Stuart Gabriel: A Leading Figure in Real Estate Finance and Urban Economics Research

Stuart Gabriel stands as a prominent figure in the fields of real estate finance and urban economics. As the Arden Realty Chair and Professor of Finance, as well as Director of the Richard S. Ziman Center for Real Estate at UCLA Anderson, Gabriel has dedicated his career to the rigorous analysis of housing, housing finance, real estate markets, and urban economies. His expertise is widely recognized, evidenced by his extensive publications and his service as president of the American Real Estate and Urban Economics Association.

Academic and Professional Background

Gabriel's academic journey culminated in a Ph.D. in Economics from UC Berkeley. This strong foundation in economic theory and quantitative methods has underpinned his contributions to real estate research.

Before joining UCLA Anderson, Gabriel held significant positions that shaped his understanding of the real estate landscape. He served on the economics staff of the Federal Reserve Board in Washington, D.C., where he gained firsthand experience in macroeconomic policy and its impact on financial markets. He also served as a visiting scholar at the Federal Reserve Bank of San Francisco. These roles provided him with invaluable insights into the workings of the U.S. economy and the forces driving real estate cycles. He also served as USC Lusk Center Director (1999-2007).

Currently, Gabriel holds a visiting professor position at the Coller School of Management at Tel Aviv University. There, he is actively involved in research pertaining to Israeli housing and mortgage markets, further broadening his global perspective on real estate issues. Gabriel’s fluency in Hebrew has come in handy when traveling to Israel with students for UCLA Anderson global immersion programs.

Research Focus and Key Contributions

Professor Gabriel's research spans a wide array of topics within real estate finance and urban economics. His work is characterized by a rigorous application of economic and financial models to understand complex market dynamics and policy implications. Here's a glimpse into some of his key areas of focus:

Housing Market Dynamics

Gabriel has extensively studied the factors that drive house prices, housing demand, and residential investment. His research has explored the role of macroeconomic conditions, interest rates, credit availability, and demographic trends in shaping housing market cycles. For instance, he co-authored a paper titled "Housing and mortgage markets: the post-1982 expansion," which examined the dynamics of the housing market during a period of significant economic growth.

Housing Affordability and Inequality

Recognizing the growing challenges of housing affordability, Gabriel has dedicated research to understanding the factors that exacerbate housing cost burdens, particularly for low-income households. He has explored the relationship between housing affordability and income inequality, examining how these issues interact to create disparities in access to housing. In a study titled "Housing affordability and inequality: A consumption-adjusted approach," co-authored with Danny Ben-Shahar and Roni Golan, he investigated alternative measures of affordability that account for variations in consumption patterns across different income groups.

Mortgage Markets and Finance

A significant portion of Gabriel's research focuses on mortgage markets, including mortgage pricing, risk assessment, and the impact of government policies on mortgage availability. He has examined the role of government-sponsored enterprises (GSEs) in the mortgage market, assessing their impact on low-income housing markets. His work in this area includes "Do the GSEs matter to low-income housing markets? An assessment of the effects of the GSE loan purchase goals on California housing outcomes," co-authored with Raphael W. Bostic.

Discrimination and Segregation in Housing

Gabriel has also made important contributions to the understanding of discrimination and segregation in housing markets. He has investigated the effects of racial integration on housing prices and the willingness to pay for housing in integrated neighborhoods. His research in this area includes "Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay." He also co-authored "Household Location And Race: A 20-Year Retrospective" with Gary D. Painter.

Urban Economics and Regional Development

Beyond housing, Gabriel's research extends to broader issues of urban economics and regional development. He has studied the effects of migration on regional labor markets, the role of human capital agglomeration in regional growth, and the impact of urbanization on access to mortgage credit. His work in this area includes "Labor migration, human capital agglomeration and regional development in China," co-authored with Yuming Fu.

The Impact of Wildfires and Air Pollution on Household Financial Well-Being

In more recent work, Gabriel has turned his attention to the impact of environmental factors on household financial well-being. In a series of papers co-authored with Xudong An and Nitzan Tzur-Ilan, he has examined the effects of wildfires and distant air pollution on household financial health. This research highlights the growing importance of considering environmental risks in assessing the stability and resilience of housing markets.

The Effect of Rental Eviction Moratoria on Household Well-Being

Gabriel's research has also examined the impact of rental eviction moratoria on household well-being. In "More Than Shelter: The Effect of Rental Eviction Moratoria on Household Well-Being," co-authored with Xudong An and Nitzan Tzur-Ilan, he analyzes the effects of eviction moratoria on various aspects of household well-being.

