Selecting subsidy strategies for housing allowance programs |
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Authors: | Dennis W. Carlton Joseph Ferreira |
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Affiliation: | 1. University of Chicago, Chicago, Illinois 60637, U.S.A.;2. Massachusetts Institute of Technology, Cambridge, Massachusetts 02139 U.S.A. |
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Abstract: | The market effects of alternative housing payment formulas are analyzed and compared for a metropolitan housing market using measures of efficiency and distributional equity. The effects of “earmarking” allowance payments are considered. Estimated market effects are based on a model of housing market behavior over a 10-year period. The results differ significantly from what one might anticipate based on demand analyses of individual behavior. “Housing gap” formulas perform better than percent-of-rent formulas. Certain characteristics of the housing market together with particular income redistribution effects of the allowances appear to explain the market behavior. |
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