Overall, landlords appear to have borne more of cost increases—for each $1 increase in insurance costs, their net operating income decreased about $0.72-0.74.

Still, our estimates imply the cumulative effect of this sharp increase in insurance costs raised average tenant monthly rents by $7-$12

There is a positive relationship between insurance cost growth and growth in rental income (property-level revenues), suggesting that landlords raise rents to offset cost increases.

We don’t see this increase for asking rents on new tenants… suggesting existing tenants bear most of the increase

We show that insurance costs for apartment buildings grew more than 75% (in real terms!) from 2019 to 2024, though property insurance costs are still only about 3.8% of annual revenues for the average apartment building.

Not sure if anyone has explored it, but I thought it was interesting—WFH seemed complementary with nannies/private child care arrangements but not day cares (maybe related to commuting wedge) in the pre-Covid Census data. My wife and I are going through that decision now!

Lake & Liu’s paper out in the most recent AEJ:Economic Policy. Local Labor Market Effects of the 2002 Bush Steel Tariffs.

Reduction in steel-intensive or steel-consuming manufacturing employment in the US. No increase in employment in non-steel or non-manufacturing. www.aeaweb.org/articles?id=...

Reminder: the big econometrica paper on Tennessee Medicaid increasing labor supply was a result entirely created because of Current Population Survey weighting problems!