Boomtowns: Local Shocks and Inequality in 1920s California

Abstract

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.