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Fellow

Anne Fadullon

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Founder and Principal Partner, MAKE Advisory Services, LLC (MAKE)

About

Anne Fadullon serves as the Founder and Principal Partner of MAKE Advisory Services, LLC (MAKE), where she provides consulting services focusing on capacity building and mentoring, with specialties in affordable housing and community development. Prior to founding MAKE, Anne served as the inaugural Deputy Mayor for the Department of Planning and Development (DPD) for the City of Philadelphia. In this position she was responsible for leading the Department in its efforts to align expertise and service delivery across a broad range of responsibilities to further the progression of the built environment and to ensure Philadelphia is a great place to invest, live, work and play. In this role, Anne was tasked with creating a new unified Department from six formerly separate and distinct agencies. In addition to these city entities, her purview also included solidifying the relationship with the Department’s sister agency, the Philadelphia Housing Development Corporation (PHDC), a 501(c)(3) tasked with implementing many of the City’s housing programs. During her tenure, Anne successfully merged PHDC, the Philadelphia Redevelopment Authority (PRA) and the Philadelphia Land Bank (PLB), resulting in all staff working for PHDC with management agreements with PRA and PLB. This consolidation ensured the ability to work across entities to ease service delivery to Philadelphia residents and businesses. To ensure coordination amongst the Divisions of DPD, PHDC and the public, Anne served as the Chair of the Philadelphia City Planning Commission, the Board of the Philadelphia Redevelopment Authority and the Board of the Philadelphia Land Bank. These consolidation and coordination efforts resulted in billions of dollars of both market and affordable development and securing affordable housing for tens of thousands of families.

Prior to her appointment as Deputy Mayor in January of 2016, Anne served as Director of Real Estate and Investment at the Dale Corporation. During her tenure at Dale, she oversaw several in-house development projects including Low Income Housing Tax Credit projects, mixed-income and mixed-use projects, and large-scale commercial projects. She also provided consulting services to third party developers, as well as supporting Dale’s General Contracting Division by serving as a liaison with government officials, agencies and other key stakeholders. Further, during her tenure at Dale, Anne served as the first ever female President of the Building Industry Association (BIA), which represents the City’s residential building industry. During her presidency the membership of the BIA grew exponentially and the organization became known for its willingness to roll up it sleeves and work side by side with agencies and government representatives to develop solutions to industry issues, rather than simply bringing a list of complaints.

Prior to joining Dale Corporation in April 2000, Anne served as the Director of Planning and Development for the City of Cocoa, Florida. This experience allowed Anne to become well-versed in how to deal with rapid growth in a diverse community. From 1992 to 1997, Anne worked at the then Office of Housing and Community Development and the Philadelphia Redevelopment Authority, cutting her teeth in the affordable housing and community development fields. This combination of public and private sector experience combined with both market-rate and affordable development success, gives Anne a well-rounded perspective on how to implement viable strategies for successful urban communities.

Anne has a Master’s in City Planning from the University of Pennsylvania and a Bachelor’s Degree in Economics and Urban Studies from Lehigh University. She lives in Germantown with her wife and can be found solving all the world’s problems by hiking long distances in the Wissahickon Park.

Faculty Fellow

Fernando Ferreira

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Professor, Departments of Real Estate, and Business Economics and Public Policy

About

Fernando Ferreira is C.F. Koo Professor, Professor of Real Estate, Professor of Business Economics and Public Policy in the Wharton School. His interests include public economics, urban economics, and real estate. He is also a Faculty Fellow and Research Associate at the National Bureau of Economic Research (NBER), for which he co-edits the Journal of Public Economics. Ferreira has served as a visiting scholar at the Federal Reserve Bank of Philadelphia and the Federal Reserve Bank of New York and is the recipient of various research grants, including from the Ford Foundation and the U.S. Department of Education. 

Selected Publications

Ferreira, Fernando “What Drives Racial and Ethnic Differences in High Cost Mortgages? The Role of High Risk Lenders”, with Patrick Bayer and Stephen Ross. Review of Financial Studies, 2018. 

Ferreira, Fernando, Patrick Bayer, and Stephen Ross. 2016. “The Vulnerability of Minority Homeowners in the Housing Boom and Bust.” American Economic Journal: Economic Policy 8(1).

