Martin Bucksbaum Professor of Real Estate, Finance, and Business and Public Policy
Nancy Nasher and David Haemiseggar Director, Zell/Lurie Real Estate Center
Areas of Interest
Joe Gyourko is the Martin Bucksbaum Professor of Real Estate, Finance and Business & Public Policy at The Wharton School of the University of Pennsylvania. He also serves as the Nancy Nasher and David Haemiseggar Director of the Zell/Lurie Real Estate Center at Wharton. Professor Gyourko’s research interests include real estate finance and investments, urban economics, and housing markets, in the United States and China. He is a Research Associate of the National Bureau of Economic Research (NBER) and served as Co-Director of the special NBER Project on Housing Markets and the Financial Crisis. Professor Gyourko served as co-editor of the Journal of Urban Economics, is a past Trustee of the Urban Land Institute (ULI) and Director of the Pension Real Estate Association (PREA), and consults to various private firms on real estate investment and policy matters. He received his B.A. from Duke University and a Ph.D. in Economics from the University of Chicago.
Gyourko, Joseph and Edward Glaeser. Forthcoming. “The Economics of Housing Supply.” Journal of Economic Perspectives.
Wu, Jing, Joseph Gyourko, and Yongheng Deng. 2016. “Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know.” China Economic Review 39: 91-114.
Gyourko, Joseph and Raven Molloy. 2015. “Regulation and Housing Supply.” In Handbook of Regional and Urban Economics Vol 5A, edited by Gilles Duranton, J. Vernon Henderson, and William Strange. Amsterdam, The Netherlands: Elsevier.
Gyourko, Joseph, Chris Mayer, and Todd Sinai. 2013. “Superstar Cities.” American Economic Journal-Economic Policy 5(4): 167-199.
Assistant Professor of Real Estate
Areas of Interest
Jessie Handbury is Assistant Professor of Real Estate at The Wharton School and a Faculty Research Fellow at the National Bureau of Economic Research (NBER). Her research interests lie at the intersection of urban economics, trade, and industrial organization. Her recent articles use detailed data on retail sales to characterize how product prices and availability vary across U.S. cities and to measure the implications of this variation on household living costs. Her current research examines spatial and socio-economic disparities in the availability and consumption of food products. This work, supported by the U.S. Department of Agriculture and the Wharton Social Impact Initiative, seeks to understand the roles that differentials in price sensitivity, nutritional preferences, and retail access each play in explaining socio-economic disparities in nutrition.
Handbury, Jessie, Ilya Rahkovsky, and Molly Schnell. 2015. “What Drives Nutritional Disparities? Retail Access and Food Purchases Across the Socioeconomic Spectrum.” NBER Working Paper Series Volume w21126.
Handbury, Jessie, and David E. Weinstein. 2014. “Goods prices and availability in cities.” The Review of Economic Studies 82(1): 258-296.
Handbury, Jessie. 2014. “Are poor cities cheap for everyone? Non-homotheticity and the cost of living across us cities.” Zell-Lurie working papers.
Professor, Institute of the Environment, Department of Public Policy, Department of Economics, University of California-Los Angeles (UCLA)
Matthew Kahn is a Professor in UCLA’s Institute of the Environment, Department of Public Policy, and Department of Economics. Kahn is also Research Associate at the National Bureau of Economic Research, Fellow at the Institute for the Study of Labor (IZA), and serves as a non-resident scholar at the Urbanization Project at the NYU Stern School of Business. Kahn’s research largely focuses on environmental, urban, real estate, and energy economics. Kahn has published more than 90 papers and several books.
Kahn, Matthew. 2016. Blue Skies Over Beijing: Economic Growth and the Environment in China joint with Siqi Zheng. Princeton University Press.
Kahn, Matthew. 2010. Climatopolis: How Our Cities Will Thrive in the Hotter Future. New York: Basic Books.
Costa, Dora L. and Matthew E. Kahn. 2008. Heroes and Cowards: The Social Face of War. Princeton, NJ: Princeton University Press.
Kahn, Matthew. 2006. Green Cities: Urban Growth and the Environment. Washington, DC: Urban Institute Press.
