Condos don’t cause gentrification; gentrification causes condos. That’s the verdict of Leah Boustan and Robert Margo, who come on the show to discuss their research on condominium conversion restrictions in US cities. In addition to their research results, we talk about the (surprisingly short) history of condo ownership, the unintended consequences of condo restrictions, and the way other policies like HOA governance and rent control influence the popularity of owner-occupied multifamily housing.

Show notes:

• Boustan, L., Margo, R. A., Miller, M. M., Reeves, J., & Steil, J. (2023). JUE Insight: Condominium development does not lead to gentrification. Journal of Urban Economics, 133, 103524.
• Diamond, R., McQuade, T., & Qian, F. (2019). The effects of rent control expansion on tenants, landlords, and inequality: Evidence from San Francisco. American Economic Review, 109(9), 3365-3394.
• Fetter, D. K. (2016). The Home Front: The Home Front: Rent Control and the Rapid Wartime Increase in Home Ownership. The Journal of Economic History, 76(4), 1001-1043.