# Professor Stijn Van Nieuwerburgh's research on the impact of out-of-town real estate buyers on cities is spotlighted

1 Faculty News July 21, 2017 ![The New York Times Logo](/sites/default/files/styles/246w/public/assets/images/uat_027320.jpg?itok=W8xBr66g)>

Excerpt from [The New York Times](https://www.nytimes.com/2017/07/21/upshot/when-the-empty-apartment-next-door-is-owned-by-an-oligarch.html?_r=0) -- "Across an entire city, those costs outweigh the benefits of foreign investment, according to two finance professors, Jack Favilukis of the University of British Columbia and [Stijn Van Nieuwerburgh](http://www.stern.nyu.edu/faculty/bio/stijn-van-nieuwerburgh) of New York University. They modeled what happens when a market like New York City is shocked by an inflow of absentee out-of-town buyers. ... 'And then there are costs that are harder to quantify,' Professor Van Nieuwerburgh said. 'The texture of the city, the socioeconomic makeup of the city, is changing.'"

[Read more](https://www.nytimes.com/2017/07/21/upshot/when-the-empty-apartment-next-door-is-owned-by-an-oligarch.html?_r=0)