국회도서관 국가전략정보포털

Title page

Contents

Acknowledgments 2

Abstract 4

1. Introduction 5

2. Background 11

2.1. Hurricane Sandy 11

2.2. The New York Rising Buyout and Acquisition Program 12

3. Data 13

3.1. Housing Acquisitions and Buyouts and Sandy Damage 13

3.2. Housing Transactions 15

3.3. Home Mortgage Applications 15

3.4. Business Establishments 16

4. Endogenous Program Participation 17

4.1. Selection Effect by Hurricane Sandy's Direct Impacts 18

4.2. Selection Effect by Socioeconomic Characteristics 20

5. Estimation Models and Results 21

5.1. Impact on Property Values 22

5.2. Changes in Homebuyer Demographics 26

5.3. Business Establishment Growth and Job Creation 28

6. Back-of-the-Envelope Analysis 31

7. Conclusion 33

References 35

Appendix 50

Table 1. Program Participation and Sandy's Impact 44

Table 2. Program Participation and Economic and Demographic Factors 45

Table 3. The Effect of Acquisitions and Buyouts on Log Property Values 46

Table 4. The Effects of Acquisitions and Buyouts on Mortgage Applications 47

Table 5. The Effects of Acquisitions and Buyouts on Businesses 48

Table 6. The Effect on Businesses by Industry 49

Figure 1. NY Rising Buyout and Acquisition Program and Sandy Inundation Zone 40

Figure 2. Omitted Variable Bias from Sandy's Impact 41

Figure 3. Program Effect on Log Property Value by Distance 42

Figure 4. Dynamic Program Effect on Log Property Value 43

Table A1. Summary Statistics 51

Table A2. Robustness Checks: The Effect on Log Property Values 53

Table A3. The Effect on Log Property Value Based on Model in Hashida and Dundas (2023) 54

Table A4. The Effects on Mortgage Applications by Treatment Intensity and Action 55