The stock of private real estate capital is estimated for each of 242 MSAs, annually, for 1982 through 1994. Three series are computed: (1) total private real estate capital (residential and nonresidential); (2) private single-family residential capital; and (3) private income property capital (multifamily housing plus nonresidential real estate, or (1) less (2)). The determinants of each series are modeled, and the results are used to predict the value of the capital stock for a larger set of 295 MSAs.
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Malpezzi et al. (2001) studied this question.
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