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Lyndsey Rolheiser

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Lyndsey Rolheiser

Lyndsey Rolheiser

Assistant Professor of Real Estate

lar11@schulich.yorku.ca

  • Area of Expertise

    • Real Estate and Infrastructure ›
  • Lyndsey Rolheiser is an Assistant Professor of Real Estate at the Brookfield Centre in Real Estate and Infrastructure. Lyndsey received a PhD in Urban Economics from MIT, a MA in Economics from Simon Fraser University, and a BSc in Mathematics and Finance from the University of Alberta.

    Her research explores real estate as a spatial asset and centres questions around the people residing/working within it and regulating it. Lyndsey’s research interests include neighbourhoods and housing, commercial real estate and climate change, and transportation infrastructure and land use. Lyndsey employs a variety of methods and theoretical groundings to tackle these topics. She has published in the Journal of Urban Economics, Regional Science and Urban Economics, American Journal of Public Health, Urban Studies, and Urban Geography.

    Current work focuses on the effect of air pollution on commercial real estate economic indicators. A substantial amount of past literature investigates the relationship between air pollution and housing, but little is known about the effect on commercial real estate. In a new working paper, Lyndsey and co-authors find that increasing exposure to air pollution has a negative effect on office market values consistent with the notion that air pollution-induced decreases in commercial real estate values are driven by a reduction in the assets’ productive capacity. Additionally, they document that the negative impact on building-level income is concentrated in the apartment sector, which is consistent with a broad set of local dis-amenity mechanisms identified in previous residential real estate literature.

    Recently accepted work by the Journal of Urban Economics asks the question how the longer journeys to work faced by Black commuters evolved in the United States over the last four decades? Lyndsey and co-authors show that the two factors accounting for the majority of the difference are commute mode and city of residence. While the shift of commute mode from transit to car commuting for Black commuters accounts for one quarter of the decline in the commute time difference over the past forty years, there remains a persistence in the difference in some cities. These cities tend to be large, segregated, congested, and expensive.

    Lyndsey has had the opportunity to teach a wide variety of students— undergraduate economics, planning, and real estate students; masters and Ph.D students in planning, public policy, and real estate; and mid-career executive MBAs. She has developed and taught undergrad and graduate level courses in housing economics and policy; undergraduate real estate principles and a Ph.D level quantitative methods course.

    Recent Publications

    James R Dunn, Gum-Ryeong Park, Robbie Brydon, Michael Veall, Lyndsey A Rolheiser, Michael Wolfson, Arjumand Siddiqi and Nancy A Ross (2024), "State-level association between income inequality and mortality in the USA, 1989–2019: ecological study", Journal of Epidemiology & Community Health, 78(12), 772-778.

    View Paper

    Abstract

    Background Prior studies have shown a positive relationship between income inequality and population-level mortality. This study investigates whether the relationship between US state-level income inequality and all-cause mortality persisted from 1989 to 2019 and whether changes in income inequality were correlated with changes in mortality rates.

    Methods We perform repeated cross-sectional regressions of mortality on state-level inequality measures (Gini coefficients) at 10-year intervals. We also estimate the correlation between within-state changes in income inequality and changes in mortality rates using two time-series models, one with state- and year-fixed effects and one with a lagged dependent variable. Our primary regressions control for median income and are weighted by population.

    Main outcome measures The two primary outcomes are male and female age-adjusted mortality rates for the working-age (25–64) population in each state. The secondary outcome is all-age mortality.

    Results There is a strong positive correlation between Gini and mortality in 1989. A 0.01 increase in Gini is associated with more deaths: 9.6/100 000 (95% CI 5.7, 13.5, p<0.01) for working-age females and 29.1 (21.2, 36.9, p<0.01) for working-age males. This correlation disappears or reverses by 2019 when a 0.01 increase in Gini is associated with fewer deaths: −6.7 (−12.2, –1.2, p<0.05) for working-age females and −6.2 (−15.5, 3.1, p>0.1) for working-age males. The correlation between the change in Gini and change in mortality is also negative for all outcomes using either time-series method. These results are generally robust for a range of income inequality measures.

    Conclusion The absence or reversal of correlation after 1989 and the presence of an inverse correlation between change in inequality and change in all-cause mortality represents a significant reversal from the findings of a number of other studies. It also raises questions about the conditions under which income inequality may be an important policy target for improving population health.

