The Maze of Urban Housing Markets: Theory, Evidence, and Policy

Front Cover
University of Chicago Press, Nov 15, 1991 - Business & Economics - 549 pages
This powerful new theoretical approach to analyzing urban housing problems and the policies designed to rectify them will be a vital resource for urban planners, developers, policymakers, and economists. The search for the roots of serious urban housing problems such as homelessness, abandonment, rent burdens, slums, and gentrification has traditionally focused on the poorest sector of the housing market. The findings set forth in this volume show that the roots of such problems lie in the relationships among different parts of the market—not solely within the lower-quality portion—though that is where problems are most dramatically manifested and housing reforms are myopically focused.

The authors propose a new understanding of the market structure characterized by a closely interrelated array of quality submarkets. Their comprehensive models ground a unified theory that accounts for demand by both renters and owner occupants, supply by owners of existing dwellings, changes in the stock of housing due to conversions and new construction, and interactions across submarkets.
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Introduction
1
Previous Work and New Directions
13
The Theory of Urban Housing Markets and Submarkets
45
The Stratification of Urban Housing Markets
47
The Demand for Urban Housing and the Choice of Tenure
68
New Construction and Conversion
130
Housing Market Equilibrium
169
Summary of the Theoretical Model
204
SupplySide Approaches
308
MarketRegulation Approaches
334
Empirical Explorations
357
Estimating the Structure of Housing Submarkets
359
MarketPeriod Demand and Supply
407
MediumRun Supply
430
MediumRun Supply
462
Conclusions Implications and Future Directions
511

Applications of the Theory to Contemporary Urban Housing Issues
219
Housing Availability Quality and Affordability
221
Neighborhood Decline
249
Analysis of Urban Housing Policies
291
DemandSide Approaches
293
What Have We Learned?
513
References
523
Author Index
541
Subject Index
546
Copyright

Other editions - View all

Common terms and phrases

Popular passages

Page 526 - The shrinkage in the stock of low-quality housing in the central city: an empirical study of the US experience over the last ten years.

About the author (1991)

Jerome Rothenberg is professor of economics at Massachusetts Institute of Technology. George C. Galster is professor of economics and chair of the Urban Studies Program at the College of Wooster. Richard V. Butler is professor and chair of economics at Trinity University. John R. Pitkin is president of Analysis and Forecasting, Inc.

Bibliographic information