Wisconsin School of Business

Stephen Malpezzi

Professor - Real Estate & Urban Land Economics

Stephen Malpezzi is the Lorin and Marjorie Tiefenthaler Professor in the Wisconsin School of Business's Department of Real Estate and Urban Land Economics at the University of Wisconsin. Professor Malpezzi is the Academic Director of UW's James A. Graaskamp Center for Real Estate, and has also served as Chair of the Real Estate Department. Steve is an Associate Member of the Department of Urban and Regional Planning, an Affiliate of UW's Institute for Research on Poverty and a Faculty Affiliate of the La Follette School of Public Affairs.


Prior to coming to the University of Wisconsin, Professor Malpezzi was an economist in the Infrastructure and Urban Development Department of the World Bank, and was a Research Associate at The Urban Institute. He has  extensive experience  advising both developed and developing countries on the establishment of effective housing and urban development policies. His active research agenda includes housing policy and programs, and housing market behavior, both domestic and foreign. Professor Malpezzi's teaching specializations include urban economics and real estate economics.  He has, in the past, taught housing economics, public finance, real estate finance and investments, international real estate, macroeconomics, computer methods, and the survey course “The Real Estate Process.”


In addition to his principal current positions as Lorin and Marjorie Tiefenthaler Distinguished Professor, and Academic Director of the James A. Graaskamp Center for Real Estate, Malpezzi is also an associate member of the UW-Madison Department of Urban and Regional Planning, a faculty affiliate of the LaFollette School of Public Affairs, a member of UW's Development Studies faculty, an affiliate of UW's Institute for Research on Poverty, a faculty member of the Weimer School of the Homer Hoyt Institute, and an associate of the Lincoln Institute of Land Policy. He's an active member of UW's working group on World Affairs and the Global Economy. Other memberships include the American Economic Association, the American Real Estate Society, the Regional Science Association, and the European Network for Housing Research.  He is a Distinguished Scholar of the National Association of Industrial and Office Properties, a member of the Columbia University Center for Homelessness Prevention Studies, and Associate Member of the University of St Andrew’s Centre for Housing Research


In addition to the United States, Professor Malpezzi has worked in a number of countries, including Egypt, Ghana, India, Indonesia, Jamaica, Kenya, Korea, Malaysia, Mexico and the United Kingdom. He formerly served on Governor Tommy Thompson's Blue Ribbon Commission on State and Local Partnerships. He has served multiple terms as a director and/or officer (including President) of the American Real Estate and Urban Economics Association.

 

Selected Accepted Journal Articles


Malpezzi, S. (2012). Global Perspectives on Housing Markets and Policy.
Article AbstractPaper summarizes research by the authors and others on developing/emerging economy housing markets, both basic behavioral relationships and policy implications.
Rethinking Cities: A Roadmap Towards Better Urbanization for Development (Edward Glaeser and Abha Joshi-Ghani, eds.)
Malpezzi, S. (2012). U.S. Rental Housing Markets and Policy After the Great Financial Crisis.
Article AbstractSurveys major research results on housing market behavior, and implications for U.S. and other countries' rental housing markets and policies.
Housing Policy after the Global Financial Crisis (Man Cho, ed.)