Selected Publications

The breadth and depth of Gabriel's research are reflected in his extensive list of publications in leading academic journals. Here are a few notable examples:

More Than Shelter: The Effect of Rental Eviction Moratoria on Household Well-Being: This paper, co-authored with Xudong An and Nitzan Tzur-Ilan, examines the impact of rental eviction moratoria on household well-being.
Housing risk and return: Evidence from a housing asset-pricing model: Co-authored with Karl Case and John Cotter, this study explores housing risk and return using a housing asset-pricing model.
Integration and Contagion in US Housing Markets: This paper, co-authored with John Cotter and Richard Roll, investigates integration and contagion in US housing markets.
Can Metropolitan Housing Risk be Diversified? A Cautionary Tale from the Recent Boom and Bust: Co-authored with John Cotter and Richard Roll, this study examines the diversification of metropolitan housing risk.
Are The Disabled Less Loss Averse? Evidence From A Natural Policy Experiment: This paper, co-authored with Yuval Arbel and Danny Ben-Shahar, explores loss aversion among the disabled.
Household Location And Race: A 20-Year Retrospective: This study, co-authored with Gary D. Painter, provides a retrospective look at household location and race.
Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay: This paper examines the economic effects of racial integration.
Rental Housing Markets and the Natural Vacancy Rate: Co-authored with Frank E. Nothaft, this study explores rental housing markets and the natural vacancy rate.
Mobility, Residential Location and the American Dream: The Intrametropolitan Geography of Minority Homeownership: Co-authored with Gary Painter, this paper investigates mobility, residential location, and the American Dream.
Optimal Pricing Strategy in the Case of Price Dispersion: New Evidence from the Tokyo Housing Market: Co-authored with Yongheng Deng, Kiyohiko G. Nishimura, and Diehang (Della) Zheng, this study examines optimal pricing strategy in the Tokyo housing market.
The Boom, the Bust and the Future of Homeownership: Co-authored with Stuart S. and Quigley John M. and Rosenthal Larry A., this study explores the boom, bust, and future of homeownership.
Asymmetric information, adverse selection, and the pricing of CMBS: Co-authored with Xudong An and Yongheng Deng, this paper investigates asymmetric information and the pricing of CMBS.
Regional house-price dispersion and interregional migration: Co-authored with Janice Shack-Marquez and William L. Wascher, this study examines regional house-price dispersion and interregional migration.
CDO market implosion and the pricing of subprime mortgage-backed securities: Co-authored with Yongheng Deng and Anthony B. Sanders, this paper explores the CDO market implosion and the pricing of subprime mortgage-backed securities.
Congressional influence as a determinant of subprime lending: Co-authored with Matthew E. Kahn and Ryan K. Vaughn, this study examines congressional influence as a determinant of subprime lending.
Housing affordability and inequality: A consumption-adjusted approach: Co-authored with Danny Ben-Shahar and Roni Golan, this paper investigates housing affordability and inequality.
Spillover effects of human service facilities in a racially segmented housing market: Co-authored with Jennifer R. Wolch, this study explores spillover effects in a racially segmented housing market.
Cyclical fluctuations in the Israeli housing market: Co-authored with Ilan Maoz, this paper examines cyclical fluctuations in the Israeli housing market.
A simultaneous-equations analysis of urban development: Migration and industrial growth in Israel's new towns: Co-authored with Moshe Justman and Amnon Levy, this study analyzes urban development in Israel's new towns.
Credit rationing, race, and the mortgage market: Co-authored with Stuart S. Rosenthal, this paper investigates credit rationing, race, and the mortgage market.
Credit rationing and the demand for owner-occupied housing: Co-authored with Stuart S. Rosenthal and John V. Duca, this study explores credit rationing and the demand for owner-occupied housing.
Commutes, Neighborhood Effects, and Earnings: An Analysis of Racial Discrimination and Compensating Differentials: Co-authored with Stuart S. Rosenthal, this paper analyzes racial discrimination and compensating differentials.
Rental Housing Markets, the Incidence and Duration of Vacancy, and the Natural Vacancy Rate: Co-authored with Frank E. Nothaft, this study examines rental housing markets and the natural vacancy rate.
Race, Immigrant Status, and Housing Tenure Choice: Co-authored with Gary Painter and Dowell Myers, this paper investigates race, immigrant status, and housing tenure choice.
Homeownership in the 1980s and 1990s: aggregate trends and racial gaps: Co-authored with Stuart S. Rosenthal, this study explores homeownership trends and racial gaps.
Do the GSEs matter to low-income housing markets? An assessment of the effects of the GSE loan purchase goals on California housing outcomes: Co-authored with Raphael W. Bostic, this paper assesses the effects of GSE loan purchases on California housing outcomes.
New evidence of crowd out in the secondary mortgage market: Co-authored with Stuart S. Rosenthal, this paper presents new evidence of crowd out in the secondary mortgage market.
Place-to-place migration in Israel : Estimates of a logistic model: Co-authored with Moshe Justman and Amnon Levy, this study estimates a logistic model of migration in Israel.
Does migration arbitrage regional labor market differentials?: Co-authored with Janice Shack-Marquez and William L. Wascher, this paper examines whether migration arbitrage regional labor market differentials.
Location and the effect of demographic traits on earnings: This study explores location and the effect of demographic traits on earnings.
