After 26 years of distinguished service to the Wisconsin Real Estate Program and the University of Wisconsin-Madison, it is with mixed emotion that we announce the retirement of Professor Stephen Malpezzi at the end of this academic year. Steve will be greatly missed by students, alumni, and colleagues alike; and impossible to replace. Department Chair Abdullah Yavas said, “We will be losing not only a great scholar and colleague, but also a great friend.”
Steve, a native of Pennsylvania, came to Madison in 1990 and embraced the Wisconsin Real Estate Program with passion that is unique and rare. He quickly immersed himself in the history and culture of the program and authored the now famous Tradition and Innovation paper, which is required reading for all our incoming students. Over the years, he has worked ceaselessly over the years to uphold the Wisconsin Tradition in real estate through his teaching, research and outreach to industry.
During his tenure at the Wisconsin School of Business, Steve has been a stellar and thoughtful member of the faculty. He has made many contributions to building our world-class real estate program and has served in multiple leadership positions, including Department Chair (twice) and Graaskamp Center Academic Director. His active research agenda is wide ranging but much of his best known work focuses on housing market behavior, policy, and programs, both domestic and foreign. One of the most widely cited researchers in our field, he has authored or co-authored numerous research publications that have appeared in The Journal of Urban Economics, Real Estate Economics, Journal of Housing Economics, and many others; and also co-authored a book with Richard Green, A Primer on U.S. Housing Markets and Policy. He is currently completing the second edition of this book with Paul Carrillo and Richard Green.
Steve is a great teacher, known for his dedication to his students. He truly appreciates their curiosity, energy and engagement, and is always happy to provide a word of encouragement or boost a student’s spirits with a humorous story. Over the years, he has taught undergraduates, MS, MBA, and PhD students in a wide variety of courses: urban economics, housing economics, valuation, public finance, real estate finance and investments, international real estate, macroeconomics, computer methods, and the survey course “The Real Estate Process.”
“The significant impact of Steve’s contributions to the Wisconsin Real Estate Program will continue long after he retires,” said Graaskamp Center Academic Director Tim Riddiough. “His commitment to alumni, students, faculty and staff is reflected in the enduring relationships he has cultivated; and his dedication to the Wisconsin Idea has strengthened our connections with industry partners and inspired our students who are graduating and entering the work force prepared and ready to make an immediate impact.”
Steve's service to other departments within the University of Wisconsin-Madison, professional societies and government agencies, in the U.S. and around the globe, has been extensive. He is an associate member of the UW-Madison Department of Urban and Regional Planning, a faculty affiliate of the La Follette School of Public Affairs, an Affiliate of the Wisconsin Center for Financial Security, an affiliate of UW's Institute for Research on Poverty, a member of the Columbia University Center for Homelessness Prevention Studies, a Penn Institute for Urban Research Scholar, and an associate of the Lincoln Institute of Land Policy. He served on Governor Tommy Thompson's Blue Ribbon Commission on State and Local Partnerships (the "Kettl Commission"). He has served multiple terms as a director and/or officer (including President) of the American Real Estate and Urban Economics Association and is currently serving as “Dean” of the Weimer School of the Homer Hoyt Institute.
Steve, has generously shared his knowledge and time with the real estate community via the Wisconsin Realtors Association (WRA). Each January, he writes a popular annual economic outlook which is published in WRA’s magazine, and he has consulted on numerous projects with them to provide greater understanding of the underlying drivers of real estate trends and their effect on the economy.
Prior to his time in Madison, Steve worked as an economist at World Bank and as 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. He has advised numerous governments and private sector organizations on urban policies, in countries as diverse as Canada, China, Ghana, India, Indonesia, Jamaica, Kenya, Korea, Mexico, Sweden and the United Kingdom, as well as within the U.S.
Steve and his wife, Joan, will be moving to Boston, where they will have more time to indulge in one of their favorite activities – spending time with their children and grandchildren. However, Steve's accomplishments are by no means at an end. He plans to continue a productive research program in Boston. We will all miss seeing Steve on a regular basis - his quick wit, his warmth and his generous heart - but we look forward to his future (and we hope frequent) Madison visits.