Housing Market Regulation

Sock-Yong Phang

Chapter 5 in Housing Finance Systems, 2013, pp 55-65 from Palgrave Macmillan

Abstract: Abstract This chapter reviews the government’s market regulation of the housing industry and the purposes behind such regulation. Regulation is the use of government power to restrict or constrain the decisions of economic agents. Regulations and regulatory agencies can exist at both national and sub-national levels. Government regulation can be generally categorized into three main areas: regulation of competition (antitrust), economic regulation and social regulation.1 Antitrust regulation supports competition and encompasses concerns with collusion or coordinated behavior, abuse of dominance and mergers that might arise when industries are concentrated. Economic regulation refers to government-imposed restrictions on firm decisions over price, quantity, quality, and entry and exit that are necessary in natural monopoly industries. Social regulation is justified where externalities, misaligned incentives or imperfect information may hamper decentralized markets from achieving the results deemed to be desirable by society.

Keywords: Housing Price; Housing Stock; Housing Supply; Rental Sector; Price Ceiling (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-01403-0_5

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DOI: 10.1057/9781137014030_5

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