Race and Real Estate [Module 2]

This course examines historical and contemporary real estate practices that have negatively affected racial minorities in the United States and internationally. The course reviews the history of land ownership and housing in the United States as shaped by the legacy of slavery and subsequent discriminatory practices such as deed restrictions, redlining, predatory lending, and steering. These practices have negatively affected trajectories of intergenerational wealth as well as social outcomes in public health, education, and political power. The course also looks at the participation of underrepresented minorities in today’s real estate profession and efforts to create greater inclusion. While the course principally focuses on race and real estate in the United States, it also looks at race and real estate in the international context as well as gender, class, ethnicity, and religion in the United States and internationally. Classes include lectures, discussions of readings, presentations by guests, and student presentations. Students will be evaluated on their participation in class, group presentation, and a final paper.

MRE students who want to take this course should enter the Limited Enrollment Course Lottery and will be automatically enrolled.

Transportation Economics and Finance

We can define transportation infrastructure to comprise all the physical objects that provide mobility: including everything from trains, highways, and ports to sneakers, trails, and scooters. The amount and type of available infrastructure that is available to urban travelers depends very much on who is willing to pay for it and how.

Upon completion of this course, you will be prepared to evaluate alternative methods of funding the construction, purchase, and maintenance of transportation infrastructure in terms of feasibility and fairness. You will also be prepared to use financing and pricing as tools to shape the development of transportation networks and to facilitate sustainable travel.

Land Policy and Planning for Equitable and Fiscally Healthy Communities

The course highlights the role land policy and land-based financing play in the development of equitable and fiscally healthy communities in developed and developing countries. The presentation and analysis of global cases on land value capture, community land trusts, and land readjustment, among other land policy and financing tools, will demonstrate why and how land markets and creative land policy approaches are relevant to planners, urban designers, and risk managers, especially as they pursue sustainable, equitable urban development goals. The course identifies the relationship between planning regulations, property rights, infrastructure investments, and land value increments and the synergies that can be created at the local level to sustain municipal finances and the investments needed to battle climate change and informality, among other transcendental policy issues.

The course delves into the technical and political debates unleashed in communities seeking to attain a greater balance between those who bear the costs of urbanization and those who benefit from it, especially as those costs and benefits are manifested in land values, housing affordability, access to economic opportunities, and exposure to environmental risks. Each section of the course asks questions about the possibilities and limits of land policy and land-based financing to achieving just, equitable, and generative urban aims. In the process, the readings and discussions offer a closer examination of the role government, the private sector and organized sectors of civil society play in shaping urban outcomes and quality of life through the effective use, taxation, and stewardship of land. The second half of the class will focus primarily on management and implementation issues that emerge from cities that have rolled out innovative land policy and financing tools, especially those that support land value capture.

The first day of GSD classes, Tuesday, September 5th, is held as a MONDAY schedule. As this course meets only on Tuesdays, the first meeting of this course will be on Tuesday, September 12th. It will meet regularly thereafter. 

Housing and Urbanization in the United States

This course examines housing as both an individual concern and an object of policy and planning. It is intended to provide those with an interest in urban policy and planning with a broad background on why housing matters and how its unique attributes a) give rise to certain policy and planning challenges and b) should shape how practitioners respond to these challenges. A major theme of the course is that consequences of previous policy and planning interventions have had lasting effects.  These are reflected today in continued residential segregation by race and income, the persistence of barriers to affordable and healthy housing, and gaps in homeownership rates and housing wealth by race and ethnicity. The theme of structural racism as shaping access to housing over US history will be examined at some length.

The course first lays out a framework for understanding the roles housing plays in individuals’ lives, neighborhoods, and the metropolis. Class sessions examine the unique attributes and roles of housing, including the role of homes as constitutive of the private and domestic realms, housing as an icon and encoder of social status, and housing as a commodity. This section of the course also explores housing as a driver of urbanization and shaper of neighborhoods, as well as theories of neighborhood change.

The next four sessions of the course focus on government interventions into housing in the United States from the beginning of urbanization up to the 1960s. Classes cover early efforts to eradicate slums and improve housing for the poor; systematic efforts to enforce segregation by race in the early 20th century including the practice of redlining; federal involvement in homeownership and suburbanization, ; the policy motivations and design of early public housing and urban renewal programs; and local interventions to regulate the development of housing and access to it, particularly in suburbs.

The third section of the course focuses on a second wave of interventions arising in the 1960s in response to unanticipated consequences of earlier interventions, including public housing and urban renewal, as well as responses to demographic and economic shifts and the Civil Rights and citizen participation movements. This section of the course examines policy interventions aimed at affordability, including rental subsidy programs, fair housing law, and community development programs, and reflects new ideas about who should be in charge of revitalization plans and where federal assistance should be targeted.

