US urban housing prices may stifle consumption growth

2015 ◽  
Keyword(s):  
New York ◽  
San Francisco ◽  
Urban Areas ◽  
Low Cost ◽  
Housing Prices ◽  
The United States ◽  
Urban Housing ◽  
San Jose ◽  
Economic Implications ◽  
Content Type

Subject The economic implications of high housing costs in US cities Significance A lack of homes to buy and rent has pushed prices in California 250% and 50% higher respectively than in the rest of the United States according to a report by the state's Legislative Analyst's Office released on March 17. The problem is most acute in the San Francisco and San Jose metropolitan areas, home to Silicon Valley and much of the US tech industry, where the average rent is 53% higher than the California average. Impacts Low-cost areas near employment hubs, such as Queens in New York or Oakland near San Francisco, are likely to grow. However, this will exacerbate political questions over inequality and 'gentrification'. These issues will play a large role in the Democratic primary campaign, as these areas are overwhelmingly Democratic. Congress, which overrepresents non-urban areas, is unlikely to pass legislation addressing this issue before 2017.

The quest for affordable owner-occupied housing in Germany

2019 ◽  
Vol 12 (3) ◽  
pp. 365-379
Author(s):  
Carolin E. Schmidt
Keyword(s):  
Urban Areas ◽  
House Prices ◽  
Housing Prices ◽  
Policy Instrument ◽  
Urban Housing ◽  
International Standards ◽  
Lower Income ◽  
Content Type ◽  
Before And After ◽  
New Construction

Purpose Even though housing prices in Germany are low by international standards, housing in urban areas has become less affordable. Since 2018, certain families aspiring to become homeowners may apply for a capital subsidy (Baukindergeld) that contributes to their down-payment. This paper analyzes whether this subsidy is an appropriate policy instrument to achieve the desired goals. Design/methodology/approach The paper presents an equilibrium model with two types of households (low- and high-income) and two types of houses (low- and high-quality) to examine equilibrium prices before and after the introduction of a subsidy. Findings This subsidy not only makes owning less affordable for the lower-income household but also increases the prices of more expensive houses that are not within reach of lower-income households. Research limitations/implications Because this policy has just come into effect in 2018 and no data are available yet, the implications of the model are yet to be tested. Practical implications The implications of the subsidy run counter to its intentions as house prices will rise even further. Other policies or fewer regulations for new construction may be more effective. Social implications An instrument aiming to relieve financially weaker families, this subsidy will increase prices for all house types, assuming continuing supply shortages observed in the German urban housing markets. Originality/value This is the first paper on Germany’s new homeownership subsidy. The model is general enough to be used with any explicit demand and supply functions and is thus applicable to other markets with low supply elasticities.

scholarly journals Mapping Spatial and Temporal Changes of Global Corporate Research and Development Activities by Conducting a Bibliometric Analysis

2017 ◽  
Vol 36 (1) ◽  
pp. 65-77 ◽  
Author(s):  
György Csomós
Keyword(s):  
New York ◽  
Information Technology ◽  
Research And Development ◽  
Bibliometric Analysis ◽  
San Francisco ◽  
The United States ◽  
San Jose ◽  
Technology Firms ◽  
Start Up ◽  
Information Technology Firms

Abstract Corporate research and development (R&D) activities have long been highly concentrated in a handful of world cities. This is due to the fact that these cities (e.g., Tokyo, New York, London, and Paris) are home to the largest and most powerful transnational corporations and are globally important sites for innovative start-up firms that operate in the fastest growing industries. However, in tandem with the rapid technological changes of our age, corporate R&D activities have shifted towards newly emerging and now globally significant R&D centres, like San Jose, San Francisco, and Boston in the United States, and Beijing, Seoul, and Shenzhen in East Asia. In this paper, I will conduct a bibliometric analysis to define which cities are centres of corporate R&D activities, how different industries influence their performance, and what spatial tendencies characterise the period from 1980 to 2014. The bibliometric analysis is based upon an assumption that implies there is a close connection between the number of scientific articles published by a given firm and the volume of its R&D activity. Results show that firms headquartered in Tokyo, New York, London, and Paris published the largest combined number of scientific articles in the period from 1980 to 2014, but that the growth rate of the annual output of scientific articles was much greater in Boston, San Jose, Beijing, and Seoul, as well as some Taiwanese cities. Furthermore, it can also be seen that those cities that have the largest number of articles; i.e., that can be considered as the most significant sites of corporate R&D in which firms operate in fast-growing industries, are primarily in the pharmaceutical and information technology industries. For these reasons, some mid-sized cities that are home to globally significant pharmaceutical or information technology firms are also top corporate R&D hubs.