Ferreira, Fernando and Joseph Gyourko. 2014. “Does Gender Matter for Political Leadership? The Case of U.S. Mayors.” Journal of Public Economics 112: 24-39.

Ferreira, Fernando, Leah Platt Boustan, Hernan Winkler, and Eric Zolt. 2013. “The Effect of Rising Income Inequality on Taxation and Public Expenditures: Evidence from U.S. Municipalities and School Districts, 1970-2000.” Review of Economics and Statistics 95(4): 1291-1302.

Fellow

David Gest

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Partner, Ballard Spahr

Areas of Interest

    About

    David Gest is a real estate attorney and Partner at Ballard Spahr. He has worked with city planners, architects, landscape architects, and environmental consultants on major real estate development projects. Gest has also worked with city agencies and community groups on zoning and historic preservation matters. Gest is a member of the American Planning Association and the American Bar Association. His focus areas include zoning and land use. 

    Penn IUR Scholar

    Richard K. Green

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    Director, University of Southern California Lusk Center for Real Estate; Lusk Chair in Real Estate

    Areas of Interest

      About

      Richard K. Green is the Director of the University of Southern California (USC) Lusk Center for Real Estate. Green is also the Lusk Chair in Real Estate and Professor at both the USC Sol Price School of Public Policy and the Marshall School of Business. Before joining USC, Green was the Oliver T. Carr Jr., Chair of Real Estate Finance at the George Washington University School of Business. He also taught real estate finance and economics courses at the University of Wisconsin-Madison and was principal economist and director of financial strategy and policy analysis at Freddie Mac. More recently, Green was a Visiting Professor of Real Estate at the University of Pennsylvania’s Wharton School. Green’s areas of expertise include real estate, housing markets, real estate finance and economics, mortgage finance, land policy, urban policy, transportation, tax policy, and housing policy. He is a member of two academic journal editorial boards and a reviewer for several others. 

      Selected Publications

      Green, Richard, and P. Hendershott. Forthcoming/ Separating the Impacts of Age and Birth Date on Retail Sales; Journal of Shopping Center Research.

      Green, Richard, and J. Schuetz. 2014. Is The Art Market More Bourgeois Than Bohemian?; Journal of Regional Science, 54(2,):273–303.

      Green, Richard K. 2011. Thoughts on Rental Housing Market and Policy. Cityscape, A Journal of Policy, Development and Research, 13(2).

      Green, Richard K. and A. Reschovsky. 2011. “Using Tax Policy to Subsidize Homeownership.” In Public Spending and Incentives for Community Development Federal Reserve Bank of Boston, Aspen Institute, A. Staiger, ed.

      Green, R., and Susan Wachter. 2008. The Housing Finance Revolution (Proceedings of the 31st Annual Federal Reserve Bank of Kansas City Economic Symposium).

      Faculty Fellow

      Joseph Gyourko

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      Martin Bucksbaum Professor of Real Estate, Fiance, Business Economic & Public Policy

      Director, Zell/Lurie Real Estate Center

      About

      Joe Gyourko is the Martin Bucksbaum Professor of Real Estate, Fiance, Business Economic & Public Policy and the Director at Zell/Lurie Real Estate Center 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.

      Selected Publications

      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.

      Faculty Fellow

      Jessie Handbury

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      Assistant Professor of Real Estate

      About

      Jessie Handbury is an Assistant Professor of Real Estate at The Wharton School and was 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. 

      Selected Publications

      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.

      Affiliated PhD Student

      Rebecca Jorgensen

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      Phd Candidate in Wharton's Applied Economics Program

      About

      Rebecca Jorgensen is a sixth year PhD student in Wharton's Applied Economics program with research interests in household finance, real estate, and industrial organization economics. Her current research studies how mergers between residential real estate brokerages and mortgage lenders affect the structure of the mortgage market and the interest rate paid by borrowers. Her other work examines how increasing ridership on public transit affects travel time. Prior to graduate school, Rebecca worked as a Research Assistant at the Board of Governors of the Federal Reserve System on projects related to financial stability and competition, which is where her interest in mortgage markets began. Rebecca holds a Masters degree in Economics and a Bachelors degree in Quantitative Economics and Mathematics, all from Miami University.

