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.     

The demand for rental housing: Evidence from the Housing Allowance Demand Experiment

This paper provides new evidence on the price and income elasticities of demand for rental housing by low income households. Housing expenditures of households participating in the Housing Allowance Demand Experiment and receiving housing allowances in the form of a proportional rent rebate are analyzed. These rent rebates experimentally vary the effective relative price of housing and thus enable estimation of the price elasticities. Natural income variation enables estimation of income elasticities. Analysis is carried out using two functional forms and a variety of models of housing dynamics. The estimated income and price elasticities of demand are 0.36 and −0.22, respectively. When the sample is restricted to include only households headed by couples, the elasticity estimates are 0.47 for income and −0.36 for price. These estimates are lower (in absolute value) than have been previously estimated and it is suggested that this may be due to the low-income nature of the sample.     

Location incentives in the low-income housing tax credit: Are qualified census tracts necessary?

The low-income housing tax credit (LIHTC) is the largest project-based housing subsidy in the United States. Within the program, private developers receive a subsidy in exchange for constructing apartment units that rent for a predetermined affordable rate. Because the subsidy requires apartment buildings to charge a lower rental rate, the opportunity cost of developing subsidized housing in a location is the market rent that a developer could have charged if he had not received the subsidy. This study characterizes how profit incentives motivate location decisions within the LIHTC program by showing that opportunity cost causes more LIHTC development in locations with low market rent. This result implies that additional financial incentives, like the qualified census tract, may not be necessary to promote construction of subsidized housing in low-rent areas.     

Rent control and homelessness

The purposes of this paper are to produce more precise estimates of the effect of rent control on homelessness using microdata on housed and homeless households and to provide evidence concerning the mechanisms through which rent control might affect homelessness. Our results suggest that rent control does increase homelessness by decreasing the rental vacancy rate and increasing the rental price of housing in the uncontrolled sector but that these effects of rent control are offset by other effects that decrease homelessness. We cannot reject the hypothesis that rent control has no net effect on homelessness.     

Wage gradients,rent gradients,and the price elasticity of demand for housing: An empirical investigation

As developed in Muth's “Cities and Housing,” attainment of locational equilibrium within an urban area implies a necessary functional correspondence between wage and price gradients and the compensated price elasticity of demand for housing. In this paper estimates of the rent and wage gradients are utilized to generate price-elasticity estimates via this equilibrium correspondence. The Box-Cox transformation technique is used with data from the metropolitan Chicago area to test for the functional forms of the wage and rent gradients. The optimal maximum-likelihood functional forms for both gradients yield a price-elasticity estimate of ?0.40.     

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...     

Discrete choice models and the housing price and travel to work elasticities of location demand

Multinomial logit and nested logit models of mode choice in travel to work and housing location choice are estimated from 1970 U.S. census data aggregated to small zones of the Chicago SMSA. The estimated models are then used to derive the “housing rent,” “travel time,” and “travel cost” elasticities of location demand. The effects of sampling variation, sample size, attribute inclusion, model specification, and estimation method on the estimated elasticities are evaluated and found to be important. The elasticities are also compared and found to agree with those obtained from other discrete choice models and, in the case of “housing rent,” with estimates obtained from models based on other theoretical structure.     

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。     

Monetary policy,housing rents,and inflation dynamics

In this paper we study the effect of monetary policy shocks on housing rents. Our main finding is that, in contrast to house prices, housing rents increase in response to contractionary monetary policy shocks. We also find that, after a contractionary monetary policy shock, rental vacancies and the homeownership rate decline. This combination of results suggests that monetary policy may affect housing tenure decisions (own versus rent). In addition, we show that, with the exception of the shelter component, all other main components of the consumer price index (CPI) either decline in response to a contractionary monetary policy shock or are not responsive. These findings motivated us to study the statistical properties of alternative measures of inflation that exclude the shelter component. We find that measures of inflation that exclude shelter have most of the statistical properties of the widely used measures of inflation, such as the CPI and the price index for personal consumption expenditures, but have higher standard deviations and react more to monetary policy shocks. Finally, we show that the response of housing rents accounts for a large proportion of the “price puzzle” found in the literature.     

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。     

Are housing benefit an effective way to redistribute income? Evidence from a natural experiment in France

In this paper, I show that in-kind benefit such as a housing benefit program may have a significant impact on the price of the subsidized good. I use a French housing benefit reform to evaluate the impact of the subsidy on the level of rents. The results indicate that one additional euro of housing benefit leads to an increase of 78 cents in the rent paid by new benefit claimants, leaving only 22 cents available to reduce their net rent and increase their consumption. This large impact of housing benefit on rents appears to be the result of a very low housing supply elasticity. I show that the housing benefit reform induced additional demand, not only from low income households but also from students who used the benefit to become independent. Unfortunately, this increase in demand was unmatched by increasing housing supply in the short and middle term. The only possible effect of the reform is a small increase in housing quality. These results raise questions about the use of such in-kind transfers when the supply of the subsidized good is almost inelastic. It is therefore very important to estimate the incidence of the subsidy when assessing the efficiency of such welfare programs.     