scholarly journals “Superstar Cities” & the Generation of Durable Inequality

Daedalus ◽  
2019 ◽  
Vol 148 (3) ◽  
pp. 46-72 ◽  
Author(s):  
Patrick Le Galès ◽  
Paul Pierson
Keyword(s):  
United States ◽  
New York ◽  
San Francisco ◽  
Affordable Housing ◽  
Urban Areas ◽  
Metropolitan Areas ◽  
Marriage Market ◽  
The United States ◽  
Major Mechanism ◽  
Collective Action Problems

The striking economic agglomerations emerging in affluent democracies are generating, reproducing, and expanding inequalities. A major mechanism for this is housing, which is both a repository for wealth and, under these conditions, a magnifier of wealth. Access to urban areas – the site of educational, labor, and marriage market advantages – is contingent upon access to housing. We use comparative analysis of cases in Europe (London and Paris) and the United States (New York and San Francisco) to consider the capacities of different societies to limit or ameliorate these new sources of diverging opportunity. These seemingly local issues remain shaped by distinct national political contexts, which vary dramatically in their capacity to support local affordable housing and reduce the collective action problems confronting major metropolitan areas.

Costa Rica could become key US ally in region

2017 ◽  
Keyword(s):  
United States ◽  
New York ◽  
Costa Rica ◽  
International Relations ◽  
Direct Investment ◽  
The United States ◽  
San Jose ◽  
Donald Trump ◽  
Content Type ◽  
The Government

Subject Costa Rica-US relations. Significance Between March 13-17, President Luis Guillermo Solis undertook a five-day visit to Washington and New York, in an effort to bolster Costa Rica’s position as a US ally in Latin America. While San Jose benefits greatly from its relationship with the United States, however, closeness to the administration of US President Donald Trump will bring with it added risks, both domestically and in terms of its international relations. Impacts Trump’s protectionist stance may dissuade US foreign direct investment in Costa Rica, at least temporarily. Given Costa Rica’s large Nicaraguan population, strained relations between San Jose and Managua could raise domestic social tensions. Association with Trump will give opposition parties ammunition against the government during 2018 election campaigning.

The “Japanese Turn” in Fine Dining in the United States, 1980–2020

2020 ◽  
Vol 20 (2) ◽  
pp. 45-54
Author(s):  
Samuel H. Yamashita
Keyword(s):  
United States ◽  
New York ◽  
Los Angeles ◽  
San Francisco ◽  
San Francisco Bay Area ◽  
The United States ◽  
First Century ◽  
Further Training ◽  
Bay Area ◽  
Wide Acceptance

In the 1970s, Japanese cooks began to appear in the kitchens of nouvelle cuisine chefs in France for further training, with scores more arriving in the next decades. Paul Bocuse, Alain Chapel, Joël Robuchon, and other leading French chefs started visiting Japan to teach, cook, and sample Japanese cuisine, and ten of them eventually opened restaurants there. In the 1980s and 1990s, these chefs' frequent visits to Japan and the steady flow of Japanese stagiaires to French restaurants in Europe and the United States encouraged a series of changes that I am calling the “Japanese turn,” which found chefs at fine-dining establishments in Los Angeles, New York City, and later the San Francisco Bay Area using an ever-widening array of Japanese ingredients, employing Japanese culinary techniques, and adding Japanese dishes to their menus. By the second decade of the twenty-first century, the wide acceptance of not only Japanese ingredients and techniques but also concepts like umami (savory tastiness) and shun (seasonality) suggest that Japanese cuisine is now well known to many American chefs.

