Song, Jaehee

Research

My research interests are Urban and Real Estate Economics, Public Economics, and Industrial Organization. My current research studies zoning regulations in the United States. I have constructed a geographically-detailed data set of minimum lot size regulations with national coverage. I leverage this data set to study, for example, how residential zoning hinders housing supply and affects housing affordability and what motivates local governments to adopt stringent zoning laws. I work with large nationwide data sets in U.S. housing markets and use both quasi-experimental research designs and structural modeling.

MBAX 6630 - Real Estate Economics
Primary Instructor - Fall 2022 / Fall 2023 / Fall 2024
Examines real estate market operations and discusses alternative methodologies for estimating real estate values. Examines various theories of land price determination and uses these models to understand how the private market allocates land to competing residential, office, retail, industrial/warehouse, hotel, and other end users. Examines how factors influencing the demand for real estate interact with the supply of real estate to determine market rents and how the flow of future expected income is capitalized to yield the market price of the asset.
REAL 4400 - Real Estate Economics
Primary Instructor - Fall 2022 / Fall 2023 / Fall 2024
The first half of the course is about urban economics. It covers the fundamental principles of market analysis, urban economics, and the reasons why households and firms chose to locate in cities. The second half of the course is about real estate markets. We extend our analysis of cities to the built environment itself, and to the operation residential and commercial real estate markets. The course also examines alternative techniques for estimating real property value.