The traditional rental adjustment equation is ̄ awed in that the equilibrium paths for the adjustm ent of rents and vacancy rates cannot hold simultaneously over time. This paper suggests a two-equation model of rental adjustm ents based on adaptive expectation s rather than the single-equation model presen ted in the traditional literatu re, and provides empirical tests. Annual data from the ho...

This paper evaluates the impacts of new housing developments funded with the Low Income Housing Tax Credit (LIHTC), the largest federal project based housing program in the U.S., on the neighborhoods in which they are built. A discontinuity in the formula determining the magnitude of tax credits as a function of neighborhood characteristics generates pseudo-random assignment in the number of lo...

The main objective of this paper is to give an overview of the most commonly used housing policies and to illustrate their economic impact. To facilitate the analysis, we first introduce a simple two-period housing demand model for owner-occupied houses and rental houses. We then add a standard stock-flow housing supply model. Using this modelling framework, we explain the qualitative effects o...

This paper exploits the homogeneity feature of the Singapore private residential condominium market and constructs matched home purchase price and rental price series using the repeated sales method. These matched series allow us to conduct time series analysis to examine the long-term present value relationship in the housing market. Three key findings are obtained. First, we fail to establish...

Background Using Section 8 project-based rental assistance contracts, HUD contracts with for-profit owners of private multifamily housing, who in turn make specific rental properties available to qualified low-income households. Typically, the subsidy will pay the difference between 30 percent of the household’s income and the contract rent; this subsidy is paid by HUD to the landlord. Approxim...

This paper offers a timely exploration of the ongoing financialization process in Chinese rental housing sector, focusing on financial means used by asset-light “long-term apartment rental” (LAR) firms this industry. Particular attention is given to an important product – “rental loan” which accumulates capital pool through tenancy assetization. Using Shanghai as case study, also examines risks...

This study presents a Quality of Life (QoL) survey to understand the influence of the housing environment and needs of residents from different housing sectors. The research focuses on Hong Kong where living conditions have become the main affect for people's QoL. Through a household survey using a standard instrument "Word Health Organisation (WHO) Quality of Life-BREF", the article found that...

This paper examines the effect of rental housing development subsidized by the government’s Low-Income Housing Tax Credit program on local crime. We take advantage of changes in the formula used to determine the eligibility of census tracts for Qualified Census Tract (QCT) status, which affects the size of the tax credits developers receive for building lowincome housing. QCT status attracts re...