When the (empty) apartment next door is owned by an oligarch

The New York Times mentioned research by Jack Favilukis, a professor at the UBC Sauder School of Business, in a story about the impact of foreign buyers on housing markets.

Favilukis and Stijn Van Nieuwerburgh from New York University modeled what happens when a market like New York City is shocked by an increase of absentee out-of-town buyers.