北京市居民租赁住房可支付能力及空间分异研究

长期以来，我国租赁住房市场被严重边缘化，“十三五”规划明确提出建立租购并举的住房制度，彰显了让住房回归“居住属性”特征。住房租赁市场成为研究热点，而居民的租赁住房可支付能力是其关键。本文将保障性租赁住房与商品性租赁住房合为一体作为研究对象，从我国住房租赁市场的现状出发，客观评价不同人群的家庭可支配收入、最低非住房消费标准、住房补贴比例等指标，在此基础上定义人均租赁住房可支付能力指数，用于评估不同人群的可支付能力。结合目前的租赁住房市场的供给情况，运用GIS软件分析居民可支付能力的空间特征，分析北京市现有租赁住房与居民租房可支付能力匹配情况，对于合理制定多层次租赁住房市场政策具有参考意义。     

HEDONIC PRICING WHEN HOUSING IS ENDOGENOUS: THE VALUE OF ACCESS TO THE TRANS‐ISRAEL HIGHWAY*

Standard hedonic house pricing assumes that house prices are independent of the intangible to be priced. A methodology is proposed in which the supply as well as the demand for housing depends on the intangible. The methodology is applied to value access to the Trans‐Israel Highway (TIH). Using spatial panel data (2002–2008) we show that TIH had two effects on the housing market. It increased house prices in locations with greater access to TIH, and it affected housing construction. Standard hedonic pricing would have underestimated the value of access because it ignores the effects of housing construction on the intangible to be priced. House prices began to increase three years before TIH was inaugurated, but housing construction did not anticipate the inauguration of TIH.     

沈阳市住房价格空间分异格局及其影响因素研究

本文以我国典型的老工业城市沈阳为例来分析其住房价格空间分异特征与影响机理。通过大数据方法获取该市1450个住宅小区的房价及特征数据，利用Kriging空间插值法模拟其房价空间分布格局，并从社区、公共配套设施和交通出行等方面构建地理加权回归模型，探究各因子对房价空间分布的影响机理。结果表明：①沈阳市住房价格呈现出多中心的空间结构，且长白区域已成为新的价格峰值区。②特征因素对住房价格的影响具有显著的空间异质性，其中，公共配套设施和地铁站对房价表现出较高的影响力，并对住房价格的作用程度呈现明显空间差异性。③受“强政府、弱市场”等的长期影响，政府调控下的城市资源分配不均衡成为沈阳等老工业城市住房价格空间分异的根本原因。     

ECONOMETRIC ANALYSIS OF HOUSING TRAIT PRICES IN A THIRD WORLD CITY*

ABSTRACT. A first step in the process of economic analysis of housing markets in Third World cities is the econometric analysis of housing trait prices. The information on market price of housing is basic to the derivation/estimation of other market parameters such as housing demand and supply elasticities. In addition, housing trait prices constitute invaluable inputs into the analysis of effects of government housing programs. This paper presents estimates of housing trait prices in a Third World city housing market, the city of Jos in Nigeria. Nonlinear stochastic specification of a policy constrained hedonic price function is presented as an unbiased estimator of housing trait prices. The Box-Cox statistical procedure was employed in the paper to obtain hedonic regression coefficients which are the parameters needed to compute the average prices evaluated both at the mean of each trait and at their margins. The potential uses of housing trait prices for policy analysis are discussed briefly.     

Putting the crisis to work: The real estate sector and London's housing crisis

The idea of ‘crisis’ plays an important role in academic and policy imaginations (Heslop and Ormerod, 2020), particularly since the global financial crisis. Across major western cities, at the same time as policy-makers have had to respond to ‘the (economic) crisis’, many have also experienced intense ‘housing crises’ and the acute divergence of average incomes and house prices. In response, cities such as London have become central sites in debates around housing acquisition by the ultra-wealthy, land value extraction and growing levels of unaffordability. However, much critical geography research on housing crises is state-centred or focused on civil society impacts, with relatively little reflection on the real estate sector and the work that crisis does as a narrative in shaping institutionalised and actor-centred practices. In this paper, we draw on in-depth research with developers, investors, and advisors in London to argue that crisis-driven policy responses have created political risk which is differentially experienced by actors across the sector, with large housebuilders and advisors benefitting whilst smaller niche developers move out. Moreover, we show how consultants, investors and developers have used the crisis situation to create new geographies, products and investor types in the housing market. These, in turn, require regulatory support and demonstrate the inherently political nature of crisis narratives' use. We use the London case to broaden understandings of the impact that conceptualisations of ‘crisis’ have on urban and regional planning practices, and how these influence and shape processes of contemporary urban development.     