Selected Published Journal Articles


Malpezzi, S. (2012). Local Economic Development and Its Finance.
Article AbstractExamines the variation in development outcomes across the 50 states, and examines some of the likely explanations for differences in performance. Introduces the simple analytics of policies like Tax Incremental Finance.
Financing Economic Development in the 21st Century (Sammis B. White and Zenia Z. Kotval, eds.)
Malpezzi, S. (2011). Private Rental Housing in the United States. England's Private Rental Sector: Lessons from Abroad. Melissa Fernandez (eds.)
Malpezzi, S. (2010). Housing Taxation and Subsidies in the United States. Housing and Taxation Policy. MIranda Stewart, ed.
Mitchell, T., Malpezzi, S., & Green, R. (2010). Forced Sale Risk: Class, Race and the " Double Discount".
Article AbstractWhat impact does a forced sale have upon a property owner's wealth? And do certain characteristics of a property owner such as whether they are rich or poor or whether they are black or white, tend to affect the price yielded at a forced sale? This Article addresses arguments made by some courts and legal scholars who have claimed that certain types of forced sales result in wealth maximizing, economic efficiencies. The Article addresses such economic arguments by returning to first principles and reviewing the distinction between sales conducted under fair market value conditions and sales conducted under forced sale conditions. This analysis makes it clear that forced sales of real or personal property are conducted under conditions that are rarely likely to yield market value prices. In addition, the Article addresses the fact that judges and legal scholars have utilized a flawed economic analysis of forced sales in cases that often involve property that is owned by low- to middle-class property owners in part because those who are wealthier own their property under more stable ownership structures or utilize private ordering to avoid the chance that a court might order a forced sale under the default rules of certain common ownership structures. The Article also raises the possibility for the first time that the race or ethnicity of a property owner may affect the sales price for property sold at a forced sale, resulting in a "double discount," i.e. a discount from market value for the forced sale and a further discount attributable to the race of the property owner. If minorities are more susceptible to forced sales of their property than white property owners or if there does exist a phenomenon in which minorities suffer a double discount upon the sale of their property at a forced sale, then forced sales of minority-owned property could be contributing to persistent and yawning racial wealth gaps.
Florida State University Law Review (37), 589-658.
Malpezzi, S. (2009). Comments on John Quigley, Steven Raphael and Larry Rosenthal's "Measuring Land Use Regulations and Their Effects in the Housing Market. Housing and the Economy: Risk, Regulation and Policy; Essays in Honor of Karl E. Case
Green, R., Malpezzi, S., & Mayo, S. (2005). Metropolitan-Specific Estimates of the Price Elasticity of Supply of Housing, and Their Sources. American Economic Association Papers and Proceedings (95), 334-339. doi: 10.1257/000282805774670077.

Practitioner-Oriented Publications


Malpezzi, S. (2013). A Healing Market, Some Risks Remain: The Economic Outlook for 2013. Wisconsin Real Estate
Malpezzi, S. (2012). Deja Vu All Over Again. Wisconsin Real Estate
Malpezzi, S. (2011). 2011 Economic Outlook. Wisconsin Real Estate Magazine

Presentations


Conference on Real Estate Driven Systemic Risk: Country Cases & Their Policy Implications ( 2012 ) Price-Income Ratios, and Related Issues in the Empirical Specification of Housing Price Models: Evidence from the U.S

Urban Research and Knowledge Symposium, Rethinking Cities: Framing the Future, ( 2012 ) Global Perspectives on Housing Markets and Policy

( 2012 ) Selected Comparative Research on Housing and Urban Development, and Its Relevance for Africa

International Conference on Housing Policy After the Global Financial Crisis ( 2011 ) U.S. Rental Housing Markets and Policy After The Great Financial Crisis

Keynote address to the 25th Anniversary of the Korean Housing Policy Association ( 2011 ) Housing Research and Housing Policy: A Perspective from the United States and North America

La Follette School of Public Affairs ( 2010 ) Introduction to the World Bank and Official Development Institutions

University of Wisconsin China Economic Forum ( 2010 ) Demographics, Urbanization and Development in China: Will China Get Old Before It Gets Rich?

Housing: the next 20 years ( 2010 ) Plenary Panel on Housing Market and Finance

European Network for Housing Research ( 2010 ) Housing Price Dynamics: Demand Shocks, Supply Constraints, and Financial Innovation

Centre for Housing Research ( 2010 ) Green Shoots? US Real Estate Markets and Their Effect on the Aggregate Economy

Guest Lecture ( 2010 ) International Housing Markets and Policies

Lusk Center for Real Estate ( 2010 ) Housing Price Dynamics: Demand Shocks, Supply Constraints, and Financial Innovation

Annual Meeting ( 2006 ) Myths and Realities of Economic Development

( 2006 ) Invited discussant for Thomas Nechyba’s Keynote Lecture

NAIOP Annual Meeting ( 2006 ) Myths and Realities of Economic Development

Conference on Land Policies for Urban Development ( 2006 ) On the Measurement and Analysis of Land Prices

Density and Affordability ( 2006 ) House Prices, Density, and Regulation


Undergraduate Courses


Housing Economics and Policy
Course DescriptionThe economic principles underlying the dynamics of the housing market; filtering, neighborhood decline and abandonment gentrification, tenure choice, mortgage choice, prepayment, mobility, mortgage default, submarket identification, racial discrimination and segregation. Examination of governmental programs affecting the housing market and their objectives and impacts; public and subsidized housing, zoning and land use regulation, rent and price controls, property and income tax policy.
(RES 641), Spring 2002.

