Some Constitutional Law, Competition Law and Economic Psychology Issues Inherent in Some Real Estate Market Mechanisms

Michael I. C. Nwogugu ()

Chapter Chapter 3 in Geopolitical Risk, Sustainability and “Cross-Border Spillovers” in Emerging Markets, Volume I, 2021, pp 137-206 from Springer

Abstract: Abstract Under Common-Law principles, Multiple Listing Service (MLS), Real Estate Website (REW) laws and Rent-Control and Rent-Stabilization (RCRS) statutes in many countries are or may be unconstitutional and can significantly affect the transmission of monetary policy and fiscal policies, and may have affected the rapid changes in housing prices and housing demand that occurred in the United States and other countries between 1995 and 2010. MLS and REWs are fintech systems that are used around the world. There is an increasing and symbiotic relationship between the unconstitutionality and anti-competition effects of MLS, Real Estate Websites (REWs) and RCRS on the one hand and systemic risk and financial stability on the other. MLS, Real Estate Websites (REWs) and RCRS can have substantial effects on consumer behavior in credit and asset markets—and this can precipitate structural changes in the financial services, real estate and retailing industries. Hence, all existing housing-demand models and housing price forecast models are grossly mis-specified primarily because they do not incorporate legal factors and associated economic effects.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-71415-4_3

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DOI: 10.1007/978-3-030-71415-4_3

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