Does the substantial heterogeneity in filtering rates within Washington DC MSA suggest that areas within the city, even neighbourhoods side by side, had significantly different supply constraints?
Is that the right interpretation of that heterogeneity?
That seems to be how you've interpreted heterogeneity between cities. So I'm assuming it holds within cities too.
Or is there some other interpretation of that heterogeneity, for example, differential demand growth between neighbourhoods (as some gentrify and others do not) leading to more up-filtering in neighbourhoods with faster-growing demand?
It could be supply, with the exurbs being more elastic than the center; or, mansion districts will obviously behave differently than neighborhoods that allow apartments. Otherwise, richer neighborhoods could have more renovations to offset depreciation, or demand could increase differentially near amenities.
Does the substantial heterogeneity in filtering rates within Washington DC MSA suggest that areas within the city, even neighbourhoods side by side, had significantly different supply constraints?
Is that the right interpretation of that heterogeneity?
That seems to be how you've interpreted heterogeneity between cities. So I'm assuming it holds within cities too.
Or is there some other interpretation of that heterogeneity, for example, differential demand growth between neighbourhoods (as some gentrify and others do not) leading to more up-filtering in neighbourhoods with faster-growing demand?
It could be supply, with the exurbs being more elastic than the center; or, mansion districts will obviously behave differently than neighborhoods that allow apartments. Otherwise, richer neighborhoods could have more renovations to offset depreciation, or demand could increase differentially near amenities.