Housing Demand, Cost-of-Living Inequality, and the Affordability Crisis

During work on this project, Albouy was a David C. Lincoln Fellow for the Lincoln Institute of Land Policy. Any mistakes are our own. We thank seminar participants at the Budapest Institute of Economics, Dalhousie, Homer Hoyt Institute, LSE (CEPR), Monash, National University of Singapore, New Economic School (Moscow), Tinbergen Institute, University of Bern, UIC, UNSW, USC (Price). We also thank conference participants at the AREUEA, ASSA, and SEA annual meetings; CHUM-Chicago Fed; IEB IV Workshop on Urban Economics; NBER Conference on International Comparisons of Income, Prices, and Production; the Ziman-UCLA Conference on Housing Affordability; David Card, Tom Davidoff, Angus Deaton, Jessie Handbury, Ed Olsen, Chien-Wen Peng, Changcheng Song , Lewis Warren, and Jing Wu for their comments and input. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.