| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8243 |
| DP8243 On the Political Economy of Urban Growth: Homeownership versus Affordability | |
| François Ortalo-Magné; Andrea Prat | |
| 发表日期 | 2011-02-08 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We study the equilibrium properties of an overlapping-generation economy where agents choose where to locate, and how much housing to own, and city residents vote on the number of new building permits every period. Under-supply of housing persists in equilibrium under conditions we characterize. City residents invest in housing because they expect their investment to be protected by a majority of voters opposed to urban growth. They vote against growth because they have invested in local housing. This vicious cycle between ownership and urban growth generates a tension between the common housing policy objectives of affordability for all and homeownership for most. Homeownership subsidies increase resistance to urban growth. Capturing the value of new building permits and distributing the proceeds to residents may move the economy away from a welfare-dominated no-growth equilibrium. |
| 主题 | Public Economics |
| 关键词 | Housing Political economy Real estate |
| URL | https://cepr.org/publications/dp8243 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537081 |
| 推荐引用方式 GB/T 7714 | François Ortalo-Magné,Andrea Prat. DP8243 On the Political Economy of Urban Growth: Homeownership versus Affordability. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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