Governments Roles in the Housing Sector
|
|
- Harvey Pope
- 5 years ago
- Views:
Transcription
1 Housing Issues and Policy, Urban Studies Programme, CUHK URSP3100 Governments Roles in the Housing Sector by Dr Edward CY Yiu Associate Professor Dept of Geography and Resource Management, Chinese University of Hong Kong 1
2 Government s Roles in the Housing Sector The following are related government s roles in the housing sector Landlord (land supply): Land disposal (with premiums) Lease exchange and modifications (with premiums) Lease terms (such as public open space/facilities in private developments) Governor / Laws enforcers Urban planning control (Town Planning Ord. in HK) Building control (Buildings Ord. in HK) Related authorities (estate agents, first-hand sales, stamp duty, vacancy tax, ) Many other statutory authorities (Water supply, energy supply, transport, ) Users: Government/Institution/Community facilities Transportation / Roads Military land uses Countryparks / greenbelt / public open space Related policies enforcers Population policy (housing demand) PPP development policy for developers (See my ppt on PPP for details) Public housing policy Monetary policy (linked exchange rate, negative real interest rate, ) 2
3 Housing as a Welfare In the 19 th century, governments roles on housing were normally limited to: Governing the private markets; Setting the minimum housing standards; Ensure health and safety issues. In the early 20 th century, housing has become a way to boost economic growth and consumer confidence: After 1932 Great Depression, the New Deal of the US made home ownership a strategy of recovery. In the early 21 st century, housing has become a welfare: NO homeless promise; A rights to have a home; A minimum living standard. 3
4 How can a government deliver housing welfare? 6 main approaches: Demand-side subsidy: Built and provide a shelter to the needy (PRH); Provide rent subsidy or coupon (CSSA); Provide mortgage loan subsidy (Freddie/Fannie); Provide home buying subsidy (HOS/SIN HDB); Supply-side control/subsidy: Rent control and vacancy control (vacancy tax); Deregulation and securitization (MBS); and Housing Inclusion and tax reliefs (LIHTC). A novel proposal: A Public Chonsei Scheme (PCS) 1945: subsidized rental housing 1990: subsidized owner-occupied housing 1998/2008:? (Asian Financial Crisis / Global Financial Crisis housing welfare caused negative equity) 4
5 Asian v. Western Approach Asian approach direct, planned economy: (lower risk but costly and inefficient) Government builds and provides shelters to the needy Provide home buying subsidy; China Singapore Hong Kong Western approach indirect, financial engineering: (efficient but risky) Provide mortgage loan subsidy; Housing inclusion and tax relief; Deregulation and securitization. US Europe 5
6 Does Supply-Side Approach Work? It subsidizes suppliers and encourages them to reduce prices and increase supply: Low-Income Housing Tax Credits (LIHTC) provide tax credits to developers for building affordable housing in the US. Housing inclusion (mixed development) What are the differences in subsidizing households and suppliers? Which way is more efficient? Why? For leasehold interests, a lease condition specifying the minimum number and maximum size of housing units ( 限呎限量 ) to be built at a site, the bid price would be lower, but would it help build more affordable housing? 6
7 Why a government encourages home ownership? A sense of belongings; Stable economy (with consumer confidence and economic growth); Encourage savings; Security of tenure; Wealth accumulation; Better outcomes of children; Community engagement and voting behavior; Active and informed citizenry. (see Andrews and Sanchez, 2011) 7
8 Housing as a Growth Engine The post-war Keynesian model of economic growth: A demand management process supported by a welfare system facilitated by transfer payments. Social transfers protected households against economic upturns and downturns. The housing market played a particular role as the new dynamic of growth Expectations of continued house price inflation effectively became a basis for economic growth (Ronald and Elsinga, 2012: p.13) A huge sum of mortgage for financial market; A large sector of employment (developers, estate agents, building professionals, lawyers, construction contractors, maintenance contractors, ) 8
9 5 Reasons for the Growth of Homeownership Rate The relatively rapid growth in real incomes; The increasing availability of housing finance; The tax benefits available to owner-occupiers (exemption from capital gain tax, mortgage tax relief, etc.) Limited access to the rented sectors. Specific government policies to expand owner-occupation. (Whitehead, C., 2012 Owner-occupation in an increasingly uncertain world, in Ronald and Elsinga, eds. p.110) Another 5 Reasons of mine: Negative Real Interest Rate? (mortgage < rent) Expected price growth? (hedge rental growth, reap capital gain) Culture? (no-house, no-couple culture) No security of tenure? (forced to leave by 6-mon notice) Terms and conditions of tenancy? (no renovation rights) 9
