Housing rent dynamics and rent regulation in St. Petersburg (1880–1917)

Kholodilin, Konstantin A.; Limonov, Leonid; Waltl, Sofie R.

doi:10.1016/j.eeh.2021.101398

Cited by 9 publications

(4 citation statements)

References 29 publications

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“…Additionally, previous research by Trojanek and Gluszak (2022) has not found a significant impact on house prices, but rather on the rental market (15–23%). Similarly, Kholidin et al . (2021) stated that the existence of war resulted in the evacuation of residents in conflict to nearby areas which resulted in an increase in rent prices.…”

Section: Introductionmentioning

confidence: 72%

“…Similarly, Monfared and Pavlov (2017) states that political uncertainty has a correlation with the real estate market, this indicates that policies regarding immigration in London have had a significant impact on sharply declining house prices. Additionally, Wind and Ibrahim (2020) and Kholodilin et al (2021) have asserted that the war has triggered a wave of refugees, leading to changes in housing patterns and an increase in housing prices.…”

Section: Russia Andmentioning

confidence: 99%

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The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

Yudaruddin,

Lesmana

2024

JERER

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PurposeThis study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.Design/methodology/approachThis study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.FindingsThe global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.Social implicationsThis result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.Originality/valueThis study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.

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Section: Introductionmentioning

confidence: 72%

Section: Russia Andmentioning

confidence: 99%

The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

Yudaruddin,

Lesmana

2024

JERER

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“…Rent control in Germany has a long tradition dating back to 1919 (see Kholodilin 2017a), which likely contributes to the fact that, until now, renting is the dominant tenure status in German cities: in 2018, the rental housing rate in Berlin amounted to almost 83% of which the vast majority were regular units (social housing units amounting to at most 5% of the total housing stock). 2 Additional regulatory measures are usually put in place in extraordinary times, for example, world wars (see Kholodilin et al 2021) and, most recently, in response to the global economic crisis triggered by the COVID-19 pandemic (see Kholodilin 2020a, Francke andKorevaar 2021). After historical high intensities during extreme events, a decades-long deregulation trend followed.…”

Section: A Visual History Of Rent Control In Germanymentioning

confidence: 99%

Forward to the Past: Short-Term Effects of the Rent Freeze in Berlin

et al. 2024

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In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side effects in terms of prices, quantities, and landlords’ strategic behavior. We develop a theoretical framework capturing the key features of first-generation rent control policies and Berlin-specific aspects. Using a rich pool of detailed rent advertisements, predictions are tested, and further empirical causal inference techniques are applied for comparing price trajectories of dwellings inside and outside the policy’s scope. Mechanically, advertised rents drop significantly upon the policy’s enactment. A substantial rent gap along Berlin’s administrative border emerges, and rapidly growing rents in Berlin’s (unregulated) adjacent municipalities are observed. Landlords started adopting a hedging strategy insuring themselves against the risk of contractually long-term fixed low rents following a potentially unconstitutional law. Whereas this hedge was beneficial for landlords, the risk was completely borne by tenants. Moreover, the number of available properties for rent dropped significantly, a share of which appears to be permanently lost for the rental sector. This hampers a successful housing search for first-time renters and people moving within the city. Overall, negative consequences for renters appear to outweigh positive ones. This paper was accepted by Victoria Ivashina, finance. Funding: This research benefits from funding by the FNR Luxembourg National Research Fund [CORE Grant 3886] (ASSESS) and the OeNB Anniversary Fund [Grant 18767] (LocHouse). M. Fongoni further thanks the Department of Economics at the University of Strathclyde for support and acknowledges funding from the French government under the “France 2030” investment plan managed by the French National Research Agency [Reference ANR-17-EURE-0020] and from the Excellence Initiative of Aix-Marseille University - A*MIDEX. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4775 .

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“…Short-term studies about the consequences of war in Ukraine were conducted by Trojanek and Głuszak [10]. A large inflow of refugees into the Russian Empire turned a lingering housing shortage into a full-fledged housing crisis in the summer of 1915 (during WW I) [16]. Under such conditions, the Russian rental housing market (which had previously known virtually no restrictive regulations) responded with rapid rent increases, thus exacerbating the overall inflation problem.…”

Section: Introductionmentioning

confidence: 99%

Apartment Rental Market in Border Cities of Poland and Ukraine

Hełdak,

Kucher

2024

GaEE

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This article is a contribution to the research that addresses the levels of apartment rental costs in Poland and Ukraine. The city of Rzeszów in Poland and Lviv in Ukraine – voivodeship capital cities that are located about 100 km from the Polish-Ukrainian border – were selected for the analysis. The purpose of the research is to compare the rental costs of apartments and to determine the correlation between the average rental rate and location of an apartment in the city as well as its floor, area, and residential standard. The experimental part of the article presents research results based on analyzing more than 300 apartment rental offers in the Rzeszów and Lviv housing market at the turn of 2022–2023. The possibility of renting an apartment results from the financial capacity of potential tenants, which is unavailable to people with low incomes; hence, the study also analyzed market rental rates in the context of the minimum wage in Poland and Ukraine in 2022.

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Housing rent dynamics and rent regulation in St. Petersburg (1880–1917)

Cited by 9 publications

References 29 publications

The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

The market reaction of real estate companies to the announcement of the Russian–Ukrainian invasion

Forward to the Past: Short-Term Effects of the Rent Freeze in Berlin

Apartment Rental Market in Border Cities of Poland and Ukraine

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