The Maze of Urban Housing Markets: Theory, Evidence, and Policy
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.
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Previous Work and New Directions
The Theory of Urban Housing Markets and Submarkets
The Stratification of Urban Housing Markets
The Demand for Urban Housing and the Choice of Tenure
New Construction and Conversion
Housing Market Equilibrium
Summary of the Theoretical Model
Estimating the Structure of Housing Submarkets
MarketPeriod Demand and Supply
Conclusions Implications and Future Directions
Other editions - View all
aggregate analysis assets attribute mix behavior builders capital changes chapter characteristics coefficients construction consumption conversion cost functions conversion of units conversion supply decline dependent variable differential downgrading dynamic effect elasticity empirical equation equilibrium estimated existing stock existing units expected Galster given submarket hedonic index hedonic regression hedonic value higher higher-quality households housing quality housing services housing stock housing units impact income increase initial intersubmarket investment LOGIT low-quality lower lower-quality submarkets marginal marginal cost market valuations medium-run supply middle-quality modification neighborhood nonhousing number of units occupancy opportunity cost optimal overall owner submarkets owner-occupier owners of existing ownership particular period predicted proxy quality level quality submarkets rates of return relative rent control rental submarkets rental units renter reservation prices result sample shift significant SMSA specification structure submar submarket prices subsidy substitutability suppliers supply function supply response tion upgrading urban housing markets variables