The effects of partial-coverage rent control on the price and quantity of rental housing

Rent control is widely used, but its effects are little understood. A two-sector model is provided that predicts the effects of rent control on both the price and quantity of rental housing and allows estimates of the size of these effects with limited amounts of data from jurisdictions which have controlled and uncontrolled sectors. Among other things, the model indicates the relationship between the price of rental housing in the absence of rent control and controlled and uncontrolled rent levels under a partial-coverage regime.     

Estimation and policy implications of rental housing demand

The demand for rental housing using the Annual Housing Survey SMSA sample for 1977 is estimated. The principal determinants of rental housing demand, namely housing price and permanent/transitory income, are computed through spatially varying hedonic price techniques and instrumental variables methods (relating to human and nonhuman capital), respectively. Based on the demand estimation results, impacts of hypothetical cash and rent subsidy programs are analyzed in terms of “housing” and “welfare” effects. It is found that a rent subsidy achieves considerably larger effects than does a cash subsidy.     

现行政策下商业地产的发展趋势

一、现行宏观政策对商业地产的影响 从2004年起，鉴于政策导向，商业地产开发变得炙热起来。由于商业地产的利润比住宅开发要平均高出5％N10％，吸引了越来越多的投资者转向商业地产的开发。2005年1月1日开始，跨国零售商已开始在中国的全方位扩张。外资的到来推动国内商业市场发展，为商业地产带来巨大商机。2006年至2008...     

公共租赁住房成本租金与定价研究

完善公共租赁住房定价机制是保持公共租赁住房建设与管理可持续发展的重要内容。本文在实地调研杭州、湖州、嘉兴、绍兴、台州、丽水等地区公共租赁住房开发成本状况的基础上,选取了较有代表性的几个地区,对公共租赁住房的成本租金进行了测算,并通过比较公共租赁住房租金定价的国际经验,对浙江省公共租赁住房的租金定价提出了建议。     

Distributional aspects of public rental housing and rent control policies in Spain

This paper studies the importance of the economic advantages and some distributional consequences generated by public and subsidized rental housing as well as rent control policies in Spain. Individual benefits are defined as the difference between the rent the protected dwellings would have in the market, minus the rent actually paid for them. The market valuation is obtained with an hedonic function estimated for the uncontrolled private sector. Data for the Madrid Metropolitan Area in 1974 show that for both policies, benefits are of considerable importance, while its distribution among beneficiaries is very unsatisfactory according to horizontal and vertical equity criteria.     

Rent control with reputation: theory and evidence

Rent-control policy is modeled as an implicit contract between voters of a community and suppliers of rental housing. It is shown that if residents can make an ex ante commitment to never adopt rent controls they will do so. When precommitment is not possible there are conditions under which a policy of never adopting rent controls is not self-enforcing. Under such circumstances a state-invariant ceiling price is shown to be a subgame-perfect equilibrium rent-control policy. The model is tested using data for New Jersey where local option regarding the choice of rent control policy was declared constitutional in the early 1970s. Probit analysis is used to determine whether predictions of the model are supported by an investigation of factors leading to imposition of rent controls by 64 of the 245 communities in the sample.     

The landlord's dilemma: Asking rent strategies in a heterogeneous housing market

This paper investigates the asking rent behavior of a landlord with a vacancy who faces a known, downward sloping rental probability function. The shape of this function is shown to be strongly dependent on the form of the underlying acceptance rent distribution and on the rate at which prospective tenants visit the unit. A particular family of asking rent strategies is examined. It is shown that all of these strategies exhibit a declining sequence of asking rents, and that the landlord in choosing among them must balance his desire for rental income against his aversion to waiting.     

Land rent and housing policy: a case study of the San Francisco Bay area rental housing market

In the San Francisco Bay Area, where residential rent is among the highest in the United States, an analysis of data from several sources demonstrates that high rent cannot be accounted for by higher quality, higher operating costs, or higher construction costs. At least one-third of the total rent paid is land rent. Despite increases in real incomes, very-low-income tenants in the Bay Area today have less income remaining after payment of rent than tenants did in 1960. High land rent is a long-term feature of the Bay Area rental market that results mostly from its geography, the density of its urban centers, and a strong economy, rather than from regulatory barriers to new multifamily construction. Deregulation is not a sufficient response to the effects of land rent on low-income tenants. Government should subsidize non-profit housing organizations, particularly land trusts that remove residential land from the market. Taxes on land rent would be a particularly appropriate funding source.     

