A model of rental and owner-occupied housing

A complete model of owner-occupied and rental housing is developed. The model allows for the endogenous determination of rents, the user cost of owner-occupied housing and housing tenure choice by individuals. In the short run, structure prices are endogenous, while in the long run the size of the housing stock adjusts to equate structure prices to exogenous construction costs. Comparative static results emphasize the importance of marginal tax rates and distinguishing between the short and long run for a complete understanding of the impacts of inflation on housing markets.     

A commodity hierarchy model of the rental housing market

This paper presents and analyzes a theoretical model of the rental housing market which addresses the durable-good nature and the heterogeneous nature of housing, while focusing on the quality distribution of housing units. Units of different qualities are viewed as distinct substitute commodities. New construction rates, deterioration rates, rental prices, and stocks are considered to be endogenous. Equilibrium concepts are introduced; both the long-run and short-run equilibria are shown to exist and to be unique. Comparative static results are established. The model's utility is demonstrated by its application to the analysis of several housing market programs.     

Age of rental housing units and vacancy characteristics A filtering explanation

Aggregate data on rental units indicate that older units have lower vacancy frequencies and higher vacancy durations than newer units. A formulation consistent with the filtering hypothesis of the housing literature is presented that explains the above empirical regularity.     

Selective housing policy in local housing markets and the supply of housing

Selective programs and subsidies have an impact on both the financial position and the housing conditions of the household to whom they are allocated. They also affect the equilibrium outcome in housing markets. This study analyzes how the housing stock in Norwegian municipalities is affected by selective targeted interventions on the supply and demand-sides of the market. The empirical analysis shows that additions to the stock of public housing increases the total housing stock. For every 100 new public units built, 60 units are added to the total housing stock. Demand-side subsidies are also shown to increase the size of the housing stock. Using a linear spline it is shown that the magnitude of the marginal effect on the total size of the housing stock is strongly decreasing in program size.     

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.     

公租房小区的特征及治理

公租房小区有三个特征:一是租房者和买房者的混居;二是政府在公租房小区有着相当比重的经济利益;三是居民都是社会的收入中下阶层。公租房小区要避免变成贫民窟,其关键之一是中下阶层的居民能够也愿意参与到小区的治理中来。在此基础上,公租房小区的治理应该强调以小区居民代表为主体组成小区管理委员会,居民代表由居民大会选举产生,买房者的投票权高于租房者,政府代表拥有一定比例的投票权。     

Efficiency rents: A new theory of the natural vacancy rate for rental housing

This paper adapts the theory of efficiency wages to explain the natural vacancy rate in rental housing markets. A positive vacancy rate provides landlords an incentive to invest in maintenance because if they fail to do so, some tenants will leave and the unit will sit vacant for a finite period of time. The resulting foregone rent will penalize landlords’ failure to maintain. Habitability laws, which have been enacted by states since the 1960s, provide a non-market penalty which lessens the need for market enforcement. Variation in these laws by state offers an opportunity to test the theory.     

从出租屋看农民工市民化的困境

出租屋是农民工在打工地的主要居住方式。其基本特征是:大多数位于城乡结合部;大多数建在宅基地上;运作成本低廉,成为出租屋主财产性收入的重要来源;显著不同于国外的贫民窟;获得农民工较高的满意度。存在的主要问题是:政府对出租屋的规划管理具有滞后性;在法律上还没有承认出租屋的合法地位;对出租屋流动人口管理服务有待于进一步加强。有关的政策建议是:高度重视出租屋的地位和作用;加强对农民工居住的出租屋的研究,建立健全有关法律法规;科学制定城镇规划;加快宅基地、农村集体建设用地改革步伐;保持"以屋管人"的连续性。     

The short-run comparative statics of a rental housing market

This paper examines the short-run effects of changes in exogenous variables (including several government policies) on the schedule relating market equilibrium rent to quality level. The basic model differs from Sweeney (Econometrica, 42, 147–167 (1974)) by use of a bid rent closed city approach rather than a supply and demand (partially) open city approach. The mathematics changes completely, the analytics simplify, and the results change somewhat. Housing is treated as a durable quality differentiated good, but frictional forces and the multidimensionality of the housing package are ignored. The exception is an extension to a monocentric city context, so that housing units vary in both quality and location.     

公共租赁房退出机制及其政策选择

我国正在大力发展公共租赁房,但对公共租赁房退出机制的理论研究目前仍比较缺乏。在梳理相关文献的基础上,运用博弈论和比较研究的方法,指出政府管理部门应采取的策略,并对公共租赁房不同退出机制的效果进行了分析。结合我国的实际情况,认为应采取自愿退出、强制退出和激励退出相结合的方式创新我国公共租赁房的退出机制。     

A theoretical and empirical analysis of the length of residency discount in the rental housing market

We present an analysis of occupancy discounts and suggest a decomposition of the discount into two components, a “sit” discount and a length of residency discount. Data from the national longitudinal survey of the Annual Housing Survey in which 75,000 housing units from around the United States were followed from 1974 to 1977 are used to obtain consistent and efficient estimates of those discounts. The econometric models account for censoring in the data by endogenously treating the tenant's staying decision. The estimation indicates that neither discount is significant. This result is contrary to the commonly accepted result in the urban literature that landlords offer discounts to their current tenants when contracts are renegotiated.     

Macroeconomic determinants of international housing markets

This paper examines the long-term impact and short-term dynamics of macroeconomic variables on international housing prices. Since adequate housing market data are generally not available and usually of low frequency we apply a panel cointegration analysis consisting of 15 countries over a period of 30 years. Pooling the observations allows us to overcome the data restrictions which researchers face when testing long-term relationships among single real estate time series. This study does not only confirm results from previous studies, but also allows for a comparison of single country estimations in an integrated equilibrium framework. The empirical results indicate house prices to increase in the long-run by 0.6% in response to a 1% increase in economic activity while construction costs and the long-term interest rate show average long-term effects of approximately 0.6% and ?0.3%, respectively. Contrary to current literature our estimates suggest only about 16% adjustment per year. Thus the time to full recovery may be much slower than previously stated, so that deviations from the long-term equilibrium result in a dynamic adjustment process that may take up to 14 years.     

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.     

A graph theoretic approach to markets for indivisible goods

Many important markets, such as the labor market and the housing market, involve goods that are both indivisible and of budgetary significance. We introduce new graph theoretic objects ideally suited to analyzing such markets. We show that the minimum equilibrium price is characterized by a certain optimization problem on these graph theoretic objects.     

Implicit markets and the demand for housing characteristics

Important methodological problems in applying Rosen's (1974) model of implicit markets to housing characteristics are inadequately addressed in the literature. This paper summarizes these methodological issues and discusses advantages and disadvantages of various means of coping with these problems in empirical applications. Structural housing characteristics demand estimates are presented, along with an assessment of their accuracy. The results generally are insensitive to specification choices, suggesting the findings are plausible.