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  3. 2026
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  5. Identity and Bias in Housing Markets
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Identity and Bias in Housing Markets

Paper Session

Sunday, Jan. 4, 2026 8:00 AM - 10:00 AM (EST)

Loews Philadelphia Hotel, Washington A
Hosted By: American Real Estate and Urban Economics Association
  • Chair: Neil Bhutta, Federal Reserve Bank of Philadelphia

Tax Increment Financing and Business Dynamism

Isaac Hacamo
,
Indiana University
Seohee Kim
,
Indiana University

Abstract

Tax Increment Financing (TIF) is one of the most widely used---yet controversial---place-based policy tools for stimulating private investment in underdeveloped areas. We examine the rollout of TIF legislation beginning in the 1960s as a quasi-natural experiment, and find that TIF causes an increase in new business and job creation, and is not simply a reallocation across space. However, this increase in job creation does not directly occur in poor counties; rather, it is concentrated in affluent central counties surrounded by poorer areas. Despite failing to target poor counties, TIF still reduces state-wide poverty rates among individuals without a college degree, with effects persisting for over 10 years. Since TIF is financed through anticipated future property tax revenues, we find that municipalities strategically select areas that mitigate property tax risk and are adjacent to hubs of low-skill labor.

Appraisal and Gender

James Conklin
,
University of Georgia
Edward Coulson
,
University of California-Irvine
Moussa Diop
,
University of Southern California
Ruchi Singh
,
University of Georgia

Abstract

We test for gender differences in the real estate appraisal industry. We ask whether fe-

male appraisers evaluate different types of properties and whether they value the properties differently compared to their male counterparts. We largely do not find any statistically or economically significant differences between male and female appraisers using a nationwide panel of mortgages for the period 2000 to 2007. We also find that appraisers’ gender does not play a role in appraisal outcomes.

Partisan Loan Officers and the Racial Gap in Mortgage Lending

Yongqiang Chu
,
University of North Carolina-Charlotte

Abstract

Using a novel dataset matching mortgage loan officers' voter registration records with lending data, I find that Democratic loan officers originate 30\% more loans to minority borrowers than Republican loan officers. The results hold after controlling for loan officer location and demand-side factors. At the loan level, Democratic loan officers are more likely to originate loans with higher debt-to-income ratios to minority borrowers than Republican loan officers. Loans to minority borrowers originated by Democratic loan officers have a lower overall cost and perform better than those originated by Republican loan officers. These results suggest that Democratic loan officers collect and process more soft information to help minority borrowers overcome deficiencies in hard information, thereby expanding mortgage access for minority borrowers. These findings highlight how political ideology shapes economic outcomes through discretionary decision-making by financial intermediaries.

Fear in The Neighborhood: The Cost of Racial Prejudice

Stephen Billings
,
University of Colorado
W. Ben McCartney
,
University of Virginia
Calvin Zhang
,
University of Oregon

Abstract

Even though policymakers and researchers tout the benefits of integration, fear of interacting with different racial groups may perpetuate segregation. Using a nearest-neighbor research design, we show that the receipt of a new Black next-door neighbor, relative to the receipt of a new White next-door neighbor, leads to an increase in 911 calls auto-dialed by home alarm systems. However, we find no change in either crime-related calls or reported crimes after the arrival of new Black neighbors. Taken together, these results suggest the presence of perceived but no actual threat to personal safety from new Black neighbors.

Discussant(s)
Brent Smith
,
Virginia Commonwealth University
Lambie-Hanson Lauren
,
Federal Reserve Bank of Philadelphia
Erik Mayer
,
University of Wisconsin-Madison
Daniel Hartley
,
Federal Reserve Bank of Chicago
JEL Classifications
  • R2 - Household Analysis