Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a "Repeat Income" Model

While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a "repeat income&quo...

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Vydané v:	The American economic review Ročník 104; číslo 2; s. 687 - 706
Hlavný autor:	Rosenthal, Stuart S.
Médium:	Journal Article
Jazyk:	English
Vydavateľské údaje:	Nashville American Economic Association 01.02.2014 American Economic Assoc
Predmet:	1985-2011 Affordable housing Age Analysis Economic policy Economic rent Economic theory Elasticity of demand Estimates Estimation Homes Housing Housing demand Housing market Housing needs Housing prices Income elasticity Income elasticity of demand Income estimates Inflation Inflation rates Low income Low income groups Low income housing credit Markets Panel data Public housing Real estate Rental income Rental property Rentals Sales Schätzung Shorter Papers Soziale Wohnungspolitik Studies Tenure Urban economics USA Wohnungspolitik
ISSN:	0002-8282, 1944-7981
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Shrnutí:	While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a "repeat income" model using 1985-2011 panel data. Real annual filtering rates are faster for rental housing (2.5 percent) than owner-occupied (0.5 percent), vary inversely with the income elasticity of demand and house price inflation, and are sensitive to tenure transitions as homes age. For most locations, filtering is robust which lends support for housing voucher programs.
Bibliografia:	SourceType-Scholarly Journals-1 ObjectType-Feature-1 content type line 14 ObjectType-Article-2 content type line 23
ISSN:	0002-8282 1944-7981
DOI:	10.1257/aer.104.2.687