Housing wealth, financial wealth, and consumption: New evidence from micro data: Co-authored with Raphael Bostic and Gary Painter, this paper presents new evidence on housing wealth, financial wealth, and consumption.
The local cost of terror: Effects of the second Palestinian Intifada on Jerusalem house prices: Co-authored with Yuval Arbel, Danny Ben-Shahar, and Yossef Tobol, this study examines the effects of terror on Jerusalem house prices.
Labor migration, human capital agglomeration and regional development in China: Co-authored with Yuming Fu, this paper explores labor migration, human capital agglomeration, and regional development in China.
Urbanization, agglomeration economies, and access to mortgage credit: This study investigates urbanization, agglomeration economies, and access to mortgage credit.
Leaving Los Angeles: migration, economic opportunity and the quality-of-life: Co-authored with Joe P. Mattey, this paper examines migration, economic opportunity, and quality-of-life.
Crises in the thrift industry and the cost of mortgage credit: This study explores crises in the thrift industry and the cost of mortgage credit.
A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession: Co-authored with Matteo Iacoviello and Chandler Lutz, this study examines foreclosure costs and mortgage modification during the Great Recession.
Regional house-price dispersion and interregional migration: Co-authored with Janice Shack-Marquez and William L. Wascher, this study examines regional house-price dispersion and interregional migration.
Are underserved borrowers lower risk? new evidence on the performance and pricing of FHA-Insured mortgages: Co-authored with Yongheng Deng, this paper presents new evidence on the performance and pricing of FHA-Insured mortgages.
Mortgage discrimination and FHA loan performance: Co-authored with James A. Berkovec, Glenn B. Canner and Timothy H. Hannan, this study examines mortgage discrimination and FHA loan performance.
The Effects of Wildfire and Distant Air Pollution on Household Financial Well-Being: This study, co-authored with Xudong An and Nitzan Tzur-Ilan, examines the effects of wildfires and distant air pollution on household financial well-being.
On the Determinants of Yield Spreads between Mortgage Pass-Through and Treasury Securities: Co-authored with James P. Rothberg and Frank E. Nothaft, this study explores the determinants of yield spreads between mortgage pass-through and treasury securities.
Duration of Residence in the Rental Housing Market: Co-authored with Yongheng Deng and Frank E. Nothaft, this study examines the duration of residence in the rental housing market.
Pathways to Homeownership: An Analysis of the Residential Location and Homeownership Choices of Black Households in Los Angeles: Co-authored with Gary Painter, this paper analyzes the residential location and homeownership choices of Black households in Los Angeles.
Value Creation through Securitization: Evidence from the CMBS Market: Co-authored with Xudong An and Yongheng Deng, this study examines value creation through securitization.
Adjustable-Rate Mortgages, Household Mobility, and Homeownership: A Simulation Study: Co-authored with Stuart S. Rosenthal, this study explores adjustable-rate mortgages, household mobility, and homeownership.
Race, Redlining, and Residential Mortgage Loan Performance: Co-authored with James A. Berkovec, Glenn B. Canner, and Timothy H. Hannan, this study examines race, redlining, and residential mortgage loan performance.
The Thrift Crisis, Mortgage-Credit Intermediation, and Housing Activity: Co-authored with Michael G. Bradley and Mark E. Wohar, this study explores the thrift crisis, mortgage-credit intermediation, and housing activity.
Risk-Based Pricing and the Enhancement of Mortgage Credit Availability among Underserved and Higher Credit-Risk Populations: Co-authored with Yongheng Deng, this study examines risk-based pricing and the enhancement of mortgage credit availability.
Default Option Exercise over the Financial Crisis and beyond[Predatory lending and the subprime crisis]: Co-authored with Xudong An and Yongheng Deng, this study examines default option exercise over the financial crisis and beyond.
Can Housing Risk Be Diversified? A Cautionary Tale from the Housing Boom and Bust: Co-authored with John Cotter and Richard Roll, this study examines whether housing risk can be diversified.
The Impact of Crisis-Period Interest Rate Declines on Distressed Borrowers: Co-authored with Chandler Lutz, this study examines the impact of crisis-period interest rate declines on distressed borrowers.
Integration and contagion in US housing markets: Co-authored with John Cotter and Richard Roll, this study investigates integration and contagion in US housing markets.

Board Membership and Corporate Governance

Beyond his academic pursuits, Gabriel is actively involved in the corporate world. He has served as an independent director of KBS Real Estate Investment Trust since 2010 and as Audit Committee chair since August 2018. He also serves on KB Home’s board (since March 2016) and is a member of KB Home’s audit committee. These roles allow him to apply his expertise in real estate finance and economics to real-world business decisions, providing valuable insights to corporate boards and management teams.

His service on corporate boards also reflects his commitment to strong corporate governance. He is recognized for his deep expertise in real estate finance and structured products, and the board has designated him as meeting SEC “audit committee financial expert” requirements.

Recognition and Impact

Stuart Gabriel's contributions to the fields of real estate finance and urban economics have been widely recognized. His research has informed policy debates, shaped industry practices, and advanced our understanding of housing markets and urban economies. His work continues to be highly cited and influential, solidifying his position as a leading scholar in his field.

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