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April 2004
Wharton News
Larson Gifts Library to Wharton
Long-time Zell/Lurie member and Past Chair of the Advisory Board, Robert C. Larson, made a generous gift of the 'ULI Collection' to the Zell/Lurie Real Estate Center at Wharton. The collection, consisting of hard copies of ULI publications, as well as valuable electronic source material, will be of particular benefit to real estate students. Mr. Larson's gift is shelved in Lippincott Library where it will be kept on reserve.
W. P. Carey Captivates Real Estate Students
Zell/Lurie Real Estate Center member W. P. Carey gave a fascinating talk to a packed room of Penn's real estate students on February 17, 2004. Mr. Carey's discourse, "Mistakes I've Made, Lessons I've Learned, and the Secrets of My Success," reflected on professional achievement and personal growth over more than fifty years with gracious, self-effacing remarks. Carey concluded his observations by encouraging students to "keep honest, keep true, and work hard…(and then)…you just might be successful."
Education Impacts Urban Growth
Research conducted by professors Albert Saiz of Wharton and Edward L. Glaeser of Harvard was cited in a Philadelphia Inquirer article on how educational levels affect urban growth in American cities (3/12/04). States and cities where residents have the highest levels of education also have the highest incomes and economic performance. Saiz explained "the big idea is that education is really driving city growth." Their research has found that well-educated people are highly adaptable to economic change, which positively affects urban development.
Sinai and Gyourko Study in Forbes
A study by Todd Sinai, Abraham Mitchell Term Assistant Professor of Real Estate, and Joseph Gyourko, Martin Bucksbaum Professor of Real Estate & Finance and Director of the Zell/Lurie Real Estate Center, was reported in Forbes magazine (4/12/04). Their study found the favorable tax treatment of owner occupied housing primarily benefits wealthy individuals living in up-scale areas.
Hoek-Smit, International Housing Director, Encircles the Globe
Drs. Marja Hoek-Smit presented a keynote lecture on "The Role of Government in Housing Finance" at a seminar on Housing Mortgage Credit held in Dubna, Russia in February. The seminar was organized by Gosstroi (Ministry of Housing) of Russia, the US Department of Housing and Urban Development, and the World Bank. Hoek-Smit also gave an address on "When and How to Subsidize Housing Finance" for the International Housing Conference in Hong Kong on the occasion of the 50th anniversary of the Hong Kong Housing Authority. In January, the International Housing Finance Program, jointly with the World Bank, organized a policy workshop in Mexico on "Reforming the Mexican Housing Subsidy System" for top housing policy executives from Conafovi (the Housing Commission), SHF (the Mortgage Liquidity facility) and the Urban and Housing Ministry.
GolfWorld Cites Nakahara
Asuka Nakahara, Associate Director of the Zell/Lurie Real Estate Center, was quoted in a GolfWorld article on the trend of golf courses being sold to builders for residential development. (3/5/04). "Golf courses are great development sites…(t)hey are often well-located," stated Nakahara.
Wachter Widely Quoted on Mortgage Rates
Professor Susan Wachter co-authored an op-ed piece in the LA Times, "Commentary: Robust Mortgage Market is Recovery's Foundation: Fixed Rates and Repackaged Home Loans Cushion the U.S. Economy" (1/26/04) which was quoted in more than 60 other newspapers. She was also cited in a Chicago Tribune article "Chicago Geospatial Exchange Helps Companies Exploit Computer Mapping Software" (2/15/04). She was a panelist on "The Future of the Geography Business" at the Association of American Geographers Annual Meeting (3/16/04); and on "Community Building, American Style: 30 Years of the Housing and Community Development Act of 1974" at the Edward Sparer Public Interest Symposium, University of Pennsylvania Law School (3/19/04).
Professor Susan Wachter, the Richard P. Worley Professor of Financial Management, will co-direct a new interdisciplinary institute for the study of urbanism with School of Design Professor Eugenie Birch. The new institute received press coverage in the Philadelphia Inquirer (3/4/04), the Almanac (3/2/04), and the Daily Pennsylvanian (3/5/04), and was the subject of an op-ed piece by outgoing Penn president Judith Rodin in the Philadelphia Inquirer (3/5/04).
Rybczynski Comments on Halls of Residence
Witold Rybczynski, Myerson Professor of Urbanism, Professor of Real Estate, and Co-editor of the Wharton Real Estate Review, wrote about the interplay of architecture and student life in "Good Dorms Make Good Neighbors" in the Chronicle of Higher Education (3/26/04).
Wharton Hosts the University of Shopping Centers
Wharton professors Joe Gyourko and Peter Linneman were guest lecturers at the University of Shopping Centers organized by the International Council of Shopping Centers held this March at the Wharton School. Gyourko spoke on "Identifying the Impact of Land Use and Zoning on Residential Markets," and Linneman addressed "Challenges Facing Retail Centers Today."
Popular Keynote Speaker Peter Linneman
March was a busy month for Wharton real estate professor Peter Linneman. He began the month in Orlando as Keynote Speaker for The Plasencia Group and returned to Philadelphia to address a Regional Economy Meeting of the PECO Energy Company. Still in Philadelphia, he was the featured speaker for the LEM Advisory Board Meeting. He then traveled to Stanford for the G E Long-Term Strategy Session where he was Keynote Speaker and continued to Bal Harbor to address the 27th Annual Conference & Exposition of the Society for Human Resource Management Global Forum.
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