We thank Braydon Neiszner and Vivian Wang for helpful research assistance. We also appreciate the comments of Hector Blanco (discussant), Gilles Duranton, Fernando Ferreira, Ed Glaeser, Matthew Turner and seminar participants at the University of Wisconsin, the 2024 UEA North American Conference and the Urban Lunch Seminar at Wharton. Naturally, we remain responsible for the final product. Gyourko thanks the Research Sponsor Program of the Zell/Lurie Real Estate Center for financial support, and McCulloch thanks the Population Studies and Training Center at Brown University, which receives funding from the NIH, for training support (T32 HD007338) and for general support (P2C HD041020). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.