Affordable homeownership policy: Implications for housing markets
Affordable homeownership policy: Implications for housing markets
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经济适用房政策：对房地产市场的影响
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
S. Phang
中科院分区：
文献类型：
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作者：
S. Phang
负担得起的住房拥有是一项经常受到许多国家政府高度政策关注的政策。在这篇文章中，我们考察了政府为一个细分市场设定房价收入比目标的市场影响。这项政策需要政府对目标部门进行积极干预。我们使用一个简单的住房市场模型，以住房拥有能力为目标，推导出这些目标的市场影响。在存在不确定性和资源限制的情况下，为目标群体实现了负担得起住房的目标，但代价是住宅建设活动的波动性更大。当目标部门的规模很大时，对非目标住房市场部分会产生价格溢出和挤出效应。这导致政府面临政治压力，要求将购房负担能力目标扩大到越来越多的人口部分。随着时间的推移，房价与收入的比率往往相当稳定，在目标群体中，住房供应相对缺乏价格弹性，住房需求的收入弹性小于1。新加坡政府广泛干预住房部门，以确保人们能够负担得起住房，结果是常住人口的住房拥有率达到91%。以上关于设定房价收入比目标的影响的假设通过新加坡房地产市场进行了检验。新加坡的经验和数据支持上述假设。
Affordable homeownership is a policy that is often accorded a great deal of policy attention by governments of many countries. In this paper, we examine the market implications of setting a housing price to income ratio target for a market segment by the government. The policy requires active intervention by the government with regard to the targeted sector. We use a simple model of the housing market with a homeownership affordability target to derive the market implications of such targets. In the presence of uncertainty and resource constraints, the objective of homeownership affordability is achieved for the targeted group at the expense of greater volatility in residential construction activity. When the size of the targeted sector is significant in size, there are spillover price and crowding out effects on the non-targeted housing market segment. This results in political pressure on the government to expand homeownership affordability targets to increasing segments of the population. Housing price to income ratios tend to be fairly constant over time and across targeted groups, the housing supply is relatively price inelastic and the income elasticity of housing demand is less than one. The Singapore government intervenes extensively in the housing sector to ensure homeownership affordability, with a resulting homeownership rate of 91 percent for the resident population. The above hypotheses regarding the implications of setting housing price to income ratio targets are tested using the Singapore housing market. The experience and data for Singapore were found to support the above hypotheses.