How ‘bad’ is renter protection for institutional investment in multifamily housing?
نویسندگان
چکیده
We assess the role of state-level renter protection regulations on pricing, performance and risk multifamily housing. construct a score (RPS) to measure extent in each state. Using proprietary property-level dataset from loans backed by commercial mortgage securities (CMBS) census tract socioeconomic variables, we study RPS initial capitalization (cap) rates, annual net operating income (NOI) loan delinquency rates find that, contrary conventional wisdom that is ‘bad’ for investors, housing high states associated higher NOI growth lower rates. also show better tenant with cap The results point investors perceiving properties more regulated as due reduced volatility. For institutional levels are, therefore, not but are instead cash flow volatility prospects.
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ژورنال
عنوان ژورنال: Journal of Housing Economics
سال: 2023
ISSN: ['1096-0791', '1051-1377']
DOI: https://doi.org/10.1016/j.jhe.2022.101912