malpezzi

Emeritus Professor in the James A. Graaskamp Center for Real Estate at the University of Wisconsin-Madison; a Research Affiliate at Rutgers’ Center for Real Estate; and Dean of the School of Advanced Real Estate Studies at the Homer Hoyt Institute. Malpezzi's research includes work on economic development, the measurement and determinants of real estate prices, and the effects of regulation and other economic policies on real estate markets

Manuel Santos

Professor of Economics and James L. Knight Chair at the University of Miaimi. Professor Santos research interests include computational macroeconomic models and asset price bubbles

Daniel McMillen

Professor of Economics at the University of Illinois at Urbana-Champaign, where he teaches courses in Urban Economics and Applied Econometrics. He also is a Visiting Fellow at the Lincoln Institute of Land Policy, and a consultant at the Federal Reserve Bank of Chicago. He recently stepped down as co-editor of Regional Science and Urban Economics after more than 10 years. He also serves on the editorial boards of other leading journals in urban economics and real estate

Marcus Berliant

Professor of Economics at Washington University in St Louis. He has also served as a staff member for Congress. He was elected a Fellow of the Regional Science Association International in 2005. Current research and teaching interests include public finance, economic theory, and urban economics. Topics currently under study are the politics of income taxation, the microstructure of knowledge creation, and the location and growth of cities

Crocker Liu

Crocker H. Liu is the Robert A. Beck Professor of Hospitality Financial Management and a professor of real estate at the Cornell University School of Hotel Administration. Professor Liu’s research interests are focused on issues in real estate finance, particularly topics related to agency, corporate governance, organizational forms, market efficiency, and valuation

Alexei Tchistyi

Associate Professor of Finance and Director of the Office of Real Estate Research at University of Illinois at Urbana-Champaign. Alexei’s research focuses on various topics related to real estate finance and corporate finance, including mortgage design, asset-backed securities, banking regulations, dynamic contracting and executive compensation

José Tavares

Holds a Ph.D. in Economics from Harvard University. José is currently professor of economics at Nova School of Business and Economics in Lisbon, and Fellow at the Centre for Economic Policy Research (CEPR) in London. José has published for the Government of Portugal 'Culture and Economic Development: a Guide for Policy-Makers' and is currently co-coordinating an empirical evaluation of the economic value of the heritage sites in Portugal

Bulent Guler

Associate Professor at Indiana University at Bloomington. His primary research interests include quantitative macroeconomics and labor markets. One line of his current research focuses on housing and mortgage markets. In a recent paper, he explores the effect of innovations in information technology on housing and mortgage markets, particularly homeownership rates, foreclosure rates, and mortgage terms

Marek Weretka

Associate Professor of Economics at the University of Wisconsin-Madison. His research interests include Economic Theory, Finance, General Equilibrium, and Behavioral Economics. His work on financial innovation published at Econometrica has important implications for understanding the incentives to originate new asset-backed securities, such as Mortgage-Backed Securities

Gonzalo Fernández de Córdoba

Associate Professor of Economics at the Universidad of Málaga in Spain. His teaching specializations include computational methods of forecasting house price dynamics and macroeconomics models of default

William Doerner

Supervisory Economist at the Federal Housing Finance Agency (FHFA) where he oversees the production of nationwide house price measures and manages a team of experts that conduct applied research on housing markets and mortgage finance. Will has worked in property appraisal, real estate development, and valuation for federal, state, and county agencies. He has published articles on a range of topics like housing, finance, real estate, taxation, and policing.

Edward Kung

Received his Ph.D. from Duke and is now an Assistant Professor of Economics at the University of California, Los Angeles. His research interests are in urban economics, real estate finance, household finance, and applied microeconomics more broadly. A recent paper published in the American Economic Review studies the impact of foreclosures on the values of nearby houses. More recent work studies the effect of mortgage credit availability on house construction

Charles Leung

Associate Professor at City University of Hong Kong. Dr. Leung also serves as a research associate of the Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas. Dr. Leung is also a (non-resident) visiting research fellow of ISER, Osaka University (May 2015 ~ April 2016). His research interests include real estate, urban economics, and macroeconomics

Guozhong Zhu

Assistant Professor at Alberta School of Business. He graduated from the University of Texas at Austin in 2009 with a Ph.D. in economics. Before joining University of Alberta, he was an assistant professor in Guanghua School of Management of Peking University. Guozhong’s research focuses on household finance and real estate.

Jorge de la Roca

Assistant Professor at the University of Southern California’s Sol Price School of Public of Policy. His research focuses on understanding the benefits of working in big cities and studying urban migration across cities of different sizes, where he has published articles in the Review of Economic Studies and the Journal of Urban Economics. He has also studied the consequences of racial segregation on minorities in the United States

Stanimira Milcheva

Dr Stanimira Milcheva is an associate professor in Real Estate and Infrastructure Finance at University College London. Stani's research is in real estate and infrastructure investment and finance as well as housing economics. Stani has published in a number of high-esteemed journals in the fields of finance, urban economics and real estate economics. Stani has also been awarded various prizes for a number of research outputs including winner of the Asian Real Estate Society’s (AsRES) Royal Institution of Chartered Surveyors (RICS) Best Paper Award, best research output for Thinking out the Box by the Homer Hoyt Institute, best research output by Cushman and Wakefield, and best research output by the University of Reading Research Endowment Trust Fund

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