“…2 Although some empirical studies provide evidence for the lock-in effect (Henley, 1998;Ferreira, Gyourko, and Tracy, 2010;Modestino and Dennett, 2013), some others do not find any support (Donovan and Schnure, 2011;Schulhofer-Wohl, 2012;Coulson and Grieco, 2013), suggesting that negative equity could even increase mobility by bearing incentives to default (Coulson and Grieco, 2013). As consistent with the argument on committed expenditures, and with the latter evidence, mortgage-holders have typically the best labor outcomes (Goss and Phillips, 1997;Flatau et al, 2003;Brunet, Clark, and Lesueur, 2007;Kantor, Nijkamp, and Rouwendal, 2013). Second, social renters face lock-in effects similarly to homeowners, due to below-market rent, long waiting lists, security of tenure, and restricted transferability within social housing (Hughes and Mc-Cormick, 1981, 1987McCormick, 1983;Flatau et al, 2003;Battu et al, 2008).…”