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Kenneth Rosen - Haas School of Business, University of California, Berkeley. Berkeley, CA, UNITED STATES

Kenneth Rosen

Chair, Fisher Center for Real Estate and Urban Economics | Professor Emeritus | Haas School of Business, University of California, Berkeley

Berkeley, CA, UNITED STATES

Areas of Expertise (9)

Commercial Real Estate Market

Natural Vacancy Rate

Mortgage Market

Real Estate

Housing Market

Economics

Econometric Forecasting Model

Price Adjustments in Real Estate Markets

Rental Housing and Rent Control

About

Ken Rosen is chairman of the Berkeley Haas Fisher Center for Real Estate and Urban Economics; and Professor Emeritus at Berkeley Haas. He is also chairman of Rosen Consulting Group, a real estate market research firm; a former trustee of the Urban Land Institute; and a member of the advisory boards of several nonprofit and for-profit entities that deal with real estate finance and development. He has authored over 100 articles and four books on real estate and real estate finance.

He was formerly the chairman and founder of Rosen Real Estate Securities LLC (RRES), and chairman, founder, and portfolio manager of Lend Lease Rosen Securities, both REIT money management firms. In addition, Rosen served as the special real estate adviser to the Davos World Economic Forum, and he was Consultant/Managing Director of Salomon Brothers' Real Estate Research Department from 1985 to 1990.

Rosen received his PhD in Economics from the Massachusetts Institute of Technology, and a BA with highest honors from the University of Connecticut in 1970. He was a professor of Economics at Princeton University.

Education (2)

Massachusetts Institute of Technology: PhD, Economics

University of Connecticut: BA, Economics

Honors & Awards (9)

Graaskamp Award

PREA 2003

Koret Foundation Fellow for Study in Israel

1994-1995

Earl F. Cheit Award for Excellence in Teaching, MBA Program

1984

National Science Foundation Fellow

1970-1973

Woodrow Wilson Fellow in Economics

1970

Departmental Honors Fellow in Economics

1968-1969

Phi Beta Kappa, Phi Beta Phi, Lambda Alpha

Honor Societies

Elected Treasurer and Executive Committee Member

Board of Governors, University of Connecticut

Elected to Archons

Society of Outstanding Student Leaders

Selected External Service & Affiliations (4)

  • Current affiliations within Haas or UC Berkeley: Chairman, Fisher Center for Real Estate and Urban Economics; Fisher Center for Real Estate Grants Committee
  • Member: American Economics Association; American Real Estate and Urban Economics Association; Urban Land Institute Trustee; Real Estate Roundtable; Real Estate Forum; PREA
  • Referee: American Economic Review; JMCB, Journal of Finance; Journal of Financial and Quantitative Analysis; Journal of Law and Economics; Journal of Urban Economics; Journal of Urban and Real Estate Economics; JPE; Land Economics; National Science Foundation
  • Prior Board Service: Avitar Holdings, Inc.; Board of Trustees of the Urban Land Institute (nonprofit); Golden West Financial Corporation; National Association of Business Economics – San Francisco Chapter (nonprofit); PMI Mortgage Insurance Co.; National Association of Real Estate Trusts – Investor Advisory Council (nonprofit); Bentley School (nonprofit); Chairman of UCSF Real Estate Advisory Board (nonprofit)

Positions Held (1)

At Haas since 1979

1981 – 2005, Professor, Haas School of Business 1978 – 1981, Associate Professor, Haas School of Business 1975 – 1978, Assistant Professor of Economics and Public Affairs, Princeton University 1974, Assistant Professor of Economics, Boston University. 1972 – 1975, Research Associate, Joint Center for Urban Studies of MIT and Harvard University 1971, International Economic Intern, United States Treasury Department 1970 – 1971, Special Assistant to the Director of Research and Program Information, Connecticut Department of Community Affairs 1969 – 1970, Economic Analyst, Connecticut Department of Community Affairs 1968 – 1969, Research Assistant, Professor George France, University of Connecticut

Media Appearances (15)

The real estate evangelist — why buy one home when you can buy 100?