Artificial Scarcity in Housebuilding and the Impact on Affordability: The Return of Absolute Rent

The slow response of volume housebuilders to changes in demand has been cited as a contributing cause of a global crisis of housing affordability and allegations of land banking have persistently dogged the industry. This article reviews the supply responsiveness of speculative housebuilders in the United Kingdom and Australia through the neglected Marxian analytic category of absolute rent. Absolute rent directs attention to the relationship between the value of land and the cost of housing and models a market in which landowners may withdraw land from supply to inflate prices. Through the lens of absolute rent, the real estate practices of the housebuilding industry can be understood as a strategy of artificial scarcity straddling land and housing markets. The findings of this investigation demonstrate the insights to be gained by a return to absolute rent that valuably expand the current debate on the supply and cost of housing.     

Navigating the housing crisis: A comparison of international students and other newcomers in a mid-sized Canadian city

This article investigates the housing experiences of international students in comparison to other newcomers in the mid-sized Canadian city of St. John's, Newfoundland and Labrador, with a focus on how they navigate housing crises. Drawing on recent literature on housing justice, a quantitative survey of 188 participants, and 30 qualitative interviews, the findings reveal that international students and other newcomers are at different stages of their housing careers, have different needs and goals, and are experiencing the affordability crisis differently. Housing discrimination is a pressing concern, especially for international students who are subjected to intersectional prejudice, exploitation by landlords, and amplified challenges due to the COVID-19 pandemic. The article argues for inclusive housing and immigration policies that acknowledge international students as part of the Canadian housing market and ensure their rights to housing.     

ECONOMIC FUNDAMENTALS IN LOCAL HOUSING MARKETS: EVIDENCE FROM U.S. METROPOLITAN REGIONS

ABSTRACT.  This paper investigates the effects of national and regional economic conditions on outcomes in the single-family housing market: housing prices, vacancies, and residential construction activity. Our three-equation model confirms the importance of changes in regional economic conditions, income, and employment on local housing markets. The results also provide the first detailed evidence on the importance of vacancies in the owner-occupied housing market on housing prices and supplier activities. The results also document the importance of variations in materials, labor and capital costs, and regulation in affecting new supply. Simulation exercises, using standard impulse response models, document the lags in market responses to exogenous shocks and the variations arising from differences in local parameters. The results also suggest the importance of local regulation in affecting the pattern of market responses to regional income shocks.     

Amenities,affordability, and housing vouchers

Against the background of an emerging rental affordability crisis, we examine how the standard rule that households should not spend more than 30% of their income on housing expenditures leads to inefficiencies in the context of federal low‐income housing policy. We quantify how the current practice of locally indexing individual rent subsidies in the Housing Choice Voucher (HCV) program regardless of quality‐of‐life conditions implicitly incentivizes recipients to live in high‐amenity areas. We also assess a novel scenario for housing policy reform that adjusts subsidies by the amenity expenditures of low‐income households, permitting national HCV program coverage to increase.     

教育资源配置对住房价格影响的时空差异研究——以35个大中城市为例

本文以2002—2017年35个大中城市为数据基础,借鉴Rosen-Roback城市空间均衡模型,测度大中城市教育资源对住房价格的影响差异性。研究发现:(1)控制其他变量后,教育事业费支出水平每提高1%,住房价格水平平均上涨0.156个百分点;(2)空间维度上,沿海城市的教育资源对住房价格的影响,显著小于内陆城市;而政治级别的差异在大中城市间的影响较小;(3)时间维度来看,教育资源对住房价格的影响在各时期都是显著存在的,表明教育资源的影响具有长期累积特征;从影响程度绝对值来看,影响系数具有随时间递减的特征。     