    Dragana Cvijanović, Lyndsey Rolheiser, Alex Van de Minne (2024), "Commercial Real Estate and Air Pollution", Real Estate Economics, 52(3), 951–989.

    Keywords
    • commercial real estate pricing
    • instrumental variables
    • PM2.5
    • pollution

    View Paper

    Abstract

    We analyze the causal effect of air pollution (acute fine particulate matter) exposure on the commercial real estate (CRE) market. We instrument for air pollution using changes in local wind direction to find that an increase in fine particulate matter exposure leads to a contemporaneous decrease in CRE market values and (net) income as well as an increase in capital expenditures. Heterogeneous treatment analysis within a building-level fixed effects framework uncovers that the negative effect on market values is concentrated in the office sector, consistent with the notion that air pollution-induced decreases in CRE values are driven by a reduction in CRE assets’ productive capacity. Additionally, we document that the negative impact on (net) income is concentrated in the apartment sector, which is consistent with a broad set of local disamenity mechanisms identified in previous residential real estate literature.

    Ernesto Aldana, Simon Büchler, Lyndsey Rolheiser (2024), "The Past and Future of Non-Residential-to-Residential Conversions in New York City", Cities, 152, 105157.

    Keywords
    • Adaptive reuse
    • Commercial Real Estate
    • Conversions

    Open Access Download

    Abstract

    Concerns over rising office vacancy rates and falling office building property values in many urban areas have increased the pressure on cities and developers to consider converting underused office space to residential use. To aid in current and future conversations surrounding the feasibility of conversion, we look to the recent past. In doing so, we provide an account of conversion and redevelopment activity in New York City over the past decade to uncover associated structural and locational characteristics. We find that office-to-residential conversions contributed the greatest share of residential rental units of all non-residential conversions from 2010 to 2020, with nearly 5900 units created. However, there is suggestive evidence that more recent obsolete office buildings generate significantly fewer units as compared to office conversions of the 1990s. We additionally model the probability of conversion and redevelopment. We find that hotels have the highest conversion probability, followed by loft, retail, industrial, and office. In general, relatively taller, narrower, older buildings with diminished value are more likely to be converted.

    devin michelle bunten, Ellen Fu, Lyndsey Rolheiser, Christopher Severen, (2024), "The Problem Has Existed over Endless Years: Racialized Difference in Commuting, 1980–2019", Journal of Urban Economics, 141, 103542.

    View Paper

    Abstract

    How have the longer journeys to work faced by Black commuters evolved in the United States over the last four decades? Black commuters spent 49 more minutes commuting per week in 1980 than White commuters; this difference declined to 22 minutes per week in 2019. Two factors account for the majority of the difference: Black workers are more likely to commute by transit, and Black workers make up a larger share of the population in cities with long average commutes. Increases in car commuting by Black workers account for nearly one quarter of the decline in the racialized difference in commute times between 1980 and 2019. Today, commute times have mostly converged (conditional on observables) for car commuters in small- and mid-sized cities. In contrast, differential job access today drives persistent differences of commute times, particularly in large, congested, and expensive cities.

    Marc Francke, Lyndsey Rolheiser & Alex Van de Minne (2023), "Estimating Census Tract House Price Indexes: A New Spatial Dynamic Factor Approach", Journal of Real Estate Finance and Economics.

    Keywords
    • Granular Markets
    • Structural Time Series Model
    • Transaction Price Indexes
    • Traveling Sales Person’s Problem

    Open Access Download

    Abstract

    Geographically and temporally granular housing price indexes are difficult to construct. Data sparseness, in particular, is a limiting factor in their construction. A novel application of a spatial dynamic factor model allows for the construction of census tract level indexes on a quarterly basis while accommodating sparse data. Specifically, we augment the repeat sales model with a spatial dynamic factor model where loadings on latent trends are allowed to follow a spatial random walk thus capturing useful information from similar neighboring markets. The resulting indexes display less noise than similarly constructed non-spatial indexes and replicate indexes from the traditional repeat sales model in tracts where sufficient numbers of repeat sales pairs are available. The granularity and frequency of our indexes is highly useful for policymakers, homeowners, banks and investors.

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