Takk!
06.03.2026 19:46
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Takk!
the model is used to look at welfare and price effects of a tax on landlords. It increases welfare, through redistribution of houses from renters to owners. Housing prices decrease, while rents increase.
Tighter rental markets may have negative real-life effects not captured by the model.
7/7
In the model, an inflow shock (observed in Oslo in the period), increases demand for both owned and rented housing. The increased incentive BTL in periods with high rents amplifies the effect on housing prices by further increasing the number of buyers.
6/7
The calibrated model matches the high investor share and housing price increase observed in the Oslo housing boom, while featuring increasing price-to-rent, and correlation of BTL share with housing price growth. This without credit constraints, and with rational price expectations.
5/7
To explain these patterns, I develop a search model that allows housing owners to invest in rental housing, with prices and rents endogenous. Non-owners rent from BTL landlords as long as supply last, or else e.g. flat share/live with parents.
The model is calibrated againt empirical moments.
4/7
I look at descriptive statistics for BTL investors in 2007 – 2014, a period with rapidly increasing population, prices and rents in Oslo. 20% of purchases were done for BTL, and the BTL share was correlated with increases in housing supply.
3/7
In Oslo, as in many other cities, much of rental supply consists of small-scale BTL investors, competing for house purchases with normal buyers.
I find that BTL, combined with search frictions in the housing market, amplifies volatility of housing prices.
2/7
"Buy to Let: The Role of Rental Investors in Housing Booms". A new paper in International Economic Review.
In the paper I look at how Buy-to-let (BTL) investors affect housing price dynamics.
onlinelibrary.wiley.com/doi/10.1111/...
1/7
The International Economic Review has just published a new exciting paper by Erlend Eide Bø on Buy to Let: The Role of Rental Investors in Housing Booms. It is available through @WileyEconomics here: onlinelibrary.wiley.com/doi/10.1111/...
I do think it's a little weird that QJE doesn't bother to list more than the first name if there are 3 or more authors. It's an economics journal, the full list of authors is almost always going to fit on one line.
Work in the Research department at Statistics Norway, Researcher in Population Analysis and Forecasting wanted.
Very interesting!
I've got a paper on small-scale (buy-to-let) housing investors. The results pointing in the same direction as the papers you mention. Taxing investors increases homeownership and total welfare, while increasing rents.
papers.ssrn.com/sol3/papers....
I'm going to try to put together a mini lit review on some of the recent institutional landlords papers. there are lots of papers, so I will be necessarily omitting many.
Mostly focused on impacts on prices, and whether institutional landlords are killing homeownership and driving up rents.
I have a new publication out, about the assessment of housing values for tax purposes.
Written with my colleagues Nygård and Thoresen, it is about the current model used for valuing housing in the Norwegian wealth tax, and how to improve the model.
link.springer.com/article/10.1...
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Very interesting working paper on market concentration in housing supply by @leqonomics.bsky.social. Higher concentration among house builders gives lower construction, higher price volatility and lower construction volatility. Likely as relevant outside of the US.
papers.ssrn.com/sol3/papers....
New, from me: A Trump official is concocting mortgage fraud claims to target opposition. It's a classic authoritarian trick.
Now they are doing it to Lisa Cook, the first Black female member of the Federal Reserve to push her to resign. 🧵
donmoynihan.substack.com/p/trump-uses...
Isn't the colors on the housing part wrong? The Haig-Simons should be light?
Absolutely! Getting at the total welfare effects, including increased demand for workers, changing ameneties etc. is really complicated. But the benefit likely differs. Even if the total effect of Airbnb is positive, the effect on those struggling with housing costs might be negative.
Allowing more housing to be build is the most important solution, by all means.
But there is also convincing research that Airbnb can cause significant increases in housing prices and rents for cities with large tourist demand, like Barcelona. www.sciencedirect.com/science/arti...
🚨 REPLICATION REPORT UPDATE: One year ago, a tweet by John Holbein alerted me, @ollefolke.bsky.social, and @jopieboy.bsky.social to a paper with a shocking result about Sweden’s law criminalizing the purchase of sex.🧵
Some stats from 100 days in on congestion pricing:
- Complaints about car-honking are down 70%
- The Holland Tunnel has 65% fewer delays at rush hour; time to get thru it is down 48%
- 6 million fewer cars
- Half as many traffic-related injuries
- 1.5 million more visitors to BIDs year over year
The dataset described here (on Norwegian residential housing auctions) is very nice, though unfortunately not publicly available.
housinglab.oslomet.no/wp-content/u...
Excited that our paper about the highly policy-relevant group of students on the margin between dropping out and completing high school is finally forthcoming in JOLE. @eckhoffandresen.bsky.social
I wonder here about the construction outcome: % growth in housing. Is it a good supply measure?
Imagine City A has high regulation, B low. Both have 100 inhabitants, but A has 80 houses while B has 100.
Following an inflow of 10, A builds 8 houses, B 10. Same % increase, but not similar results.
I have a recent WP with colleagues about how that is done in Norway.
bsky.app/profile/erle...
I think this paper makes good arguments for using automatic valuation methods in property tax assessments.