Professor of Economics, Department of Economics, Sogang University
Kyung-Hwan Kim is a professor of economics at Sogang University where he has been on the faculty since 1988 and was academic dean from 2003 till 2006. He is a former vice minister of the Ministry of Land, Infrastructure and Transport of the Republic of Korea (May 2015- June 2017). Mr. Kim is a fellow at the Weimer Graduate School of Advanced Studies in Real Estate and Urban Land Economic, a Penn Institute for Urban Research (IUR) scholar, a fellow of the Asian Real Estate Society (AsRES), a member of the editorial board of Journal of Housing Economics, and of the international advisory board of Housing Studies. Dr. Kim taught at Syracuse University (1986-88), University of Wisconsin-Madison (2002-03), and Singapore Management University (2010-11). He was president of Korea Research Institute for Human Settlements (2013-2015), urban finance advisor at the UN Centre for Human Settlements (Habitat) (1994-96), and president of the AsRES (2001-02). He served on various government committees of Korea on housing, urban planning and local public finance, as well as working as consultant for the World Bank and several other international organizations. Dr. Kim has published in major journals in urban economics and real estate. He received his PhD in economics from Princeton University in 1987.
Bertrand Renaud, Kyung-Hwan Kim and Man Cho. 2016. Dynamics of Housing in East Asia, Wiley and Blackwell.
Kyung-Hwan Kim, Sock Yong Phang and Susan Wachter. 2012. “Price Elasticity of Housing Supply”, in International Encyclopedia for Housing and Home, Vol 7. Oxford: Elsevier; 66–74
Kyung-Hwan Kim and Man Cho. 2014. Edited by H. Kent Baker and Peter Chinloy, “Real Estate Cycles: International Episodes”, in Private Real Estate Markets and Investments, Edited by H. Kent Baker and Peter Chinloy, Oxford University Press, 32-48
Kyung-Hwan Kim and Man Cho. 2014. “Mortgage Markets: International”, in Public Real Estate Markets and Investments, Edited by H. Kent Baker and Peter Chinloy, Oxford University Press, 97-120
Kyung-Hwan Kim and Young Joon Park. 2015. “International Comovement of East Asia’s Housing Price Cycle and China Effect in Greater China”, Asian Economic Papers, 1-21.
Kyung-Hwan Kim and Miseon Park. 2016. “Housing Policies in the Republic of Korea”, in Naoyuki Yoshino and Matthias Helble, eds., The Housing Challenge in Emerging Asia: Options and Solutions, Asia Development Bank Institute, 92-125
Director of Economics, Economic and Strategic Research, Fannie Mae
Michael LaCour-Little joined Fannie Mae in 2016 as Director – Economics. He recently retired from the position of Chair of the Department of Finance at California State University-Fullerton, where he continues in its faculty early retirement program. Prior to a ten-year stint in academia, he worked for decades in banking at Wells Fargo and Citibank, including their mortgage companies. He continues to serve on the editorial boards of a number of academic journals and is the author of dozens of peer-reviewed papers on topics in housing economics and real estate finance. A native of California, he earned his Ph.D. at the University of Wisconsin-Madison, and undergraduate and MBA degrees at the University of California.
LaCour-Little, Michael, Wei Yu, and Libo Sun. “The Role of Home Equity Lending in the Recent Mortgage Crisis”. Real Estate Economics 42(1): 153-189, 2014.
LaCour-Little, Michael and Jing Yang. “Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Pricing and Performance of Alt-A and Subprime Mortgages”. Journal of Real Estate Research 35(4): 507-553, 2013.
LaCour-Little, Michael. “The Pricing of Mortgages by Brokers: An Agency Problem?” Journal of Real Estate Research 31(2): 235-264, 2009.
Coleman, Major, Michael LaCour-Little, and Kerry Vandell. “Subprime Lending and the Housing Bubble: Tail Wags Dog?” Journal of Housing Economics 17(4): 272-290, 2008.
Calem, Paul and Michael LaCour-Little. “Risk-based Capital Requirements for Mortgage Loans” Journal of Banking and Finance 28: 647-672, 2004.
