NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Justin P. Steil

MIT
Department of Urban Studies and Planning
77 Massachusetts Avenue, Room 9-515
Cambridge, MA 02139
Tel: (617) 253-2017

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Institutional Affiliation: MIT

NBER Working Papers and Publications

August 2019Does Condominium Development Lead to Gentrification?
with Leah Platt Boustan, Robert A. Margo, Matthew M. Miller, James M. Reeves: w26170
The condominium structure, which facilitates ownership of units in multi-family buildings, was only introduced to the US during the 1960s. We ask whether the subsequent development of condominiums encouraged high-income households to move to central cities. Although we document a strong positive correlation between condominium density and resident income, this association is entirely driven by endogenous development of condos in areas otherwise attractive to high-income households. When we instrument for condo density using the passage of municipal regulations limiting condo conversions, we find little association between condo development and resident income, education or race.
 
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