Below-Market Housing Mandates as Takings

Thomas Means, Edward Stringham and Edward Lopez

Chapter 12 in Property Rights, 2010, pp 239-256 from Palgrave Macmillan

Abstract: Abstract High housing prices in recent years are making it increasingly difficult for many to purchase a home. Prices have been rising all over the United States, especially in cities on the East and West Coasts. In San Francisco, for example, the median home sells for $846,500 (Said 2007, c1), which requires yearly mortgage payments of roughly $63,000 (plus yearly property taxes of $8,500).1 Not only is the median home unaffordable to most, but there is a dearth of affordable homes on the low end too. In San Francisco, a household making the median income of $86,100 can afford (using traditional lending guidelines) only 6.7 percent of existing homes (National Association of Homebuilders/Wells Fargo 2007). Households making less are all but precluded from the possibility of home ownership (Riches 2004).

Keywords: Housing Price; Policy Variable; Affordable Housing; Price Control; Rural Housing (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10779-3_12

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DOI: 10.1057/9780230107793_12

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