---- Acknowledgements ----
We are grateful to David Albouy, Ori Heffetz, Naomi Hausman, Jacob Leshno, Paul Oyer, Carolin Pflueger, Kelly Shue, Doug Staiger, Dave Zhao, an anonymous referee, and especially Erzo F.P. Luttmer for valuable comments and assistance. We thank Kristina Tobio and Ian Zhu for outstanding research assistance. We acknowledge support from the Taubman Center for State and Local Government. Gottlieb acknowledges support from the Social Sciences and Humanities Research Council of Canada, the Institute for Humane Studies and the National Institutes on Aging via grant number T32-AG000186-23 to the National Bureau of Economic Research. Ziv acknowledges support from the NE-UTC and the NSF via grant numbers DGE0644491 and DGE1144152. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
---- Disclosure of Financial Relationships for Edward L. Glaeser ----
I have received speaking fees from organizations that organize members that invest in real estate markets, including the National Association of Real Estate Investment Managers and the Pension Real Estate Association.