Why reducing urban traffic congestion can help the American middle class

No-one likes to be stuck in traffic - but what are the larger effects of delays due to congestion beyond just being late for work? Using data from Los Angeles, Yuting Hou examines how these sorts of delays influence house prices. She finds that peak-period congestion delays are linked to lower house prices because they make jobs less accessible. The negative effects of these delays are most felt in middle income neighborhoods compared to low and high income areas.