Professor, Department of Real Estate, Wisconsin School of Business, University of Wisconsin
Stephen Malpezzi is the Lorin and Marjorie Tiefenthaler Professor of Real Estate in the Wisconsin School of Business’s Department of Real Estate and Urban Land Economics at the University of Wisconsin. Malpezzi also acts as Academic Director of UW’s James A. Graaskamp Center for Real Estate and has served as Chair of the Real Estate Department. Malpezzi has extensive experience advising both developed and developing countries on the establishment of effective housing and urban development policies. His research includes housing policy and programs, and domestic and foreign housing market behaviors. Prior to his position at the University of Wisconsin, he was an economist in the Infrastructure and Urban Development Department of the World Bank and Research Associate at the Urban Institute. His teaching specializations include urban economics and real estate economics, and he has served multiple terms as Director and/or Officer (including President) of the American Real Estate and Urban Economics Association.
Malpezzi, S. 2013. “Global Perspectives on Housing Markets and Policy.” In Rethinking Cities: A Roadmap Towards Better Urbanization for Development, Edward Glaeser and Abha Joshi-Ghani, eds. Washington, DC: World Bank.
Malpezzi, S. 2013. “Local Economic Development and Its Finance.” In Financing Economic Development in the 21st Century, Sammis B. White and Zenia Z. Kotval, eds. Armonk, NY: M. E. Sharpe.
Malpezzi, S. 2010. “Housing Taxation and Subsidies in the United States.” In Housing and Tax Policy, Miranda Stewart, ed. Sydney, Australia: Taxation Institute of Australia.
Arthur C. Nelson
Presidential Professor of City and Metropolitan Planning, Director of the Metropolitan Research Center, Adjunct Professor of Finance, Co-Director of the Master of Real Estate Development Program, University of Utah
Arthur C. Nelson is Professor of Urban Planning and Real Estate Development at the University of Arizona. He is also Presidential Professor Emeritus of City & Metropolitan Planning at the University of Utah where, from 2008-2014, he served as founding Director of the Metropolitan Research Center, Adjunct Professor of Finance in the David Eccles School of Business, and founding Co-Director of the Master of Real Estate Development program. Prior to his position at the University of Utah, Nelson managed his own west coast consultancy in planning and management. From 2000-2001, was an expert consultant on smart growth for the US Department of Housing and Urban Development (HUD). Nelson’s major teaching and research areas include metropolitan development policy and patterns, smart growth, public facility planning and finance, real estate development, metropolitan governance, and urban infill and redevelopment methods. He has written more than twenty books, 100 articles and 300 other works. Nelson’s works have invited both international recognition and national awards, including the Paul Davidoff Award for his contribution to The Geography of Opportunity.
Nelson, Arthur C. 2012. Reshaping Metropolitan America: Trends and Opportunities to 2030. Washington, DC: Island Press.
Nelson, Arthur C. 2011. Megapolitan America: A New Vision for Understanding America’s Metropolitan Geography. Chicago: APA Planners Press.
Nelson, Arthur C. 2010. Catching the Next Wave: Older Adults and the “New Urbanism.” Journal of the American Society on Aging, 33(4): 37-42.
Nelson, Arthur C., Thomas W. Sanchez, and Casey J. Dawkins. 2007. The Social Impacts of Urban Containment (Urban Planning and Environment). Burlington, VT: Ashgate Publishing Company.
Director, Metropolitan Housing and Communities Policy Center, Urban Institute
Rolf Pendall is Director of the Urban Institute’s Metropolitan Housing and Communities Policy Center, where he leads a team of over forty experts on a broad array of housing, community development, and economic development topics. Pendall’s research expertise includes federal, state, and local affordable housing policy and programs; land-use planning and regulation; metropolitan growth patterns; and racial residential segregation and the concentration of poverty. Pendall currently leads the Institute’s evaluation of the HUD Choice Neighborhoods demonstration and a HUD-funded research study on the transportation needs of housing choice voucher users. Between 1998 and mid-2010, Pendall was Professor in the Department of City and Regional Planning at Cornell University.
Pendall, Rolf and Leah Hendey. 2013. A Brief Look at the Early Implementation of Choice Neighborhoods (Research Report). Washington, DC: Urban Institute.
