Homeowners association vs. leasehold

Feng Deng ()
Additional contact information
Feng Deng: Chongqing Technology and Business University

Asia-Pacific Journal of Regional Science, 2017, vol. 1, issue 2, No 2, 307-327

Abstract: Abstract Homeowners association (HOA) and leasehold (such as shopping mall) are two important types of urban institutions that have been developing very fast worldwide. The model developed in this paper is built on Hart–Moore model on cooperative vs. outside ownership by incorporating a distinctive feature of urban land use: the transaction and consumption of land is bundled with that of collective goods. The focus is placed on the ex post pricing efficiency of providing collective goods. The impacts of endogenous outside market and the capitalization of collective goods into land price are also discussed. Findings suggest that HOAs are likely to be located in more competitive markets such as the suburbs. Rich communities may prefer HOA while leasehold is more common for poor communities. Leasehold also becomes more efficient when the capitalization effect is weaker.

Keywords: Homeowners association; Leasehold; Urban institutions; Collective good; D23; D71; R14 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s41685-017-0030-8 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:apjors:v:1:y:2017:i:2:d:10.1007_s41685-017-0030-8

Ordering information: This journal article can be ordered from
https://www.springer ... cience/journal/41685

DOI: 10.1007/s41685-017-0030-8

Access Statistics for this article

Asia-Pacific Journal of Regional Science is currently edited by Yoshiro Higano

More articles in Asia-Pacific Journal of Regional Science from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().