Michael Gedal
Lecturer on Public Administration

Michael Gedal lectures on microeconomics at the Wagner School.  

 

Semester Course
Date Publication/Paper
2016

Vicki Been, Ingrid Gould Ellen, Michael Gedal, Edward Glaeser, and Brian McCabe 2016. Preserving History or Restricting Development: The Heterogenous Effects of Historic Districts on Local Housing Markets in New York City Journal of Urban Economics, Available online, 21 Dec, 2015
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Abstract

Since Brooklyn Heights was designated as New York City's first landmarked neighborhood in 1965, the Landmarks Preservation Commission has designated 120 historic neighborhoods in the city. This paper develops a theory in which landmarking has heterogeneous impacts across neighborhoods and exploits variation in the timing of historic district designations in New York City to identify the effects of preservation policies on residential property markets. We combine data on residential transactions during the 35-year period between 1974 and 2009 with data from the Landmarks Preservation Commission on the location of the city's historic districts and the timing of the designations. Consistent with theory, properties just outside the boundaries of districts increase in value after designation. Further, designation raises property values within historic districts, but only outside of Manhattan. As predicted, impacts are more positive in areas where the value of the option to build unrestricted is lower. Impacts also appear to be more positive in districts that are more aesthetically appealing.

2007

Gedal, M. & Been, V., Ellen, I.G., Voicu, I. 2007. The Impact of Supportive Housing on Surrounding Neighborhoods 2nd Annual Conference on Empirical Legal Studies Paper, July
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Abstract

Communities across New York City and around the nation commonly oppose proposals to open supportive housing in their neighborhoods because of fear that the housing will decrease the quality of life in the neighborhood, and lead to reductions in property values. This study aims to give supportive housing providers and local government officials the  objective, credible information they need to guide policy decisions and to respond to opponents' fears and arguments. Using a difference-in-difference regression model to isolate the effect of supportive housing from more general macro and micro market trends and neighborhood variations, this paper examines the impact that almost 14,000 units of supportive housing created in New York City over the past twenty five years have had on their host neighborhoods over time.

In a preliminary analysis, we find little evidence that supportive housing facilities diminish the value of surrounding properties. We find evidence that prices of properties surrounding supportive housing facilities are lower than comparable properties in the same neighborhood prior to the opening of the facility, and that this gap tends to narrow following the opening of a facility. Specifically, the preliminary analysis suggests that modestly-sized supportive housing developments (which are typical in New York City) may have small, positive impacts on neighboring property values, though these positive impacts decline as project size increases. Very large facilities may have negative impacts on the surrounding neighborhood.

 

2006

Voicu, I. & Gedal, M. 2006. Recent Trends in the Availability and Affordability of Housing in New York City State of New York City's Housing and Neighborhoods Report, Furman Center for Real Estate and Urban Policy, New York University, June
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Abstract

A broad range of interests - from affordable housing advocates to businesses worried about their workforce - are increasingly concerned that housing affordability in the City is declining rapidly, and that at least one of the causes of that decline is a shortage of housing in the City. In this chapter we use the most recent data from the 2005 New York City Housing and Vacancy Survey (HVS) to assess these concerns. First, we examine changes in affordability over the last three years, and do find a striking decrease in the number of units that are affordable to lower-income City residents. Second, we analyze the balance between the demand for, and supply of, housing in the City by looking at the extent to which the housing stock has grown relative to changes in population in recent years. After looking at those trends, we offer a snapshot assessment of the size of the
imbalance between housing demand and supply as of 2005.