Accounting for owner-occupied dwelling services: Aggregates and distributions

Research linking macro and micro statistics of dwelling services is in its infancy in the U.S. including work by the Bureau of Economic Analysis, Bureau of Labor Statistics, and the Census Bureau. Comparisons of aggregated estimates generated from micro-level data to estimates at the macro-level can inform both levels on the accuracy and precision of methods and data sources. In this study, the treatments of housing in the macro statistics of the National Accounts and in the micro statistics of household expenditure and income surveys are examined. Three approaches to value dwelling services using household survey data are compared: capitalization rate, hedonic, and rental equivalence. Estimates are produced using data from the U.S. Consumer Expenditure Survey and American Housing Survey. Estimated aggregates of implicit net rental income from owner-occupied housing are compared to the aggregate value in the National Accounts. Possible sources of differences in the macro- and micro-based aggregates are discussed. The effects of adding net implicit rental income on income distributions are examined, particularly on inferences about the relative well-being by the age of householder. Overall, only marginal reductions in income equality result when net rental incomes are added to before tax money income; this only occurs when reported rental equivalence and return to home equity are used as methods of rent estimation.     

Economic and Noneconomic Factors Influencing Geographic Differentials in Homelessness: An Exploratory State-Level Analysis

In this exploratory state-level empirical study for the United States, the authors estimate a pooled time-series/cross-section framework, with control variables for population size and population growth, for the years 2015–2016. Within this context, the least squares estimates lead to the following tentative findings: (1) homelessness is positively associated with the overall cost of living, on the one hand, and the average rent level, on the other hand; (2) homelessness appears to be an increasing function of the percent of the population without a high school diploma but a decreasing function of the percent of the population with a bachelor’s degree or a higher level of formal education; (3) homelessness is a decreasing function of labor market freedoms reflecting the degree of union density and union power, on the one hand, and excessive government employment beyond that needed solely for productive and protective services, on the other hand; (4) homelessness is positively associated with personal freedom from incarceration and arrest; and (5) homelessness is negatively associated with income, as higher income reduces homelessness. Based on these findings, preliminary policy implications are also provided.     

美国住房租赁市场运行机制探讨及借鉴

美国拥有发达的私人住房租赁市场和公共住房租赁市场,其关于住房租赁市场的法律制度、税收体系、房租补贴政策和完善的政府监管体制等方面均值得我国借鉴。研究表明,支撑美国住房租赁市场的因素主要有供给因素、需求因素和政府对租赁市场的有效管理和规范。尽管在住房消费文化和土地制度环境等方面我国住房市场与美国住房市场差异显著,但美国发展与规范住房租赁市场的经验对培育和发展我国住房租赁市场仍然具有重要的政策借鉴价值。     

Rent control and tenancy duration

This paper investigates how rent control affects mobility in the Danish housing market. We apply a proportional hazard duration model, that encompasses both the presence of left truncated tenancy durations, right censored observations and allows for a very flexible specification of the time dependency of the hazard rate. Tenancy mobility is severely reduced by rent control. For a typical household in the private rental sector tenancy duration is found to be more than six years longer if the apartment belongs to the 10% most regulated units than if it belongs to the 10% least regulated units.     

美国住房租赁市场运行机制探讨及借鉴

美国拥有发达的私人住房租赁市场和公共住房租赁市场,其关于住房租赁市场的法律制度、税收体系、房租补贴政策和完善的政府监管体制等方面均值得我国借鉴。研究表明,支撑美国住房租赁市场的因素主要有供给因素、需求因素和政府对租赁市场的有效管理和规范。尽管在住房消费文化和土地制度环境等方面我国住房市场与美国住房市场差异显著,但美国发展与规范住房租赁市场的经验对培育和发展我国住房租赁市场仍然具有重要的政策借鉴价值。     

城市廉租房建设规模的对策分析:以江苏省为例

在江苏省13地市进行抽样调查的基础上,采用情景分析法,确定江苏省城市廉租房的建设规模及其情景模式.结果表明:在1%廉租房保障水平下,最低需要建设的廉租房面积约为250万m2,在5%廉租房保障水平下,最高需要建设的廉租房面积约为1883万m2,最高和最低保障面积相差约7.5倍,显然廉租房的建设要分步骤、分阶段实现,不能采取一刀切的一步到位方式.在此基础上对廉租房的来源及管理体制提出相应的发展对策,供有关决策部门参考.     

