The authors thank Anthony DeFusco, Mariassunta Gianetti, Pedro Gete, Daniel Greenwald, Paul Goldsmith-Pinkham, Sonia Gilbukh, Vincent Glode, Itay Goldstein, Camelia Kuhnen (editor), Christian Opp, Benjamin Keys, Michael Reher, Stijn Van Nieuwerburgh, Albert Zevelev, an anonymous associate editor and two anonymous referees, and seminar participants at Baruch College, the Notre Dame Housing Symposium, SFS Cavalcade, and American Finance Association meetings for helpful comments. The authors also thank Omar Ahmad and Kiran Rebholtz for invaluable research assistance. The views expressed in this paper are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of Philadelphia or the Federal Reserve System.