A HEDONIC MODEL OF INTERREGIONAL WAGES,RENTS, AND AMENITY VALUES*

ABSTRACT This paper develops a general multimarket hedonic model appropriate for a national, interregional study of wages, housing prices, and location-specific amenities. The model encompasses the effects of interregional location, intraurban location, and city size. Typically, hedonic studies focus on a single market such as labor or housing and ignore interactions implicit in a more global compensation mechanism. Examination of the comparative statics of our model indicates that single-market differentials are partial prices and are unreliable measures of amenity values in an interregional context. Unbiased amenity values are estimated for a comprehensive set of amenities using data on housing prices for 34,414 households and wages for 46,004 workers from the 1980 Census of Population and Housing. Statistically significant differences in housing prices and wages are found due to amenities.     

Burst of the property bubble and Hong Kong’s changing land and housing policies post-1997

Momentous events have characterized the Hong Kong Special Administrative Region since its founding in 1997. Among these were drastic and repeated changes in housing and policies, shifting from one emphasizing the role of the state to one purportedly relying primarily on market forces, and then back to a more proactive stance of the state. Associated with these changes were roller-coaster movements in residential prices and housing completions. These developments took place in the context of phenomenal upheavals within and beyond Hong Kong: the Asian financial crisis and the burst of Hong Kong’s property bubble; the contestation of Hong Kong’s autonomy under “one country, two systems”; and the flooding of “hot money” consequent upon repeated rounds of quantitative easing by the Federal Reserve of the United States to counteract the global financial crisis of 2007–2008 and the Great Recession that followed.     

Sustainable Communities? A Comparative Perspective on Urban Housing in the European Union

This paper examines the sustainability of urban housing in the European Union. It outlines a number of key criteria for assessing the sustainability of urban housing including mixed-use developments, higher residential densities, high-quality dwellings and neighbourhoods, affordability and food production. Utilizing the 2007 tranche of the European Quality of Life Survey, it finds significant variations between countries in the sustainability of urban housing and communities and highlights the leaders and laggards in this regard. The relative success of urban areas in Austria, Denmark, Sweden and Finland deserves some additional research, although there is scope for considerable improvement even in these “leader” countries. The paper highlights significant problems with housing and communities in some urban locations which must significantly retract from (a) the quality of life of residents in these locations and (b) the sustainability of their cities.     

SPATIAL HEDONIC MODELS OF AIRPORT NOISE,PROXIMITY, AND HOUSING PRICES*

ABSTRACT Despite the refrain that housing prices are determined by “location, location, and location,” few studies of airport noise and housing prices have incorporated spatial econometric techniques. We compare various spatial econometric models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing prices near the Atlanta airport. Spatial effects are best captured by a model including both spatial autocorrelation and autoregressive parameters estimated by a generalized moments approach. In our preferred model, houses located in an area in which noise disrupts normal activities (defined by a day–night sound level of 70–75 decibels) sell for 20.8 percent less than houses located where noise does not disrupt normal activities (defined by a day–night sound level below 65 decibels). The inclusion of spatial effects magnifies the negative price impacts of airport noise. Finally, after controlling for noise, houses farther from the airport sell for less; the price elasticity with respect to distance is −0.15, implying that airport proximity is an amenity.     

A SPATIAL AND TEMPORAL AUTOREGRESSIVE LOCAL ESTIMATION FOR THE PARIS HOUSING MARKET

ABSTRACT This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modeling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (Chambre des notaires d’Île‐de‐France) which consists of approximately 250,000 transactions units between the first quarter of 1990 and the end of 2005. We use the exact X–Y coordinates and transaction date to spatially and temporally sort each transaction. We first choose to use the STAR approach proposed by Pace et al., 1998 . This method incorporates a spatiotemporal filtering process into the conventional hedonic function and attempts to correct for spatial and temporal correlative effects. We find significant estimates of spatial dependence effects. Moreover, using an original methodology, we find evidence of a strong presence of both spatial and temporal heterogeneity in the model. It suggests that spatial and temporal drifts in households socio‐economic profiles and local housing market structure effects are certainly major determinants of the price level for the Paris Housing Market.     

