Main finding
Large market-rate buildings lowered nearby listed rents in low-income neighborhoods and drew movers from other low-income areas.
Nearby listed rents fell 5–7% relative to trend
Local Effects of Large New Apartment Buildings in Low-Income Areas
Asquith, Mast & Reed
Most important limitation
The main sample contains 96 buildings, and Zillow underrepresents cheaper rentals.
From the publication
Inspect the authors' figure directly
Figure 2 · Rent event studies
Both comparison strategies turn negative after treatment; the vertical bars show uncertainty.
REDRAWN FROM STUDY DATAFigure 2 · Rent event studies
| Years relative to opening | Near–far comparison | Near–near comparison |
|---|---|---|
| −3 | 0.01 | 0.02 |
| −2 | 0 | -0.01 |
| −1 | 0 | 0 |
| 0 | -0.05 | -0.045 |
| +1 | -0.065 | -0.06 |
| +2 | -0.055 | -0.05 |
| +3 | -0.05 | -0.075 |
How this study is used
Claims this evidence supports
Reference
Asquith, Mast & Reed (2023). “Local Effects of Large New Apartment Buildings in Low-Income Areas.”