scholarly journals Multicenter Clinical and Molecular Epidemiological Analysis of Bacteremia Due to Carbapenem-Resistant Enterobacteriaceae (CRE) in the CRE Epicenter of the United States

2017 ◽  
Vol 61 (4) ◽  
Author(s):  
Michael J. Satlin ◽  
Liang Chen ◽  
Gopi Patel ◽  
Angela Gomez-Simmonds ◽  
Gregory Weston ◽  
...  
Keyword(s):  
New York ◽  
Empirical Therapy ◽  
Carbapenem Resistance ◽  
The United States ◽  
Resistance Mechanisms ◽  
Rapid Diagnostics ◽  
Multicenter Studies ◽  
Content Type ◽  
Medical Centers ◽  
Carbapenem Resistant

ABSTRACT Although the New York/New Jersey (NY/NJ) area is an epicenter for carbapenem-resistant Enterobacteriaceae (CRE), there are few multicenter studies of CRE from this region. We characterized patients with CRE bacteremia in 2013 at eight NY/NJ medical centers and determined the prevalence of carbapenem resistance among Enterobacteriaceae bloodstream isolates and CRE resistance mechanisms, genetic backgrounds, capsular types (cps), and antimicrobial susceptibilities. Of 121 patients with CRE bacteremia, 50% had cancer or had undergone transplantation. The prevalences of carbapenem resistance among Klebsiella pneumoniae, Enterobacter spp., and Escherichia coli bacteremias were 9.7%, 2.2%, and 0.1%, respectively. Ninety percent of CRE were K. pneumoniae and 92% produced K. pneumoniae carbapenemase (KPC-3, 48%; KPC-2, 44%). Two CRE produced NDM-1 and OXA-48 carbapenemases. Sequence type 258 (ST258) predominated among KPC-producing K. pneumoniae (KPC-Kp). The wzi154 allele, corresponding to cps-2, was present in 93% of KPC-3-Kp, whereas KPC-2-Kp had greater cps diversity. Ninety-nine percent of CRE were ceftazidime-avibactam (CAZ-AVI)-susceptible, although 42% of KPC-3-Kp had an CAZ-AVI MIC of ≥4/4 μg/ml. There was a median of 47 h from bacteremia onset until active antimicrobial therapy, 38% of patients had septic shock, and 49% died within 30 days. KPC-3-Kp bacteremia (adjusted odds ratio [aOR], 2.58; P = 0.045), cancer (aOR, 3.61, P = 0.01), and bacteremia onset in the intensive care unit (aOR, 3.79; P = 0.03) were independently associated with mortality. Active empirical therapy and combination therapy were not associated with survival. Despite a decade of experience with CRE, patients with CRE bacteremia have protracted delays in appropriate therapies and high mortality rates, highlighting the need for rapid diagnostics and evaluation of new therapeutics.

Bankruptcy filings, flooding, real estate prices and Leading Index

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Billie Ann Brotman
Keyword(s):  
Housing Prices ◽  
The United States ◽  
Flood Insurance ◽  
Single Family ◽  
Personal Bankruptcy ◽  
Content Type ◽  
Independent Variables ◽  
Flooding Event ◽  
Flooding Events ◽  
The Impact

