 Rapid Housing Privatization in Reforming Economies: Pay the Special Dividend NowRobert Buckley (), Patric Hendershott and Kevin E Villani The Journal of Real Estate Finance and Economics, 1995, vol. 10, issue 1, 63-80 Abstract: State ownership and operation of the housing stock in the previously centrally planned economies severely distorts housing markets, stifles labor mobility, and produces operating losses that exacerbate fiscal deficits. The conventional wisdom regarding structural reform is to gradually increase administered rents, thereby reducing deficits. Housing sales, where they occur, are primarily motivated to generate revenue to cover deficits in current operating budgets. We argue that the perceived benefits to a prolonged transition are illusory and the social costs are high. Housing will be affordable only if the population's current ownership of the existing housing stock is recognized and dividends on it are paid out. The payment can be a regular dividend (e.g., housing allowances) or a one-time special dividend (e.g., ownership vouchers). The latter is preferable. Copyright 1995 by Kluwer Academic Publishers Date: 1995 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:kap:jrefec:v:10:y:1995:i:1:p:63-80 Ordering information: This journal article can be ordered from Access Statistics for this article The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans More articles in The Journal of Real Estate Finance and Economics from Springer |
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