This paper analyzes the long-term, localized effects of tourism specialization on income levels in Spanish municipalities and examines the mechanisms driving this impact. Using two distinct identification strategies, the study exploits cross-sectional variations in tourism exposure. The first strategy focuses on the initial tourism boom of the 1960s, while the second examines the second wave of tourism development in the 1990s. Findings indicate that municipalities with higher tourism attractiveness in either the 1960s or the 1990s have income levels 7% to 8.5% lower as of 2019. This reduction in income can be attributed to lower job stability, a higher proportion of temporary contracts, reduced employment in the industrial sector, and diminished levels of educational attainment.

• Short-term vs. medium-term rentals: Rents, market tightness, and foreclosure effects (with Josep Maria Raya) -  Journal of Housing Economics, 2025

This paper studies the causal effects of platform-based rentals on housing affordability, market tightness, and foreclosure risk in Barcelona, distinguishing between short-term rentals (STRs) and medium-term rentals (MTRs). Using granular data from Airbnb and HomeAway, matched with housing transactions and foreclosure records, we estimate an instrumental variable model to identify the impact of STR and MTR activity on local housing outcomes. We find that an increase in the number of STR listings raises rents and reduces discounts, exacerbating affordability concerns, while being associated with lower foreclosure rates. In contrast, a rise in MTR listings is associated with lower rents, suggesting a reallocation of housing demand toward the medium-term segment and a moderation of pressure on the long-term rental market.

• Real Estate Developers in Politics:  Their Impact on Housing Supply  (with  Albert Solé-Ollé & Elisabet Viladecans-Marsal) - R&R

We analyze the real estate industry's influence on local housing supply in California, with a focus on how city council members with real estate backgrounds affect building permits from 1995 to 2019. Using data on candidate occupations and a close elections regression discontinuity design, we find that electing a developer to city council increases the number of housing units approved by 68% during their term. This effect dissipates after the first term, suggesting that developers primarily influence zoning decisions rather than help pass broader regulatory reforms. Our analysis of council votes reveals that developers are particularly effective in securing discretionary zoning changes. Furthermore, we find no evidence of electoral backlash, indicating that voters generally support housing construction. In a time when building new housing is difficult, our study suggests that electing pro-housing candidates could help expand housing supply. 

• The Price of Green: The Rental Market Effects of Barcelona's Green Axes Policy (with Josep Maria Raya & Pere De Solà-Morales) -  Submitted

This paper studies the impact of Barcelona’s Green Axes (GA) policy, an urban redevelopment initiative in the Eixample district, on rental prices. Using a Differences-in-Differences approach and a comprehensive dataset of rental listings from January 2018 to December 2024, we exploit spatial and temporal variations in the GA’s implementation to identify its causal effects. Our findings reveal significant increases in rental prices, particularly for apartments in close proximity to the GA, which experienced more than 10% increase in monthly rent, with heterogeneity observed across floor levels and diminishing effects with distance. The results highlight concerns about green gentrification, emphasizing the potential displacement of middle- and low-income households. 

• Short-term rentals and urban air pollution: evidence from Barcelona and Madrid (with Valeria Bernardo, Catalina Llaneza Hesse & Josep Maria Raya) -  R&R

This paper examines the effect of short-term rentals on urban air pollution in Barcelona and Madrid from 2018 to 2023. Leveraging detailed data on Airbnb and Vrbo listings and district pollution levels, we use an instrumental variable strategy that exploits proximity to tourist amenities and Google search trends. The results indicate that higher densities of short-term listings increase pollution levels, particularly CO, O3 and SO2. Additionally, we observe that areas with more STR activity tend to attract hospitality-related businesses and traffic, further exacerbating air pollution.

• Can You Hear It? Airbnb’s Impact on Urban Noise in Barcelona (with Valeria Bernardo, Catalina Llaneza Hesse & Josep Maria Raya) -  Submitted

This paper examines the effect of short-term rentals on urban noise pollution in Barcelona from 2018 to 2023. Leveraging detailed data on Airbnb listings and neighborhood noise levels, we use an instrumental variable strategy that exploits the proximity in the share of rental houses in 2011 and Google search trends. The results indicate that higher densities of Airbnb listings increase noise levels, particularly in neighborhoods with high-occupancy listings. Additionally, we observe that areas with more Airbnb activity tend to attract hospitality-related businesses, further exacerbating noise pollution. These results are robust to different empirical models and measures of Airbnb activity

• The Impact of Housing Costs on Labour Market Trajectories (with Aurélie Lapierre) -  Draft available upon request

This paper addresses the question of the impact of housing affordability on workers’ labor market outcomes by skill. We provide empirical evidence of the influence of housing costs on labor market disparities between high-skilled and low-skilled workers in French urban areas during the period 2010-2018. Employing a between-city analysis, we explore the impact of housing costs on two labor market outcomes: the likelihood of having long-term employment contracts and job promotions. Our findings reveal that variations in housing prices across urban areas increase labor market disparities between skills regarding the probability of holding a long-term employment contract. These disparities are more pronounced for workers aged 35 or above and seem to be especially driven by low-skilled women. We do not find any significant influence on job promotion.