The final section of the class takes us to the present, examining more recent trends shaping housing and planning and policy interventions. Sessions will focus on the housing and foreclosure crisis and its aftermath; recent trends in and responses to concentrated poverty and segregation by race and income; and gentrification. We will also take an in-depth look at the current housing situations of low-income households and housing’s relationship to poverty and health. Final classes will look at the implications of the ongoing affordability crisis for future housing supply, as well as demographic shifts and climate change that are forcing planners and policymakers to reevaluate the design of our housing stock and its location. Given the slow departure from the housing sphere by the federal government, these sessions will necessarily focus more on local responses to housing issues.

Real Estate, Society, Environment

This course examines the emerging context for real estate practice worldwide that measures success not solely by the financial bottom line but also by achievement of beneficial spatial, social, and environmental outcomes. Real estate developers, investors, owners, lenders, and public agencies globally are applying “environmental, social, and governance” metrics (ESG) to their investment and development decisions, even as some observers are skeptical about how effective or genuine this move is. Students will learn how transnational, national, and local legal mandates and market-driven preferences for sustainable and inclusive real estate can be viewed as positive, generative opportunities rather than constraints to be overcome. Understanding and operationalizing social and environmental principles can lead to a more successful and meaningful real estate practice whether originating in private for-profit, private not-for-profit, or public sectors.

Although this is a limited enrollment course, MRE students should enroll directly during the open enrollment period and not enter the Limited Enrollment Course Lottery.

 

TThe first day of GSD classes, Tuesday, September 5th, is held as a MONDAY schedule at the GSD. As this course meets only on Tuesdays, the first meeting of this course will be on Tuesday, September 12th. It will meet regularly thereafter. 

Design for Real Estate

This course provides a comprehensive understanding of the role of design and design professionals in real estate, from project conception to project delivery to post-occupancy evaluation. The goal is to provide developers and owners with the knowledge and methodological tools arising from design to conceive and execute distinctive, financially successful, socially responsible, and environmentally sustainable projects. The course will include lectures with class discussion, short exercises, field trips to recently completed and in-the-works projects, and several guest speakers.
 
The course begins with an overview of the design standards that shape contemporary building types within asset classes as demanded by building codes, development regulations, underwriting benchmarks, market preferences, and the global standardization of building components and furniture systems. Understanding the rationale for the plan configurations and circulation armatures of specific real estate types helps clarify the role of efficiency metrics as key determinants of building design and the way that space is best configured to create future financial, social, and environmental value. The course also covers the market and regulatory-driven logic of site planning, including the relationship between streets, blocks, and development parcels in urban and suburban contexts.

Beyond exploring the programmatic and spatial interdependency of the components that make up real estate, the course looks at a variety of methods for integrating financial analysis and design considerations especially at when projects are being conceptualized. Students will be asked to explore approaches that balance risk mitigation, typically accomplished by relying on pre-existing models (“comps”), with more innovative approaches that aim to capture market share by defining new needs and audiences and proposing unprecedented but financially viable spatial and aesthetic configurations.

The course explores the interplay between developer as client and designer as professional, with special consideration for how the knowledge and skills of designers can be utilized more effectively by real estate practitioners. This is a required course for students in the Master in Real Estate program, but is open as well to urban design, planning, architecture, and landscape students who are interested in learning about the many ways that various considerations, including efficiency metrics, risk mitigation, and land values, shape contemporary buildings and new urban districts.

Although this is a limited enrollment course, MRE students should enroll directly during the open enrollment period and not enter the Limited Enrollment Course Lottery.

Analytic Methods of Urban Planning: Quantitative [Module 2]

This course introduces students to quantitative analysis and research methods for urban planning. The course begins with an examination of how quantitative methods fit within the broader analytic landscape. It then exposes students to basic descriptive statistics (including measures of central tendency and dispersion), principles of statistical inference, and a wide variety of analytic methods and their practical application. By the end of the course, students will be comfortable with many analytic techniques relevant to urban planning and policy, including: z-tests, t-tests, ANOVA, chi square tests, correlation, and multivariate regression. On a broader level, students will gain the ability to understand and critically question the kinds of analyses and representations of quantitative data encountered in urban planning and allied disciplines.

