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DTSTART:20241027T030000
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UID:calendar.135682.field_date.0@www.tse-fr.eu
DTSTAMP:20260712T002506Z
CREATED:20240923T151001Z
DESCRIPTION:Francis Wong (LMU\, Munich)\, “Taxing Homeowners Who Won't Borr
 ow”\, Public Economics Seminar\, TSE\, November 8\, 2024\, 11:00–12:15\, r
 oom Auditorium 4.\n\nUsing high-frequency administrative data covering mil
 lions of US homeowners\, I document three novel facts about homeowner resp
 onses to property tax increases driven by rising home values. First\, non-
 migrating homeowners cut consumption\, exhibit financial distress\, and do
  not borrow against their higher home values. These responses run contrary
  to the predictions of frictionless models\, in which homeowners should bo
 rrow to avoid costly adjustments. Second\, heterogeneity analysis shows th
 at consumption responses do not vary by liquidity\, consistent with saving
 s target behavior. In contrast\, distress responses are concentrated among
  liquidity-constrained homeowners. Many homeowners report being debt avers
 e and therefore unwilling to borrow in order to avoid illiquidity and dist
 ress. Third\, tax hikes induce migration—partly by displacing illiquid hom
 eowners—but do not accelerate neighborhood change. A simple welfare framew
 ork reveals that the largest costs of property taxes arise from financial 
 distress among liquidity-constrained homeowners.
DTSTART;TZID=Europe/Paris:20241108T110000
DTEND;TZID=Europe/Paris:20241108T121500
LAST-MODIFIED:20260113T095129Z
LOCATION:TSE\, November 8\, 2024\, 11:00–12:15\, room Auditorium 4
SUMMARY:Public Economics Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2024-taxing-homeowners-who-wont
 -borrow
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