Arpit Gupta
@arpitrage.bsky.social
Associate Professor of Finance, NYU Stern
Newsletter: arpitrage.substack.com
Website: arpitgupta.info
Newsletter: arpitrage.substack.com
Website: arpitgupta.info
I’m glad this tweet had so much resonance!
November 19, 2025 at 8:46 PM
I’m glad this tweet had so much resonance!
Reposted by Arpit Gupta
A post I wrote a few months ago on what it means for urban policy that housing is largely homothetic (inspired by an @arpitrage.bsky.social tweet, which became the Substack preview of the post): gregshill.substack.com/p/mistaking-...
November 19, 2025 at 5:43 PM
A post I wrote a few months ago on what it means for urban policy that housing is largely homothetic (inspired by an @arpitrage.bsky.social tweet, which became the Substack preview of the post): gregshill.substack.com/p/mistaking-...
This relationship also holds up pretty well across cities in the US (migration is one mechanism making it hold). It’s less true across income groups within cities
November 19, 2025 at 12:37 AM
This relationship also holds up pretty well across cities in the US (migration is one mechanism making it hold). It’s less true across income groups within cities
That is, the paper estimates a partial equilibrium housing demand function, which is a bit sub homothetic
If you change everyone’s income: you get a house price GE effect which turns out roughly homothetic for the rep agent
If you change everyone’s income: you get a house price GE effect which turns out roughly homothetic for the rep agent
November 19, 2025 at 12:35 AM
That is, the paper estimates a partial equilibrium housing demand function, which is a bit sub homothetic
If you change everyone’s income: you get a house price GE effect which turns out roughly homothetic for the rep agent
If you change everyone’s income: you get a house price GE effect which turns out roughly homothetic for the rep agent
- now under somewhat inelastic supply, prices go up if incomes rise in aggregate, which keeps budget shares roughly constant. They don’t go up above this because of endogenous sorting q
November 19, 2025 at 12:34 AM
- now under somewhat inelastic supply, prices go up if incomes rise in aggregate, which keeps budget shares roughly constant. They don’t go up above this because of endogenous sorting q
- allowing demand to change with an income elasticity not much below 1, but holding prices fixed, we get the slightly sub-homothetic curve above. The same would hold in aggregate under fully elastic supply
November 19, 2025 at 12:34 AM
- allowing demand to change with an income elasticity not much below 1, but holding prices fixed, we get the slightly sub-homothetic curve above. The same would hold in aggregate under fully elastic supply
That paper is what I would have pointed to as well!
- if housing demand stayed fixed, we’d expect housing to rapidly decline as a share of budget like food
- if housing demand stayed fixed, we’d expect housing to rapidly decline as a share of budget like food
November 19, 2025 at 12:33 AM
That paper is what I would have pointed to as well!
- if housing demand stayed fixed, we’d expect housing to rapidly decline as a share of budget like food
- if housing demand stayed fixed, we’d expect housing to rapidly decline as a share of budget like food
UPDATE: more road cutting up in the works
November 8, 2025 at 2:09 PM
UPDATE: more road cutting up in the works
I took that elevator on the way down - it opens up both to the lobby and a back area (for moving? Trash?)
November 2, 2025 at 9:21 PM
I took that elevator on the way down - it opens up both to the lobby and a back area (for moving? Trash?)
Some scissor stairs in an NYC luxury rental built 1998
November 2, 2025 at 9:06 PM
Some scissor stairs in an NYC luxury rental built 1998
Even when New Yorker authors are rioting over a new editor appointment — they still do the pretentious diaeresis thing
November 1, 2025 at 7:02 PM
Even when New Yorker authors are rioting over a new editor appointment — they still do the pretentious diaeresis thing
Good news everyone: W 4th St in front of NYU yet again under construction
November 1, 2025 at 1:29 PM
Good news everyone: W 4th St in front of NYU yet again under construction
Reposted by Arpit Gupta
🚨Next time you hire, don’t take it easy! In a new working paper, @elliottash.bsky.social, Jason Sockin, and I show the difficulty of the interview signals to workers whether the job is a good fit. 🚨
Paper link: papers.ssrn.com/sol3/papers....
Paper link: papers.ssrn.com/sol3/papers....
October 31, 2025 at 10:06 PM
🚨Next time you hire, don’t take it easy! In a new working paper, @elliottash.bsky.social, Jason Sockin, and I show the difficulty of the interview signals to workers whether the job is a good fit. 🚨
Paper link: papers.ssrn.com/sol3/papers....
Paper link: papers.ssrn.com/sol3/papers....
Reposted by Arpit Gupta
NEW PRE-DOC POSITIONS: @arpitrage.bsky.social
and I are hiring for two pre-docs, one to start ASAP and one to start next Fall, to help expand our work using LLMs to measure and study zoning codes in the US.
