Media

Economic Report of the President of the United States, January 2025, references several of my papers on remote work, real estate values, and cities.

Mortgage Rates As A Climate Risk Signal, with Pari Sastry, Nov 4, 2024

The Housing Crisis and the 2024 Election: Critical Issues, Columbia Business School Press, Oct 28, 2024

Where Are We on the Urban Doom Loop?, with Arpit Gupta, Vital City, Jun 26, 2024

What It Takes to Kick Off Office To Residential Conversions, with Arpit Gupta, Vital City, Jun 26, 2024

In New York, the Trump Brand Is Costing Some Condo Owners, based on my analysis on Trump-branded vs. similar condo sales in Manhattan, New York Times, Feb 18, 2024

The real estate industry is at risk. Here’s how to soften the blow, with Arpit Gupta, Washington Post, May 22, 2023

How Will Working From Home Impact Office Real Estate?, Columbia Business School Press, Sep 20, 2022

How Will Work From Home Affect The Value Of NYC Office Buildings, Social Science Encyclopedia, Sep 12, 2022

Work from home and the office real estate apocalypse, with Vrinda Mittal and Arpit Gupta, VoxEU, Nov 2, 2022

Flattening the curve: Pandemic-induced revaluation of urban real estate, with Vrinda Mittal and Jonas Peeters, VoxEU, Feb 11, 2021

A win-win for health and life in times of COVID, with Ralph Koijen, J. Leonard Lichtenfeld, and Rachel Adams Greenup, VoxEU, Sep 25, 2020

Life insurers could help solve America’s healthcare shortfall, with Ralph Koijen, Financial Times, Sep 17, 2020

Housing policies to combat the affordability crisis, with Pierre Mabille and Jack Favilukis, VoxEU, Oct 18, 2019

Financing the war on cancer, with Ralph Koijen, VoxEU, Jul 1, 2018

Are Mutual Fund Managers Paid for Investment Skill?, with Markus Ibert, Roine Vestman, and Ron Kaniel, Harvard Law School Forum on Corporate Governance, Oct 2, 2017

What mutual fund manager compensation data tell us about the relationship between firms and their key employees, with Roine Vestman, Ron Kaniel, and Markus Ibert, VoxEU, Sep 8, 2017

ESBies: Safety in the tranches, with Dimitri Vayanos, Ricardo Reis, Marco Pagano, Sam Langfield, and Markus Brunnermeier, VoxEU, Sep 20, 2016

White Picket Fence? Not So Fast, with Viral Acharya, Matthew Richardson, and Lawrence J. White, New York Times, Aug 8, 2011

A proposal to reform the US mortgage finance, with Lawrence J. White, Matthew Richardson, and Viral Acharya, VoxEU, May 12, 2011

A race to the bottom: Understanding the US housing boom, with Lawrence J. White, Matthew Richardson, and Viral Acharya, VoxEU, May 11, 2011

Work from Home,  Office Values, and Urban Doom Loop

CBS 60 Minutes, segment on Manhattan office market, January 14, 2024 and Overtime

Columbia Magazine, "The Hidden Potential of Zombie Office Towers", January 14, 2024

New York Post, “Columbia Professor who warned of ‘doom loop’ scenario changes tune in NYC”, by Steve Cuozzo, January 7, 2024

New York Times, “WeWork Bankruptcy Would Deal Another Blow to Ailing N.Y. Office Market,” by Peter Eavis, Matthew Haag, Julie Creswell, November 4, 2023

The Telegraph, “A rising wave of property defaults threatens hundreds of US banks,” by Ambrose Evans-Pritchard, October 27, 2023

The Wall Street Journal, “America’s Downtowns Are Empty. Fixing Them Will Be Expensive,”by Konrad Putzier, October 21, 2023.

Goldman Sachs Top of Mind, Commercial real estate risks, October 17, 2023

The Washington Post Apple Podcasts, “The ‘urban doom loop’ could be coming to a city near you,” by Rachel Seigel, October 10, 2023.

Fortune, “Prize-winning real-estate economist says the office market won’t improve for years: ‘This is a trainwreck in slow motion’,” by Sydney Lake, October 10, 2023.

NBC video on the urban doom loop, September 2023

Washington Post, “How the ‘urban doom loop’ could post the next economic threat”, by Rachel Siegel, August 28, 2023.

New York Times, “WeWork Has Sent a Distress Signal. Here’s What to Know,” by Santul Nerkar, August 9, 2023.

Forbes, “For Commercial Real Estate Investors, “Urban Doom Loop” Is Both Crisis and Opportunity,” by Chris Zarpas and Zenger News, July 31, 2023

Profile in the New York Times: The Prophet of Urban Doom, February 8, 2023

The Economist, “Eric Adams and Kathy Hochul have grand plans for New York City,” January 5, 2023.

