Public Sector Solutions

Kim Hawtrey
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Kim Hawtrey: Hope College

Chapter 9 in Affordable Housing Finance, 2009, pp 145-159 from Palgrave Macmillan

Abstract: Abstract Whether we like it or not, housing is always and everywhere a matter of public-private partnership (PPP), at least to some minimal degree. By definition, housing markets do not occur in a spatial or taxation vacuum, nor are they unaffected by banking regulations and business cycle risk. Rather, housing markets are situated in a wider economic matrix of transport networks, county lines, tax settings, market regulations, Fed policymaking, immigration rates, urban planning history, and the like. It is simply impossible, in other words, to entirely divorce government decisions from housing outcomes. For instance, evidence shows that increasing the property tax reduces city size unambiguously (Song and Zenou, 2006), and that government-sponsored enterprise (GSE) affordable housing goals increase the supply of mortgage credit (Ambrose and Thibodeau, 2004). The implication is that complete policy neutrality with respect to housing markets is unlikely to prevail. Even the most minimalist, free market oriented policy framework we could propose, would still involve a significant degree of de facto government “intervention”. The private housing market, in other words, cannot be viewed in isolation from the rest of the society.

Keywords: Housing Market; Housing Finance; Rental Sector; Mortgage Interest; Federal Housing Administration (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-24436-8_9

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DOI: 10.1057/9780230244368_9

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