Are There Tax Arbitrage Opportunities in Private Rental Housing Markets?

Tax arbitrage opportunities in rental housing markets arise when high bracket taxpayers exploit the tax shelter and conversion features of the tax treatment of rental housing and as a consequence offer low bracket taxpayers rental housing at a cost lower than if they purchased the same quantity of housing for owner occupation. A microdata set has been employed to estimate the size of these tax arbitrage opportunities with respect to 1907 properties owned by Australian landlords. The measure of tax arbitrage opportunities is the breakeven tax rate at which the maximum rental rate a potential occupant is prepared to pay before turning to purchased housing is equal to the landlord's reservation rental rate. Potential occupants with marginal tax rates below the breakeven tax rate find that renting has a relative cost advantage over home purchase. When agency costs (the costs incurred in managing landlord-tenant relationships) are included in the tax arbitrage model, our estimates of the breakeven tax rate indicate that home purchase has a relative cost advantage over renting for most potential occupants. Renting is only financially attractive to low tax bracket individuals. This finding is consistent with Australian tenure patterns. However, there are more puzzling results. A majority of landlords belong to tax brackets below the top bracket, landlords in the lowest tax brackets typically make below normal profits, and reservation rental rates at the bottom of the rental housing market are relatively high. Down payment requirements, lock-in effects, and rent clientele groups are put forward as possible explanations for these findings.     

我国公共租赁房的租金定价模型

公租房补充和完善了我国保障性住房制度,但如何制定合理的公租房租金标准,才能促进公租房健康可持续发展显得尤为重要。公租房租金制定应遵循一定的原则,即成本回收、差别定价和可持续性原则。     

保障性住房供应体系重构下的公租房发展趋势

公共租赁房作为保障性住房体系的重要组成部分,其发展趋势值得关注。在归纳评述国内现有相关研究的基础上,采用文案调查和定性分析方法,分析了现阶段我国城市保障性住房体系现状及重构走向,进而提出公共租赁房的发展趋势,认为公共租赁房将成为保障性住房供应体系的主体,多种住房类型合并管理,租金收取实行分档回补,动态监管工作将会加大力度等。     

浙江省公共租赁房制度建设的若干问题

本文从完善浙江省公共租赁房制度视角出发,分析了公共租赁房双重特性,从新就业大学生、外来务工人员和城市中低收入者三个群体测算了浙江省公共租赁房的需求规模,进而提出以区县作为主体的管理模式,并分析了房源筹集方式与退出机制。     

COMPOSITE AREA LINKED SYSTEM FOR PROPERTY TAX REFORM IN INDIA*

In India, property tax is presently levied on the basis of the rent-based rateable valuation system. Various official Commissions and Committees and professional experts have, over the last four decades, commented upon the inadequacies of this system, which, among other things, are the absence of an open market in land and rental transactions, the non-availablility of professionally trained valuers and the subjective nature of assessments in a corruption-prone administrative environment. As to the direction of future reforms, there have been two schools of thought - one, advocating for amendment of current rent control laws; and the other, favoring a new system of local taxation, delinked both from the capital value and rental value systems which are difficult to administer in India. This paper highlights the findings of a policy-oriented research study commissioned by the Ministry of Urban Development for the design and evaluation of such a system.     

Monthly rent with variable deposit: A new form of rental contract in Korea

In this paper, we describe the structure of the monthly-rent-with-variable-deposit (MRVD) contract, a distinct type of rental contract in Korea. We demonstrate that the Chonsei contract is one variant of the MRVD contract. To explain the MRVD contract, we propose a leverage-effect-seeking hypothesis. Based on this hypothesis, we are able to elucidate a variety of rental market conditions in Korea. Our hypothesis is consistent with the simultaneous existence of several types of rental contracts and various combinations of monthly rent, as well as the up-front deposit in the MRVD contracts. We also focused on the deposit-to-monthly-rent conversion rate, a critical factor in the Korean rental housing market. Our hypothesis indicates that conversion rates vary across local markets depending on local market conditions, such as the expected house price appreciation rate. The results of our data analysis demonstrate that our hypothesis more adequately explains the observed trend in the conversion rate, as well as that in the MRVD contracts.