Boomtowns: Local Shocks and Inequality in 1920s California

• DOI: 10.1257/pandp.20221080
• Publication Date: 2022-05-24T12:39:16Z
• Authors: Sarah Quincy; Rowena Gray
• Keywords: N33; Roaring 20s; N12; R31; ddc:330; 0502 economics and business; 05 social sciences; 8. Economic growth; 1. No poverty; booms; N92; 0509 other social sciences; wealth inequality

As the United States economy grew in the 1920s, both wealth and income inequality rose as well. California land values were especially volatile as a variety of shocks buffeted the state. This paper summarizes how these local booms affected housing inequality by linking archival data on city property values to the full count 1930 census. I first characterize the relationship between the type of shock and city property values during the 1920s. Then I relate these real estate market swings to the occupational and housing distribution within and across cities in 1930.