The aim of the course is to introduce students to key concepts and tools in quantitative analysis and research. Most importantly, however, the goal is to develop students’ intuition regarding data analysis and the application of statistical techniques. By the end of the course, students will be familiar with how common techniques of quantitative analysis can be applied to a wide variety of data. Students will also gain a sense of the strengths and weaknesses of quantitative data analysis and under what circumstances the tools learned in the class are best applied in practice. The course seeks to train technically competent, intellectually critical practitioners and scholars who are able to apply quantitative methods in a wide range of settings, and who are also aware of the wider analytic context into which these approaches fit. There is a focus throughout the course on epistemology and the ethics of claim-making. Over the course, students will deepen their understanding of how claims are made, how claims are connected to different forms of evidence, and what makes different kinds of claims credible.

Analytic Methods of Urban Planning: Qualitative [Module 2]

How can planners understand places in a rich, meaningful, and yet systematic way? This module examines how qualitative approaches can be used in planning practice and research. Qualitative methods are particularly useful in answering why and how questions; investigating differing perceptions and values; understanding unique situations; and helping describe complex situations.

Focused on learning-by-doing, the class examines how to design a qualitative research project and reviews a range of data collection and analysis methods useful in community and organizational environments. With the aid of well-thought-out conceptual frameworks, qualitative research can be designed to make a coherent and meaningful argument. Students learn about collecting and reviewing artifacts, observing places, asking questions, engaging with diverse groups, and using visual techniques. Such data are frequently organized into specific kinds of outputs including case studies, scenarios, and evaluations. Students will try out these approaches in weekly exercises.

Land Use and Environmental Law

As a scarce and necessary resource, land triggers competition and conflict over its possession and use. For privately owned land, the market manages much of the competition through its familiar allocative price-setting framework. However, because one person’s use of land affects individual and collective interests of others and market mechanisms alone do not always protect or promote such interests, laws enacted by legislative bodies, administered by government agencies, and reviewed by courts have arisen to fill the gap.
    
Encompassed in local ordinances, higher-level legislation, administrative rules, discretionary government decisions, constitutions, and judicial opinions, land use laws and environmental laws significantly shape the built and natural environment. For example, zoning’s use and density restrictions affect whether neighborhoods are demographically diverse or homogeneous, its height and setback restrictions sculpt the skyline. Environmental laws govern the extent to which land uses pollute air, water, and land, whether habitat is available for endangered species, and whether wetlands are preserved. Recently enacted laws are beginning to address the impacts of climate change, determining whether and how individuals may build or rebuild in areas vulnerable to floods, severe storms, forest fires, heat waves, and droughts.
    
Through lectures, discussions, readings, and a written exercise, this course provides students with a working knowledge of land use laws and environmental laws, the institutions that create, implement, and review them, and the issues that swirl around them. The course distinguishes law’s method from those employed by other disciplines and fields. The role of non-lawyers, including urban planners, designers, public policymakers, developers, and community activists in influencing, drafting, and implementing land use and environmental laws, is explored.
    
No prior legal background is assumed. Students with a legal background have found the course instructive. For pedagogical reasons, laws employed in the United States will be the main references, but comparisons with laws in other countries will be regularly made. Reading assignments are drawn from primary sources (legislation, constitutions, judicial opinions) and secondary sources (law review and journal articles, book excerpts, professional reports). A written exercise asks students to critically examine one provision of a zoning law and draft its replacement. An oral final exam will test overall fluency with the course subject matter.

The first day of GSD classes, Tuesday, September 5th, is held as a MONDAY schedule. As this course meets on Mondays, the first meeting of this course will be on Tuesday, September 5th. It will meet regularly thereafter.  

This course is jointly listed with HKS as SUP-663.

 

 

Real Estate Finance, Development, and Management

This course teaches the fundamentals of real estate for all major property types and land uses. The various stages of the development process, including site selection, market analysis, financial feasibility, design considerations, legal requirements, construction oversight, lease-up, operations, and ultimate property disposition, are examined. Acquisition, management, and disposition of existing real estate assets are similarly explored. Teaching cases are designed to place students in decision-making situations commonly faced by real estate professionals. Methods of using discounted cash flow analysis for income property, for-sale property, construction and permanent mortgage loans, joint venture structures, real estate investment trusts, and secondary markets are explored. Optional review sessions focusing on real estate financial analysis will support the course. MRE students are required to take this course but may pursue a waiver of this requirement by successfully passing a waiver examination administered during orientation week. Other students will need to demonstrate a basic literacy in real estate through prior coursework or experience in order to take the class.

Although this is a limited enrollment course, MRE students should enroll directly during the open enrollment period and not enter the Limited Enrollment Course Lottery.

The first day of GSD classes, Tuesday, September 5th, is held as a MONDAY schedule. As this course meets on Mondays, the first meeting of this course will be on Tuesday, September 5th. It will meet regularly thereafter.