| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25906 |
| 来源ID | Working Paper 25906 |
| Affordable Housing and City Welfare | |
| Jack Favilukis; Pierre Mabille; Stijn Van Nieuwerburgh | |
| 发表日期 | 2019-06-03 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Housing affordability is the main policy challenge for most large cities in the world. Zoning changes, rent control, housing vouchers, and tax credits are the main levers employed by policy makers. How effective are they at combatting the affordability crisis? We build a dynamic stochastic spatial equilibrium model to evaluate the effect of these policies on the well-being of its citizens. The model endogenizes house prices, rents, construction, labor supply, output, income and wealth inequality, the location decisions of households within the city as well as inter-city migration. Its main novel features are risk, risk aversion, and incomplete risk-sharing. We calibrate the model to the New York MSA. Housing affordability policies carry substantial insurance value but affect aggregate housing and labor supply and cause misallocation in labor and housing markets. Housing affordability policies that enhance access to this insurance especially for the neediest households create substantial net welfare gains. |
| 主题 | Macroeconomics ; Consumption and Investment ; Fiscal Policy ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Public Economics ; Taxation ; Subnational Fiscal Issues ; Regional and Urban Economics ; Regional Economics ; Real Estate |
| URL | https://www.nber.org/papers/w25906 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583580 |
| 推荐引用方式 GB/T 7714 | Jack Favilukis,Pierre Mabille,Stijn Van Nieuwerburgh. Affordable Housing and City Welfare. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25906.pdf（870KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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