PurposeFlood damage to uninsured single-family homes shifts the entire burden of costly repairs onto the homeowner. Homeowners in the United States and in much of Europe can purchase flood insurance. The Netherlands and Asian countries generally do not offer flood insurance protection to homeowners. Uninsured households incur the entire cost of repairing/replacing properties damaged due to flooding. Homeowners’ policies do not cover damage caused by flooding. The paper examines the link between personal bankruptcy and the severity of flooding events, property prices and financial condition levels.Design/methodology/approachA fully modified ordinary least squares (FMOLS) regression model is developed which uses personal bankruptcy filings as its dependent variable during the years 2000 through 2018. This time-series model considers the association between personal bankruptcy court filings and costly, widespread flooding events. Independent variables were selected that potentially act as mitigating factors reducing bankruptcy filings.FindingsThe FMOLS regression results found a significant, positive association between flooding events and the total number of personal bankruptcy filings. Higher flooding costs were associated with higher bankruptcy filings. The Home Price Index is inversely related to the bankruptcy dependent variable. The R-squared results indicate that 0.65% of the movement in the dependent variable personal bankruptcy filings is explained by the severity of a flooding event and other independent variables.Research limitations/implicationsThe severity of the flooding event is measured using dollar losses incurred by the National Flood Insurance program. A macro-case study was undertaken, but the research results would have been enhanced by examining local areas and demographic factors that may have made bankruptcy filing following a flooding event more or less likely.Practical implicationsThe paper considers the impact of the natural disaster flooding on bankruptcy rates filings. The findings may have implications for multi-family properties as well as single-family housing. Purchasing flood insurance generally mitigates the likelihood of severe financial risk to the property owner.Social implicationsNatural flood insurance is underwritten by the federal government and/or by private insurers. The financial health of private property insurers that underwrite flooding and their ability to meet losses incurred needs to be carefully scrutinized by the insured.Originality/valuePrior studies analyzing the linkages existing between housing prices, natural disasters and bankruptcy used descriptive data, mostly percentages, when considering this association. The study herein posits the same questions as these prior studies but used regression analysis to analyze the linkages. The methodology enables additional independent variables to be added to the analysis.

scholarly journals A Comparison of Mental Health Outcomes in the United States and Italy at Different Levels of Cumulative COVID-19 Prevalence

2021 ◽  
Author(s):  
Anthony D Mancini ◽  
Gabriele Prati
Keyword(s):  
Mental Health ◽  
United States ◽  
New York ◽  
San Francisco ◽  
The United States ◽  
Ptsd Symptoms ◽  
General Distress ◽  
High Prevalence ◽  
Low Prevalence ◽  
Different Levels

How does the prevalence of COVID-19 impact people’s mental health? In a preregistered study (N = 857), we sought to answer this question by comparing demographically matched samples in four regions in the United States and Italy with different levels of cumulative COVID-19 prevalence. No main effect of prevalence emerged. Rather, prevalence region had opposite effects, depending on the country. New York City participants (high prevalence) reported more general distress, PTSD symptoms, and COVID-19 worry than San Francisco (low prevalence). Conversely, Campania participants (low prevalence) reported more general distress, PTSD symptoms, and COVID-19 worry than Lombardy (high prevalence). Consistent with these patterns, COVID-19 worry was more strongly linked with general distress and PTSD symptoms in New York than San Francisco, whereas COVID-19 worry was more strongly linked with PTSD in Campania than Lombardy. In exploratory analyses, media exposure predicted and mapped on to geographic variation in mental health outcomes.

Introduction

Stirrings ◽  
2019 ◽  
pp. 1-25
Author(s):  
Lana Dee Povitz
Keyword(s):  
New York ◽  
Nonprofit Organizations ◽  
Low Cost ◽  
New Left ◽  
The United States ◽  
Community Control ◽  
Female Leaders ◽  
Food Activism ◽  
History Of ◽  
The 1960S

Using the conceptual lens of terroir, this chapter provides an overview of hunger and poverty in the United States, starting with the urban liberalism of the 1960s and tracing the onset of austerity politics from mid-1970s through the early 2000s. It shows how New York City food activism was connected to an array of apparently unrelated social movements, including American Communism, community control, the countercultural New Left, feminism, Black Power, and AIDS activism. As governments reduced spending on social programs, leaders from these movements formed nonprofit organizations geared toward providing services, such as emergency meals and low-cost groceries. This chapter offers an overview of why and how service provision came to absorb the attention of late-twentieth century activists and shows how nonprofit kitchens and offices became sites of mentorship. As charismatic, overwhelmingly female leaders passed on values and strategies forged in earlier eras, they enacted activist genealogies that helped sustain political involvement over decades. Powerful interpersonal bonds and people’s own sense of being transformed by their activism illuminate the underappreciated role of emotion in the history of left-progressive movements.

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