Rent Subsidy and Housing Satisfaction The Case of Urban Renewal In Lubbock, Texas

—Governmental programs proposing rental supplements for low-income families assume that social and economic conditions of these families may be improved by such subsidy. However, this assumption has not been adequately tested by social science research. Data presented here were gathered at an urban renewal relocation housing project in Lubbock, Texas, and suggest that when families who, before urban renewal, were self-sufficient in slum housing are forced into welfare situations because of rent subsidy programs, dissatisfaction with relocation facilities results. The data also indicate that dissatisfaction is correlated positively with the number of persons in the household, the age of residents, and socioeconomic status.     

析北京市公租房“三位一体”后期管理模式

随着北京市公共租赁住房大规模建设和配租，公租房的后期管理已成为一项重要课题。对北京市公租房“三位一体”的后期管理模式进行分析，从使用监管、运营管理、社会管理方面阐述当前北京市公租房后期管理中的亮点，并结合实际提出相关建议。     

A probabilistic approach to the structure of rental housing markets

A probabilistic view of the structure of urban housing markets is developed. The demand side is based on aggregate probabilistic demand functions derived from microbehavioral random utility theory. The supply side examines the short-run pricing of the housing stock by developing “asking rent theory,” which explains how a housing supplier must find the optimal rent that maximizes expected revenue. Next, concepts of aggregate market clearing and market equilibrium are defined. Finally, a two-submarket model with specific assumptions regarding the representation of demand and the nature of market signaling is examined in detail and is given a graphical illustration. In closing, directions for extending the probabilistic approach both within and beyond urban analysis are pointed out. All analysis in this paper is for a stationary urban economy, with the housing stock assumed fixed.     

Tax expenditures and other programs to stimulate housing: Do we need more?

Discussions to aid the housing industry raise several questions. First, does stimulation of housing demand require new direct subsidy programs? And, second, are any programs to increase demand worth their costs to society? The results in this paper indicate that the answer to both questions is no: the existing subsidy to homeownership in the tax code is, when combined with mortgage instruments that offset cash flow problems, fully capable of generating large increases in demand at the cost of significant tax expenditures; and the social benefits of increased housing demand are shown to be worth only about 60% of their costs. Consequently, increasing housing demand can be readily achieved, but doing so will be costly to the government and inefficient for society.     

公共租赁住房租金定价方法比较研究及其借鉴

从英国开始推行公共租赁住房以来,公共租赁住房已经有几百年的历史。公共租赁住房的租金定价关系到政府的财政负担、社会投资者的收益和保障对象的可支付性,因此成为学术探讨和实践中的热点问题。本文总结了国内外公共租赁住房定价的影响因素,总结了定价方法,分为市场法、成本法和收入法,分析了各自的优劣势。并且结合北京公租房项目实践设想了一种综合上述三种方法的定价方法,具体为：在提供政策性土地和金融支持以及税费减免基础上,先测算住房建设规划期内区域单个项目的成本租金,然后根据市场租金设定每个项目的参照成本租金,并且进行多项目参照成本租金平衡。公租房租金和租房补贴分离,租房补贴与保障对象的收入匹配,使保障对象实际支付可负担租金,从而提高定价的效率和公平。     

Housing tenure choice: Evidence from time series

A model of tenure choice is specified and estimated. A simple expression to represent the expected rate of return on equity for a homeowner is developed. Also the influence of the federal housing subsidy programs is analyzed. Both, plus permanent income and the implicit rental price of owner-occupied housing, are important determinants of tenure choice. Other influences are the financing gap with the standard mortgage instrument in an inflationary environment, the number of children less than 18 per family, assets and liabilities, and mortgage credit terms. Finally, the changes in housing tenure choice over the estimation period are analyzed.     

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。     

Effective Rental Housing Demand in the Tokyo Metropolitan Region

This paper reports on the estimation of housing demand for tenants in Tokyo Metropolitan Region using household level data for 1993. The results indicate that the rental housing demand is inelastic with respect to permanent income and price, with coefficients as 0.31 and -0.093 respectively. Other important variables, which determine housing demand for tenants are length of stay and type of household. Larger households demand more housing. However, keeping the size of household constant, households with elderly members have higher demand for housing. The only exception to the rule is households formed with members not belonging to same nucleus family demand less housing.     

Explaining metropolitan housing price differences

Housing prices differ substantially among metropolitan areas. The rent and house price indexes used here measure this variation among 54 metropolitan areas. A model of metropolitan housing price determination is presented and used to identify the sources of intermetropolitan price variation. Reduced-form equations explain close to 90% of the variation in rental prices and close to 60% of the variation in house prices.