Showing 1 – 2 of 2 results.
Self-published
Data and Code for: Work From Home and the Office Real Estate Apocalypse (ICPSR 228041)
Released/updated on: 2025-12-22
Time period: 2015-01-01--2023-12-31
We show remote work led to large drops in lease revenues, occupancy, and market rents in the commercial office sector. We revalue New York City office buildings taking into account both the cash flow and discount rate implications of these shocks, and find a 46% decline in long run value. For all U.S. office markets combined, we find a $556.8 billion value destruction. Higher quality buildings were buffered against these trends due to a flight to quality, while lower quality office is at risk of becoming a stranded asset. These valuation changes have repercussions for financial stability and local public finances.
Self-published
Replication data for: Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide (ICPSR 116130)
Released/updated on: 2019-12-06
We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by settlement of U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers. Using a difference-in-difference framework, we find that Countrywide's monthly delinquency rate increased more than 0.54 percentage points—a ten percent relative increase—immediately after the settlement's announcement. The estimated increase in default rates is largest among borrowers least likely to default otherwise. These results suggest that strategic behavior should be an important consideration in designing mortgage modification programs. (JEL D10, G21, G33, K00)