      Penn IUR Scholar

      Matthew Kahn

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      Provost Professor of Economics and Spatial Sciences, University of South California

      Areas of Interest

        About

        Matthew Kahn is a Provost Professor of Economics and Spatial Sciences at University of South California. 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.

        Selected Publications

        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.

        Affiliated PhD Student

        Jeanna Kenney

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        PhD Candidate in The Wharton School Applied Economics Department

        About

        Jeanna Kenney is an Applied Economics PhD Candidate in The Wharton School studying topics in real estate and urban economics. Her research focuses on the various people and decisions involved in the often complicated process of a home purchase. In particular, her dissertation studies the occupational licensing process for real estate agents and how this affects competition in the brokerage industry and outcomes in local housing markets. 

        Prior to Wharton, Jeanna was a research assistant at the Federal Reserve Bank of Philadelphia, working primarily with economists on the Regional economics team studying economic trends in the greater Philadelphia area and issues of bias in home purchase appraisals. She holds a B.A. in Economics with a concentration in Math from Haverford College. A native of nearby Delaware County, Jeanna enjoys reading, baking, and cheering on Philly sports teams.

        Selected Publications

        Calem, P., Kenney, J., Lambie‐Hanson, L., & Nakamura, L. (2021). Appraising home purchase appraisals. Real Estate Economics, 49(S1), 134-168.

        Ferreira, F., Kenney, J., & Smith, B. (2023). Household mobility, networks, and gentrification of minority neighborhoods in the US (NBER Working Paper No. 31480). National Bureau of Economic Research. http://www.nber.org/papers/w31480

        Faculty Fellow

        Benjamin Keys

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        Rowan Family Foundation Professor of Real Estate and Finance

        About

        Ben Keys is the Rowan Family Foundation Professor of Real Estate and Finance at the University of Pennsylvania’s Wharton School and a Faculty Research Fellow of the National Bureau of Economic Research. He studies issues related to household finance, mortgage finance, real estate, applied econometrics, labor economics, and urban economics. Keys’s research has been published in such journals as the Quarterly Journal of Economics,  American Economic Review,  Journal of Financial Economics, and Review of Financial Studies, among others. His work has been profiled in the Economist, Wall Street Journal, New York Times, and Washington Post, among other publications. Before joining Wharton, Keys taught at the University of Chicago and worked as a staff economist at the Board of Governors of the Federal Reserve System. Keys holds a B.A. in economics and political science from Swarthmore College and an M.A. and Ph.D. in economics from the University of Michigan.

        Selected Publications

        “What Determines Consumer Financial Distress? Place- and Person-Based Factors” (pdf)
        (with Neale Mahoney and Hanbin Yang), Review of Financial Studies, conditionally accepted.

        “Investment Over the Business Cycle: Insights from College Major Choice” (pdf)
        (with Erica Blom and Brian C. Cadena), Journal of Labor Economics, forthcoming.

        “Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance” (pdf)
        (with Neil Bhutta), Review of Financial Studies, 35(2), February 2022.

        “Refinancing, Monetary Policy, and the Credit Cycle” (pdf)
        (with Gene Amromin and Neil Bhutta), Annual Review of Financial Economics, 12, November 2020.

        “Minimum Payments and Debt Paydown in Consumer Credit Cards” (link)
        (with Jialan Wang), Journal of Financial Economics, 131(3), March 2019.

        Penn IUR Scholar

        Kyung-Hwan Kim

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        Professor of Economics Emeritus, Department of Economics, Sogang University

        Former Immediate Vice Minister, Republic of Korea

        Former President, Korea Research Institute for Human Settlements

        Former Vice Minister, Ministry of Land, Infrastructure and Transport (MOLIT)

        Areas of Interest

          About

          Kyung-Hwan Kim is Emeritus Professor of Economics at Sogang University where he was 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.

          Selected Publications

          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

          Fellow

          Michael LaCour-Little

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          Visiting Research Scholar at Congressional Budget Office

          Areas of Interest

            About

            Michael LaCour-Little joined Fannie Mae in 2016 as Director of economics. He recently retired from the position and now works as a visiting Research Scholar at the Congressional Budget Office. 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.  

            Selected Publications

            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.

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