Slate, “Why the Dream of Turning Empty Offices Into Housing Is a Bust,” by Henry Grabar,
December 12, 2022

Business Insider, “The ʹoffice apocalypseʹ is upon us,” by Emil Skandul, December 6, 2022.

MSN, “Get ready for a big downturn — Americaʹs ʹoffice apocalypseʹ is even worse than
expected,” by Emil Skandul, December 6, 2022.

The New York Times, “How a ‘Golden Era for Large Cities’ Might Be Turning Into an ‘Urban
Doom Loop’,” November 30, 2022.

The New York Times, “Why Office Buildings Are Still in Trouble,” by Peter Eavis, Julie Creswell
and Joe Rennison, November 17, 2022.

Freakonomics, “The Unintended Consequences of Working from Home,” by Stephen J. Dubner,
October 26, 2022.

Construction Dive, “NYC office market faces ‘real estate apocalypse’,” by Sebastian Obando,
October 10, 2022.

Phil’s Stock World, “NYC Office Space Glut May Spark $453 Billion In Value Loss, Study Warns,”
by Zerohedge, October 6, 2022.

Bloomberg, “A Multibillion Dollar Problem Faces New York City Landlords,” October 4, 2022.

Bloomberg, “NYC Offices to See $50 Billion in Value Wiped Out, Study Says,” by Lizzie Kane,
October 3, 2022.

The Register, “Remote work wipes $453b off office real estate,” by Brandon Vigliarolo, October 3,
2022.

Forbes, “Fearing A Commercial Real Estate ‘Apocalypse’,” by Richard McGahey, September 26, 2022.

Bloomberg, “New York City’s Empty Offices Reveal a Global Property Dilemma,” by Natalie
Wong, John Gittelsohn and Noah Buhayar, September 25, 2022.

American City and County, “Remote and hybrid work is here to stay—what does that mean for
local governments?,” by Andy Castillo, August 30, 2022.

City Journal, “(Virtually) Here to Stay,” by Arpit Gupta, August 16, 2022.

Globest, “Study Forecasts $500B Lost in Office Value,” by Erik Sherman, August 1, 2022.

Financial Times, “The triple whammy for office real estate,” July 31, 2022.

NYU Stern Press, “Work From Home and the Office Real Estate Apocalypse,” by Arpit Gupta,
July 25, 2022.

Vox, “The future of remote work, according to 6 experts,” by Rani Molla, July 24, 2022.

The Volcker Alliance, “Special Briefing on Vulnerable Cities Facing Work from Home Realities,”
by Stephen Kleege, July 21, 2022.

AMNY, “Research shows office values declining up to 28% due to work from home,” by Kael
Goodman, July 7, 2022.

Financial Times, “Rising rates raise prospect of property crash,” June 24, 2022.

Marketproof, “Kael Goodman Interview: Arpit Gupta, Co‐author ‘Work From Home and the
Office Real Estate Apocalypse’,” by Kael Goodman, June 21, 2022.

Yahoo Finance, “The office buildings that form the bedrock of big cities could be worth $500
billion less because of work from home,” by Christine Mui, June 9, 2022.

Fortune, “The office buildings that form the bedrock of big cities could be worth $500 billion less
because of work from home,” by Christine Mui, June 9, 2022.

The Seattle Times, “The incredible shrinking lease: Some Seattle‐area firms shun long‐term
contracts as office return stalls,” by Paul Roberts, June 9, 2022.

Globest, “Remote Work Will Cut Office Values By $500B Within 7 Years,” by Jack Rogers, June 7,
2022.

Commercial Observer, “U.S. Office Values Set to Decline by $500B by 2029: Report,” by David
Nusbaum, June 7, 2022.

All Work, “Researchers Forecast Remote Work Could Wipe $500 Billion In Office Valuations,” by
Aayat Ali, June 6, 2022.

Bisnow, “Apocalypse Soon: Work‐From‐Home To Cut Office Values By $500B, Report Finds,” by
Dees Stribling, June 3, 2022.

The Real Deal, “Tough decade at the office: Analysis predicts $500B value destruction,” by Hiten
Samtani, June 2, 2022.

Housing

De Standaard, "Op een onbewoonbaar eiland," by Pim Raes, April 5, 2025 

Marketplace, "Homebuilder confidence up ahead of expected rate cuts," by Elizabeth Trovall, 
September 17, 2024

De Tijd, “Speuren naar naaktzwemmers in een wereld van stijgende rentes,” by Kris Van Hamme,
December 11, 2022; interview on low interest rates and implications for real estate

PREA, “Deep Dive: A Market that Brings Bad Press,” by K. Campbell, interview on singlefamily
rental market, September 10, 2021.

De Tijd, “Vastgoedhausse drijft centrale banken in het nauw,” by K. Van Hamme, August 20,
2021, extensive interview on global real estate price boom and the role of central bank policy.

New York Times, “Thereʹs an Exodus From the ʹStar Cities,ʹ and I Have Good News,” by T.
Edsall, on pandemic real estate markets, interviews me and other scholars.

