Rebecca Diamond, Timothy McQuade, Franklin Qian

NBER Working Paper No. 24181
Issued in January 2018

---- Acknowledgments ----

We are grateful for comments from Ed Glaeser, Christopher Palmer, Paul Scott, and seminar participants at The Conference on Urban and Regional Economics, the Fall HULM Conference, NTA Annual Meeting, NBER Real Estate Summer Institute, NBER Fall Public and Labor Studies Meetings, NYU Stern, the Stanford Finance Faculty Lunch, UC Berkeley, and the University of Illinois. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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