Pendall, Rolf, Sandra Rosenbloom, Diane Levy, Elizabeth Oo, Gerrit Knaap, Jason Sartori, and Arnab Chakraborty. 2013. Can Federal Efforts Advance Federal and Local De-Siloing? Lessons from the HUD-EPA-DOT Partnership for Sustainable Communities (Research Report). Washington, DC: Urban Institute.
Pendall, Rolf. 2012. The Next Big Question Facing Cities: Will Millennials Stay? The Atlantic Cities, September 11.
Pendall, Rolf, Brett Theodos, Kaitlin Franks. 2012. The Built Environment and Household Vulnerability in a Regional Context (Research Brief). Washington, DC: Urban Institute.
Pendall, Rolf. 2007. The Changing Nature of Housing Markets in Upstate New York. Housing and Society, 34: 65-75.
Provost, University of Pennsylvania
Presidential Professor of Law and Education
Wendell Pritchett is Penn’s Provost and Presidential Professor in the Law School and the Graduate School of Education. He began his tenure as Penn’s 30th Provost on July 1, 2017. An award-winning scholar, author, lawyer, professor, and civic and academic leader, he first joined the Penn Law faculty in 2002, serving as Interim Dean from 2014-15 and as Associate Dean for Academic Affairs from 2006-07. He served from 2009-14 as Chancellor of Rutgers University-Camden, leading unprecedented growth that included graduating classes of record sizes, the first campus doctoral programs, and new health education and science facilities. In the City of Philadelphia, he has been Deputy Chief of Staff and Director of Policy for Mayor Michael Nutter, Chair of the Redevelopment Authority, member of the School Reform Commission, President of the Philadelphia Housing Development Corporation, Board Chair of the Community Legal Services of Philadelphia, and Executive Director of the district offices of Congressman Thomas Foglietta, among many other board and leadership positions. He has served as President of the Coalition of Urban and Metropolitan Universities, a board member of the Campaign for Black Male Achievement, Co-Chair of Mayor Nutter’s Transition Committee, and Co-Chair of Barack Obama’s Urban Policy Task Force. His research examines the development of post-war urban policy, in particular urban renewal, housing finance, and housing discrimination.
Pritchett, Wendell, Jessie Brown, and Martin Kurzweil. 2017. “Quality Assurance in U.S. Higher Education: The Current Landscape and Principles for Reform” Ithaka S+R and Penn Program on Regulation.
Petrilla, John, Barbara Cohn, Wendell Pritchett, Paul Stiles, Victoria Stodden, Jeffrey Vagle, Mark Humowiecki, and Nastassia Rosario. 2017. “Legal Issues for IDS Use: Finding a Way Forward.” Actionable Intelligence for Social Policy.
Pritchett, Wendell. 2008. Robert Clifton Weaver and the American City: The Life and Times of an Urban Reformer. Chicago: University of Chicago Press.
Pritchett, Wendell and Mark Rose, guest editors. 2008. “Politics and the American City, 1940-1990.” Journal of Urban History 34.
Pritchett, Wendell. 2002. Brownsville, Brooklyn: Blacks, Jews and the Changing Face of the Ghetto. Chicago: University of Chicago Press.
Executive Vice President and Senior Advisor to the President, Federal Reserve Bank of New York
Joseph Tracy is Executive Vice President and Senior Advisor to the President at the Federal Reserve Bank of New York. As Senior Advisor, Tracy focuses on housing and household credit issues. Tracy’s research interests include labor economics, unions and collective bargaining, compensation design, real estate finance, and local public finance. Prior to joining the Bank, Tracy was Associate Professor of Economics at both Yale University and Columbia University.
Ferreira, Fernando, Joseph Gyourko, Joseph Tracy. 2012. Housing Busts and Household Mobility: An Update. FRBNY Economic Policy Review, 18(3).
Dechario , Toni, Patricia C. Mosser, Joseph Tracy, James Vickery and Joshua Wright. 2011. “A Private Lender Cooperative Model for Residential Mortgage Finance.” In The American Mortgage System: Crisis and Reform, Susan M. Wachter and Marvin M. Smith, Chapter 12. Philadelphia: University of Pennsylvania Press.
Ferreira, Fernando, Joseph Gyourko, and Joseph Tracy. 2010. Housing Busts and Household Mobility. Journal of Urban Economics, 68(1): 34-45.