The Economist, “A New Age of Suburbanization Could be Dawning,” May, 2021, covers my
paper Flattening The Curve”

NPR Marketplace, July 21, 2020, “As people leave New York because of COVID‐19, rents start
to come down,” commentary on radio show and print version.

Los Angeles Times, “Rent Control is Better than Nothing but It Can’t Fix California’s
Housing Crisis,” September 27, 2019, opinion piece joint with J. Favilukis

NPR’s “On Point” show on affordable housing, guest in live radio show, edited by S.
Wertheim, June 19, 2019

New York Daily News, “How new rent regulation reforms will help many of the wrong
tenants,” Tuesday June 18, 2019, opinion piece on New York State’s rent regulation reform

MarketWatch, “Rent is Accelerating: What Can Be Done?” by A. Riquier, April 10, 2019

CNNmoney, “Why You Want Amazon to be Your New Neighbor,” by K. Vasel, January 24,
2018, on effect of Amazon’s HQ selection on local housing and labor markets

DNAinfo, “Manafort Laundered Money Through SoHo and Carroll Gardens Pads, Probe
Finds,” by A. Zimmer, October 30, 2017, cites my work on OOT real estate buyers

The Globe and Mail, “Out‐of‐town Investors Inflate Real Estate Prices and Rent, Study
Finds,” by F. Bula, October 17, 2017, cites my paper on OOT real estate buyers

Bringham Young University radio Sirius XM, radio interview on my paper on OOT real
estate buyers, August 8, 2017

DNAinfo.com, “2nd Ave. Subway Lures Foreign Investors — Especially Chinese — to
Yorkville,” by A. Zimmer and S. Weaver, cites my paper on OOT real estate buyers, July 31, 2017

New York Times, “When the (Empty) Apartment Next Door Is Owned by an Oligarch,” by
E. Badger, Sunday Business section, cites my paper on OOT real estate buyers , July 21, 2017

ETF.com, “Important Changes In The Nature Of REITs,“ by L. Swedroe, cites my paper on
REITS, May 26, 2017

De Tijd, “Topeconoom NYU: Dit Zijn Amerikaanse Toestanden” interview with on housing
policy proposals in Belgium and commercial real estate situation in the U.S.A, May 19, 2017

New York Times, "Tuxedo Park, N.Y.: A Time Warp Beyond the Stone Gates", April 5, 2017

De Standaard, “Huiseigenaren sparen meer en zijn mobieler,” article quoting my 2016
working paper on the benefits from home ownership, Dec 7, 2016

The Economist, “Housing in America ‐ To Those That Have,” article quoting my 2010 RES
paper with P.O‐ Weill on regional income and house price inequality, Nov 12, 2016

NPR, “When your landlord is on the other side of the world,” article and interview on NPR
Marketplace on Detroit’s housing market, October 5, 2016.

Sirius XM Business Radio, guest on Wharton “Real estate hour” hosted by Sam Chandon,
February 25, 2016

“Business schools Build on Real Estate Boom,” Anna Nicolaou, Financial Times, January 10,
2016

New York Times, “Subsidizing Mortgage Debt Does More Harm Than Good,” on home
ownership versus renting, July 15, 2014.

Public Debt

Financial Times, “Hopes for European ‘safe’ bonds lean on pre‐crisis techniques,” by T. Hale
and K. Allen, discusses ESBies, August 15, 2017

Mutual Funds

Reuters, “Little pay‐for‐performance among mutual fund managers,” by J. Saft, article
quoting my research on mutual fund manager compensation, March 1, 2017

Macroeconomics

CNBC, “7 things the U.S. needs to do to recover from the coronavirus recession, according to
economists”, by A. Adamczyk, July 28, 2020

CNN, “Trump Administration open to a Second Round of Stimulus Payments. Here is What
That Could Look Like,” by K. Lobosco, my comments on best way to organize economic stimulus.
June 25, 2020

CNBC, “Another round of $1,200 stimulus checks? A more targeted plan to get money to
those who need it most is better option, experts say” by L. Konish, my comments on best way to
organize economic stimulus. June 18, 2020

De Standaard , “We Zitten Heel Dicht Bij Een Crisis,” by D. De Smet, June 16‐17 2018,
interview on real estate, financial sector stability, and European integration

Expansion, “Europa necesita bonos comunitarios,” December 17, 2016, interview with
Spanish newspaper at occasion of Bernacer award ceremony

Yahoo Finance, “How Donald Trump Gained a License to Print Money,” Rick Newman, June 23, 2016

The Korea Times, “Reform Needed To Escape Stagnation,” Jae‐kyoung Kim, February 29, 2016

Reuters, “Norway oil fund to target green energy infrastructure, if allowed,” December 8, 2015

Wall Street Journal, “World’s Biggest Wealth Fund Given Property Push,” Kjetil Malkenes Hovland , 
December 8, 2015