Please apply here: apply.interfolio.com/176538
and I are hiring for two pre-docs, one to start ASAP and one to start next Fall, to help expand our work using LLMs to measure and study zoning codes in the US.
Please apply here: apply.interfolio.com/176538
Apply - Interfolio
{{$ctrl.$state.data.pageTitle}} - Apply - Interfolio
apply.interfolio.com
October 29, 2025 at 12:57 AM
NEW PRE-DOC POSITIONS: @arpitrage.bsky.social
and I are hiring for two pre-docs, one to start ASAP and one to start next Fall, to help expand our work using LLMs to measure and study zoning codes in the US.
Please apply here: apply.interfolio.com/176538
and I are hiring for two pre-docs, one to start ASAP and one to start next Fall, to help expand our work using LLMs to measure and study zoning codes in the US.
Please apply here: apply.interfolio.com/176538
🚨New predoc positions!🚨
Join @alexbartik.bsky.social and me to work on developing LLM tools to analyze zoning regulations and their impacts on housing affordability.
One position starting at the "normal" cycle next year, and another ASAP.
Apply here: apply.interfolio.com/176538
Join @alexbartik.bsky.social and me to work on developing LLM tools to analyze zoning regulations and their impacts on housing affordability.
One position starting at the "normal" cycle next year, and another ASAP.
Apply here: apply.interfolio.com/176538
Apply - Interfolio
{{$ctrl.$state.data.pageTitle}} - Apply - Interfolio
apply.interfolio.com
October 28, 2025 at 7:30 PM
🚨New predoc positions!🚨
Join @alexbartik.bsky.social and me to work on developing LLM tools to analyze zoning regulations and their impacts on housing affordability.
One position starting at the "normal" cycle next year, and another ASAP.
Apply here: apply.interfolio.com/176538
Join @alexbartik.bsky.social and me to work on developing LLM tools to analyze zoning regulations and their impacts on housing affordability.
One position starting at the "normal" cycle next year, and another ASAP.
Apply here: apply.interfolio.com/176538
Reposted by Arpit Gupta
Forthcoming in the AER: "Work From Home and the Office Real Estate Apocalypse" by Arpit Gupta, Vrinda Mittal, and Stijn Van Nieuwerburgh. www.aeaweb.org/articles?id=...
Work From Home and the Office Real Estate Apocalypse
(Forthcoming Article) - We show remote work led to large drops in lease revenues, occupancy,
and market rents in the commercial office sector. We revalue New York City office buildings taking into acc...
www.aeaweb.org
October 23, 2025 at 5:19 PM
Forthcoming in the AER: "Work From Home and the Office Real Estate Apocalypse" by Arpit Gupta, Vrinda Mittal, and Stijn Van Nieuwerburgh. www.aeaweb.org/articles?id=...
Keep updating those priors, @paulgp.com
October 20, 2025 at 2:45 PM
Keep updating those priors, @paulgp.com
More schools installing AC is its own reward
October 19, 2025 at 3:18 AM
More schools installing AC is its own reward
Reposted by Arpit Gupta
Evidence from random roommate assignment and a gaming ban for minors in China once again show what I now believe incredibly strongly: smartphones and social media destroy civilization
via @arpitrage.bsky.social
via @arpitrage.bsky.social
October 17, 2025 at 4:39 PM
Evidence from random roommate assignment and a gaming ban for minors in China once again show what I now believe incredibly strongly: smartphones and social media destroy civilization
via @arpitrage.bsky.social
via @arpitrage.bsky.social
cc @paulgp.com, Haidt was right about everything
Wow. This is the paper I have been waiting for. Mobile apps are brain rot, with meaningfully bad economic consequences for those who overuse them.
Recently accepted by #QJE, “Digital Distractions with Peer Influence: The Impact of Mobile App Usage on Academic and Labor Market Outcomes,” by Barwick, Chen, Fu, and Li: doi.org/10.1093/qje/...
October 17, 2025 at 3:45 PM
cc @paulgp.com, Haidt was right about everything
Nothing more beautiful than some pre 1916, no setback, high FAR NYC housing stock
October 14, 2025 at 12:16 PM
Nothing more beautiful than some pre 1916, no setback, high FAR NYC housing stock
American is still the second largest by seat miles, but they really lag in profitability. Problem is most of the obvious mergers wouldn’t really help them compete in premium.
Alaska is probably the exception and they should merge that
Alaska is probably the exception and they should merge that
October 9, 2025 at 8:05 PM
American is still the second largest by seat miles, but they really lag in profitability. Problem is most of the obvious mergers wouldn’t really help them compete in premium.
Alaska is probably the exception and they should merge that
Alaska is probably the exception and they should merge that
On days like this I have to concede New York City is a functioning communist government
October 4, 2025 at 7:55 PM
On days like this I have to concede New York City is a functioning communist government