---- Acknowledgements ----
Edward Glaeser thanks the Taubman Center for State and Local Government for financial support. William Strange (the editor) provided much guidance and Rajiv Sethi both provided excellent comments. 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.