Financial Times  online

2022-03-23

Investors big and small are taking advantage of extreme demand for real estate. “It’s the biggest surge ever in rents and the lowest vacancy rate in 50 years,” said Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics. But no investment is without risk. In a recession, many people can’t pay rent at all, says Rosen. “You’re going to have empty space, no income, and you have got to pay the mortgage,” he said. “And if you’ve got an aggressive mortgage, you’re going to be in trouble.”

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San Francisco Property Owners Fight Their Taxes After Covid Cooldown

Bloomberg CityLab  online

2021-11-23

Some companies want their property taxes to reflect what could be a permanent reshaping of the city's downtown. “The uncertainty of the office occupancy affects everything,” said Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics. “It affects retail, restaurants, the whole range of things.”

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What Walgreens isn’t saying: Store closures show a strategic shift to survive in the age of Amazon

San Francisco Chronicle  online

2021-10-23

The article examines whether crime and the high cost of doing business in San Francisco are really behind Walgreens’ decision to close stores there. Costs, crime and competition are all factors in store closures, said Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics. “Everyplace I go, everyone asks, ‘Why don’t we stop this proliferation of crime in retail stores?’” he said. “It’s embarrassing.”

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San Francisco Feels a Tax-Base Chill With First Drop in 25 Years

Bloomberg  online

2021-04-29

For the first time in more than 25 years, San Francisco is forecasting that its property tax base will fall—a decline that reflects the city’s dependence on a tech industry turned upside-down by the pandemic. “San Francisco’s almost got a state of emergency in its economics,” said Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics. “There’s no question that’s going to make the city have very tight budgets the next few years.”

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Wells Fargo CEO Charlie Scharf 'really bullish' on second half of year

Tampa Bay Business Journal  online

2021-03-19

The economy could grow 6% or more, experts have predicted. But Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics, offered a word of caution, saying some might be suffering from “vaccine optimism.” “To say we’re in recovery would be a mistake. We’re still in a deep, deep hole,” Rosen said.

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S.F., Oakland mayors are confident the Bay Area exodus can be reversed. Here's why

San Francisco Business Times  online

2021-02-05

At the the San Francisco Business Times annual Mayors’ Economic Forecast, economists said a post-COVID recovery was on the horizon. A more cautionary outlook was offered by Ken Rosen, chair of the Berkeley Haas Fisher Center for Real Estate and Urban Economics. "To say we’re in recovery would be a mistake. We’re still in a deep, deep hole," Rosen said. "We have real challenges in the Bay Area."

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Economic Forecast: Ken Rosen on what's necessary for the Bay Area's reinvention

San Francisco Business Times  online

2021-01-08

Kenneth Rosen, chair of the Berkeley Haas Fisher Center for Real Estate and Urban Economics, writes that San Francisco has taken an economic hit due to COVID-19 that includes a glut of open real estate. He adds that the city is making it even harder for businesses to stay local. "Local and state politicians may realize that their anti-business attitudes may be killing the goose that laid the golden egg," he says.

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San Francisco's housing market has been chaotic. Here's what experts see coming in 2021

San Francisco Chronicle  online

2020-12-28

Market-rate housing development in San Francisco will grind to a halt in 2021, experts say. Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics, said he thinks 90% of Bay Area jobs will return within a year but that firms may take this opportunity to relocate. “I don’t think the city and state leaders realize the crisis they are going to have," he said.

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How the Next Administration Could Tackle Multifamily Issues

Multi-Housing News  online

2020-11-12

Experts are taking a look at what a Biden administration will mean for the housing market. "You might see some specific aid for the rental housing sector focused on infrastructure and housing issues for the cities," said Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics. Rosen added that there might be an initiative related to infrastructure that would benefit mass transit and cities.