Haughwout, Andrew, Christopher Mayer, and Joseph Tracy. 2009. Subprime Mortgage Pricing: The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing. Federal Reserve Bank of New York Staff Reports, no. 368.
Ford Professor of Urban Design and Planning, School of Architecture and Planning, Massachusetts Institute of Technology
Lawrence Vale is Ford Professor of Urban Design and Planning in the School of Architecture and Planning at MIT, where he served as Head of the Department of Urban Studies and Planning from 2002 to 2009. He is currently Director of the school’s Resilient Cities Housing Initiative (RCHI). He has also served as President of the Society for American City and Regional Planning History. Vale’s current research focuses on history, politics, and design of American public housing. He was a guest editor of the Journal of Architectural and Planning Research for a special issue on public housing and has served as a consultant to the National Commission on Severely Distressed Public Housing. He is currently at work on a new book project that explores the variation of HOPE VI public housing redevelopment practices across the United States.
Vale, Lawrence J. 2013. Purging the Poorest: Public Housing and the Design Politics of Twice-cleared Communities. Chicago: University of Chicago Press.
Vale, Lawrence J. and Erin Graves. 2010. The Chicago Housing Authority’s Plan for Transformation. Chicago: John D. and Catherine T. MacArthur Foundation.
Vale, Lawrence J. 2008. Architecture, Power, and National Identity (2nd Edition). Routledge.
Vale, Lawrence J. 2002. Reclaiming Public Housing: A Half Century of Struggle in Three Public Neighborhoods. Cambridge, MA: Harvard University Press.
Vale, Lawrence J. 2000. From the Puritans to the Projects: Public Housing and Public Neighbors. Cambridge, MA: Harvard University Press.
Adjunct Professor of Real Estate
President and Principal, Econsult Solutions, Inc.
Areas of Interest
Richard Voith is Adjunct Professor of Real Estate in The Wharton School and President and Principal of Econsult Solutions, Inc. He is a well-known expert in real estate economics, transportation, and applied microeconomics. Prior to joining Econsult Solutions, Voith was Economic Advisor at the Federal Reserve Bank of Philadelphia where his responsibilities included analysis of Philadelphia’s regional economy. In addition to his consulting and academic research, Voith has worked frequently in the public policy arena. He is a founding board member of Pentrans, an organization dedicated to improving transportation in Pennsylvania. In 2006, he was appointed by Governor Rendell to the newly created Transportation Funding and Reform Commission charged with recommending appropriate levels of funding for transit systems, roads and bridges throughout the Commonwealth. He also served on the Board of Directors of the Southeastern Pennsylvania Transportation Authority (1992-2000) as one of two representatives for the city of Philadelphia on the Board. He served as Vice Chairman of SEPTA for three years (1996-1998); during his tenure, he participated in the procurement of a new fleet of subway cars, the hiring of a new management team, development of financing mechanisms for an ambitious capital plan as well as efforts to dramatically streamline the authority to reduce costs while expanding service throughout the Greater Philadelphia region.
Voith, Richard P, and Susan M Wachter. 2012. “The Affordability Challenge: Inclusionary Housing and Community Land Trusts in a Federal System.” In Value capture and land policies, edited by Gregory K. Ingram and Yu-Hung Hong. Cambridge, MA: Lincoln Institute of Land Policy.
Voith, Richard P. 2011. “The Economics of Recovery.” In Managing Urban Disaster Recovery: Policy, Planning, Concepts and Cases, edited by Edward J. Blakely, Eugenie L. Birch, Roland V. Anglan and Harou Hayashi. Crisis Response Publications.
Crone, Theodore, Leonard Nakamura, and Richard P. Voith. 2010. “Rents Have Been Rising, Not Falling, in the Postwar Period.” Review of Economics and Statistics 92(3): 628-644.
Zielenbach, Sean and Richard Voith. 2010. “HOPE VI and Neighborhood Economic Development: The Importance of Local Market Dynamics.” Cityscape 12(1): 99-131.
Zielenbach, Sean, Richard Voith, and Michael Mariano. 2010. “Estimating the Local Economic Impacts of HOPE VI.” Housing Policy Debate 20(3): 485-522.