成市化过程中的住房价格与财富分配效应

在快速城市化过程中，住房价格持续上涨并不是由外部因素所决定的，而是内生于经济运行本身。由于住房的双重属性和较大的财富持有差距，一旦住房价格被需求触发，住房的投资属性必然会压过消费属性，由经济内部因素作用而持续上涨，直到价值增值的实现受到制约后，才会改变上涨趋势，经过一段时间之后，这个过程会重新开始。在价格上涨和价值增值的实现过程中，伴随着双重财富分配效应，价格持续上涨不但转移了无房人群的当期财富，而且转移了未来财富，同时具有持久性。要想抑制房价持续上涨，减弱这种分配效应，必须缩小投资收益空间，提高无房人群的支付能力。

The Housing Price and Fortune Distribution Effect in the Process of Urbanization

In the process of unrbanization, the continously raising housing price is not decided by the external factors, actually, it is endogenized by the economy itself. Based on the dual commodity housing properties and large wealth gap, once the housing price is held by demands, the investment attribute of housing will certainly overwhelm the consumption attribute, the internal factors will promotethe raising price until the constraint in realizing the increment of value, but after certain the process will restart. During the realizing process of raising price and increasing in a period, value, the raising price not only transferring the current fortune of non-house crowd, but also transferring the future wealth and is ever-lasting with the dual fortune distribution effect. To restrain this distribution effect of raising price, we must reduce investment profit space, and improve the payment ability of non-house crowd.