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What the Presidential Election Means for Multifamily

Multi-Housing News  online

2020-10-02

Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics, commented on the possible impact of eliminating the 1031 exchange, which allows taxpayers to avoid paying capital gains taxes when they sell an investment property and reinvest the proceeds. "Raising the capital gains and eliminating the 1031 would create a 20% decline in commercial real estate values," said. "Real estate would be subject to the capital gains tax at a very high rate."

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Covid pandemic reveals the Achilles' heel of unicorn startups

San Francisco Business Times  online

2020-06-17

For startups with high burn rates and not a lot of revenue, it may get a lot worse before it gets better — if it gets better at all.

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In Boom-and-Bust San Francisco, Pandemic Brings Grim New Reality

Bloomberg  online

2020-05-29

San Francisco stands to take a deep hit from the pandemic due to its unique circumstances: a combination of already pricey real estate and tech employees working remotely or laid off. "The boom is over, and the question is how deep will the bust be," said Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics. "We are going to need dramatic changes if we’re going to keep our golden goose here."

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An ‘Avalanche of Evictions’ Could Be Bearing Down on America’s Renters

New York Times  online

2020-05-27

Some argue that the federal government has already intervened effectively, in the form of the stimulus checks and a $600 weekly boost to unemployment payments. Many low-wage workers are making more money on unemployment than they were when they were working, said Ken Rosen, chair of the Berkeley Haas Fisher Center for Real Estate and Urban Economics.

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‘An induced coma’: How COVID-19 is impacting the buying and selling of homes in the East Bay

Berkeleyside  online

2020-04-30

A wait-and-see attitude has slowed the housing market in the East Bay. "I call it an induced coma," said Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics. Recovery won't be immediate, he said. "You get out of the coma. You don’t go dancing right away. You take a long, slow recovery to get back to normal," Rosen said.

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Victims of NIMBYism, Unite

The Atlantic  online

2020-02-19

In 1981, a New York Times headline reads: Changing San Francisco Is Foreseen as a Haven for Wealthy and Childless. The article mentions that the Bay Area’s growing housing supply problems were already being researched by Kenneth Rosen, chair of the Fisher Center for Real Estate and Urban Economics.

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Selected Papers & Publications (9)

The Case for Preserving Costa-Hawkins: How Rent Control Reduces Property Values, Hurts Small Businesses and Limits State and Local Tax Revenue


Working Paper

Kenneth T. Rosen

2018

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The Case for Preserving Costa-Hawkins: Three Ways Rent Control Reduces the Supply of Rental Housing


Working Paper

Kenneth T. Rosen

2018

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The Case for Preserving Costa-Hawkins: Who Really Benefits from Rent Control?


Working Paper

Kenneth T. Rosen

2018

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The Case for Preserving Costa-Hawkins - The Potential Impacts of Rent Control on Single Family Homes


Working Paper

Kenneth T. Rosen

2018

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Rebuilding the American Dream: Strategies to Sustainably Increase Homeownership


Working Paper

Kenneth T. Rosen, David Bank, Avani Patel, Brett Fawley, Heather Belfor, Adam Eckstein and Anisha Gade

2017

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The US Housing, Mortgage and Commercial Real Estate Markets Policy and Reform Proposals


Testimony Before the U.S. Financial Crisis Inquiry Commission

Kenneth T. Rosen

January 2010

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The Housing and Mortgage Market Problem: A Set of Policy Options


Policy Paper presented to the Obama Treasury Transition Team

Kenneth T. Rosen

Washington D.C. January, 2009


Anatomy of the Housing Market Boom and Correction


Wharton Real Estate Review

Kenneth T. Rosen

Zell/Lurie Real Estate Center at Wharton 2007

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Shopping the City: Real Estate Finance and Urban Retail Development


Brookings Institution Center on Urban and Metropolitan Policy

K. Rosen, G. Kim and A. Patel

2003

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