Urban and Regional Economics
Course DescriptionNature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data.
(RES 420), Fall 2001.

Urban and Regional Economics
Course DescriptionNature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data.
(RES 420), Fall 2003.

Urban and Regional Economics
Course DescriptionNature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data.
(RES 420), Fall 2004.

Guest Lecture - Urban Density Around the World
Course DescriptionNature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data.
(RES 420), Fall 2009.

Urban & Regional Economics
Course DescriptionNature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data.
(RES 420 Section 1), Fall 2010.

Real Estate Finance
Course DescriptionFundamentals of real estate finance; sources of funds, alternative financing instruments, and mortgage securitization; analysis emphasizing cash flow projections, yield and risk for residential and commercial real estate; pricing of mortgage securities.
(RES 410 Section 1), Fall 2007.

USC Case Study Competition (RES 365 Section 1), Spring 2008.

The Real Estate Process
Course DescriptionIntroductory survey course. Decision-making processes for the manufacture, marketing, management and financing of real estate space. Survey of institutional context, economics of urbanization, historical pattern and structure of city growth, and public policy issues regarding urban environment and business management.
(RES 306), Spring 2002.



Graduate Courses


Seminar-Urban Land Economics PhD
Course DescriptionContinuation of Urb R Pl/Real Est 977.
(RES 978), Fall 2002.

Seminar-Urban Land Economics PhD
Course DescriptionContinuation of Urb R Pl/Real Est 977.
(RES 978), Fall 2003.

Seminar-Urban Land Economics PhD
Course DescriptionContinuation of Urb R Pl/Real Est 977.
(RES 978), Spring 2003.

Smr-Urban Land Econ PhD (RES 978), Fall 2007.

Contemporary Topics (RES 765), Fall 2002.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720 Section 1), Fall 2008.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720), Spring 2003.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720), Spring 2004.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720), Fall 2005.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720), Fall 2005.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720 Section 1), Fall 2009.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720), Fall 2006.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720 Section 1), Fall 2010.

Urban Economics
Course DescriptionAnalysis of spatial relationships in the urban economy, including urban land, labor and housing markets; urban transport; city governance and finance; and regional models. Historical and applied focus. Interdisciplinary apporach emphasizing economics, geography, and planning.
(RES 720 Section 1), Fall 2007.

The Real Estate Process
Course DescriptionInstitutional background of real property; economics of urbanization, supply and demand; building industry, real estate credit, cyclical fluctuation, rents and prices, real estate market analysis; city growth, structure and planning, land use control, urban redevelopment and real estate investment analysis.
(RES 706), Spring 2002.

Guest Lecture - Foreign Exhange Markets and their Effects on Global Real Estate Markets (RES 700), Fall 2009.



Combined Undergraduate & Graduate Courses


Urban and Regional Economics
Course DescriptionNature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data.
(RES/ECO 420/420), Fall 2005.

International Real Estate
Course DescriptionAnalysis of international real estate and related transaction issues, especially in foreign countries which are visited as part of the course; survey of land use patterns and regulations, ownership rights, types of leases, transfer procedures, mortgage system, tax matters, currency risks, and geographical diversification issues.
(RES/INT 430/430 Section 1), Spring 2007.



Learning/Teaching Oriented Publications


Malpezzi, S., & Wachter, S. (2011). Housing Demand. International Encyclopedia of Housing and Home, Susan J. Smith (ed.)
Malpezzi, S., & LaCour-Little, M. (2009). Gated Streets and Housing Prices. Journal of Housing Research (18), 19-44.

Editorial and Reviewing Activities


Journal of Housing Economics - Since January 2000
Editorial Board Member

Journal of Housing Economics - Since January 1991
Ad Hoc Reviewer

Journal of Urban Economics - Since January 1990
Ad Hoc Reviewer

Journal of Real Estate Finance and Economics - Since January 1990



Photograph of Stephen Malpezzi

Stephen Malpezzi

 
Professor | Real Estate & Urban Land Economics
(608) 262-6007
5262C Grainger Hall