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作者

Madeleine I.G. Daepp;devin michelle bunten;Joanne W. Hsu

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.134,P.

语言

英文

关键字

Residential mobility;Disaster-induced displacement;Hurricane Katrina;Housing prices;Regional migration;Segregation;R21;R23;R31

作者单位

Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, MA 02139;Federal Reserve Bank of Boston, 600 Atlantic Ave, Boston, MA 02210;Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551;Howard University, 2400 Sixth Street, N.W., Washington, DC 20059;University of Michigan, 426 Thompson Street, Ann Arbor, MI 48104;Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, MA 02139;Federal Reserve Bank of Boston, 600 Atlantic Ave, Boston, MA 02210;Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551;Howard University, 2400 Sixth Street, N.W., Washington, DC 20059;University of Michigan, 426 Thompson Street, Ann Arbor, MI 48104

摘要

Urban housing markets are characterized by racial sorting, but equilibrium prices respond to marginal buyers and thus may mask underlying preferences for segregation. Large migration shocks can make visible these otherwise infra-marginal preferences. We study the effects of Hurricane Katrina-induced displacement on housing markets in receiving neighborhoods in Texas, where 1 in 5 New Orleanians relocated. Using an event study design, we find that the relocation of 100 additional Katrina survivors to a receiving ZIP code is associated with a 2.2% decline in relative house prices five years after the storm. This effect is driven by responses to movers from predominantly Black origin blocks. We argue that our findings are best explained by a preference for segregation on the part of incumbent White residents. In this case, racial stratification in the effect of a disaster is followed by racial stratification in economic responses.