ECONOMIC IMPACTS OF CULTURAL DIVERSITY IN THE NETHERLANDS: PRODUCTIVITY,UTILITY, AND SORTING*

ABSTRACT This paper identifies the impact of cultural diversity on local economies, by explaining spatial disparities in wages and housing prices across Dutch cities using unique individual panel data of homeowners during the period 1999 and 2008. We distinguish between the effects of spatial sorting based on individual heterogeneity, interactions‐based productivity effects, and consumer amenities while controlling for interactions between the labor and housing market. In line with previous literature, we find a positive effect of cultural diversity on average housing prices. After controlling for spatial sorting, the effect of cultural diversity on housing prices is negative. The negative impact of cultural diversity on local housing markets is likely driven by a causal effect between the presence of immigrants and neighborhood quality that outweighs a positive effect of immigrant‐induced diversity in consumption goods.     

Do more,with less: The realities of local government in rural Ontario

Over the past 30 years, the responsibilities, mandates, and activities of local governments in Ontario have undergone substantial transformations. Influenced by New Public Management, policy changes are characterized by marketization and managerialism resulting in downloading of responsibilities to local governments. This research examines the ebbs and flows of policy changes among different provincial governments since 1990 and the impacts of these policies on rural local governments in Ontario. Interviews were conducted with elected officials and senior staff in eight local governments to understand their realities. The findings demonstrate the continual policy changes led to the “do more, with less” approach currently faced by rural local governments—increased regulatory requirements, limited human and financial capacities, and small tax bases to support their activities. This experience, combined with limited fiscal levers, hinders the ability of rural local governments to address both new demands for infrastructure and existing infrastructure deficits, housing stock and affordability, and economic and workforce development strategies. The reality has necessitated local governments to seek alternative strategies to deliver programs and services through partnerships and collaboration.     

TWO-EARNER FAMILIES IN THE HOUSING MARKET

The 1970's has been a period in which three trends have coincided: housing prices have been escalating, wives have continued to enter the labor force, and legislation prohibiting discrimination in mortgage markets on the basis of sex and marital status has been enacted. In this paper, we examine the role of the two-earner family–one in which both husband and wife work–in the housing market of the 1970's, and the interrelation of this household type with other factors shaping the current high demand for housing. We also speculate on the role of the two-earner family in the housing market of the 1980's. We conclude that two-earner families are in a position to increase their housing outlays in the future, that the continued growth in the number of two-earner families will add to future housing demand, but that many two-earner families may be divorced couples of the future. This suggests that, while there will be a strong impact on single-family home demand, there will also be some restructuring of demand toward rental housing and cooperative/condominium ownership.     

IMMIGRATION AND HOUSING BOOMS: EVIDENCE FROM SPAIN*

ABSTRACT We provide causal estimates of the effect of immigration on house prices and construction activity in Spain over the period 2000–2010. During this period Spain experienced spectacular swings in both immigration and the housing market. Our instrumental‐variables estimates suggest that between 2000 and 2010, immigration led to an average 1.5 percent annual increase in the working‐age population. This was responsible for an annual increase in housing prices of about 2 percent, and for a 1.2–1.5 percent increase in housing units. Overall, immigration was responsible for one quarter of the increase in prices and about half of the construction activity over the decade.     

Housing Market Dynamics Under Stochastic Growth: An Application to the Housing Market in Boulder, Colorado

Recent housing-market studies have modeled slow stock and price adjustment with some success. However, the empirical procedures used in these models break down if housing stocks or prices are driven by stochastic growth. In this paper I suggest an error-correction model for analyzing housing supply and demand under conditions of stochastic growth for a regional housing market. The model is applied to the housing market in Boulder, Colorado from 1981 through 1995—a period of rapid growth in housing values in the area. Long-run housing supply and demand are shown to be inelastic with respect to changes in the price of housing. The results indicate that developers respond more accurately to housing-market disequilibrium attributable to supply-side disturbances than to disturbances generated by changes in the demand for housing. On the other hand, price appreciation is driven primarily by demand disturbances.