10 Homeownership Makes Responsible Citizens the Thatcher governments utilised increasing levels of home ownership as a means of making citizens responsible consumers by exposing them to the outcomes of monetary policy. Perhaps now the credit crunch is another realisation of this policy. (Rowlands, 2010) Good, sustainable citizens are those who have made the active choice of acquiring their own property through the market and have therefore purchased a direct stake in the quality and character of their neighbourhoods. (Raco, 2007: 314, cited by Rowlands, 2010) Government s inflationary monetary policy would be embraced by home owners; and Citizens would support a more stable economic growth and bail-outs to avoid shocks to the housing markets. 10
11 Own versus Rent Building price: $225,000 Down payment: $50,000 Debt: $175,000 interest-only mortgage at a rate of 10%, due and payable at the end of year 5 Expect to sell the property at the end of year 5 for $280,000 Require 12% equity return Year Mortgage payment -$17,500 -$17,500 -$17,500 -$17,500 -$17,500 Down payment / reversion -$50,000 $105,000 Net cash flow -$50,000 -$17,500 -$17,500 -$17,500 -$17,500 $87,500 Present value (12%) -$50,000 -$15,625 -$13,951 -$12,456 -$11,122 $49,650 Net present value -$53,504 11
12 Own versus Rent Alternatively, lease the same building for 5 years at $20,000 per year Shall I own or lease? What is the acceptable rental level? NPV (rent = $20,000) = -$72,000 < -$53,000 (Own is a better choice) NPV (rent = $14,800) = -$53,000 = -$53,000 (Own and rent are indifferent) Year Lease rental expenses -20,000-20,000-20,000-20,000-20,000 Present value 0-17,857-15,944-14,236-12,710-11,349 Net present value -72,096 Lease rental expenses -14,800-14,800-14,800-14,800-14,800 Present value 0-13,214-11,798-10,534-9,406-8,398 Net present value -53,351 12
13 Own versus Rent (cont) Other costs of owning: Agent s fee Solicitor s fee Stamp duty Maintenance and repair Other owners liabilities Other benefits of owning: Tax relief Sublet income Other owners rights 13
14 What are the problems of home ownership? Has incentive to push housing price up; Measures to prevent housing price drops; Wealth concentration at one sector (risky); Labour immobility; Debt accumulation (intergenerational gains); Inequality; Low fertility; Early retirement and over-saving; and Housing issues become political. (see Andrews and Sanchez, 2011; and Ronald and Elsinga, 2012, Ch. 1) Bubbling! 14
15 Jackup home ownership rate causes housing bubbles? In order to generate a positive return on housing investment, the government needs to engineer price increases Then price rises mean ultimately that what the economy ends up with is a bubble that invariably blow: making property less for occupation and more for speculation. (Moyo Dambisa, 2011) See my ppt on the causes of the subprime crisis 15
16 A Family-unfriendly Policy? In Life Cycle Model terms, over saving at a young age, forced by the nature of housing systems, may facilitate dissaving to take place earlier than might otherwise have been the case. Promoting home ownership is both familyunfriendly and work-unfriendly, because: It contributes to the demographic trend of ageing by depressing fertility rates, It contributes to the fiscal consequences of falling dependency ratios by further reducing the proportion of the adult population in work. (see Andrews and Sanchez, 2011; and Ronald and Elsinga, 2012, Ch. 1) 16
17 Homeownership Ratio = 70% in Europe 2011 Spain 77.8% in 1990s -> 83.2% in 2004 Switzerland and Germany are the lowest, about 50% 17 _tenure_status,_2011_(%25_of_population).png&filetimestamp=
18 Homeownership Ratio = 70% in the UK 2011 HOR increased from 23% in 1918 to 69% in 2001; But a drop from 69% in 2001 to 64% in Why? The Housing Act of 1980 allowed local authorities to sell social housing to sitting tenants (Right-to-Buy Scheme) 1.8m new homeowners 18
19 Homeownership Ratio = 65% in the US 2013 Drops from the peak of 69% since 2004, why? 19
20 Homeownership Ratios in Asia 2013 Singapore: from 29% in 1970 to 92% in 2000; China (urban): from 17% in 1985 to 82% in 2010; HK: 51.3% in 2013, TPS after 1997 Ronald and Elsinga (2012), Census and Statistics Department, HKSAR 20
21 How to Increase HOR? Mortgage subsidy (US Fannie/Freddie) Purchase price subsidy (SIN HDB, HK HOS) Right-t0-Buy subsidy (UK RTB, HK TPS) Mortgage subsidy: lower taxpayers contributions but high risk (e.g. just act as a guarantor, provide lower mortgage rate, or top-up mortgage with insurance, see HKMC) Purchase price subsidy: medium taxpayers contributions and medium risk (e.g. land premium payable when resell to the market) Right-to-Buy subsidy: higher taxpayers contributions but lower risk (e.g. build and sell at a discount) 21
22 Mortgage-to-GDP Ratio HOR was largely driven by loan increase MTGR of PIIGS increased >100% in 13 years MTGR of the UK rose 80% MTGR of the US grew from 60% in 2003 to 90% in 2006, and dropped to 75% in MTGR of Germany drops slightly Europe and US United States Spain Greece Germany United Kingdom Markets/Banking-and-Insurance/Comparative- Statistics/mortage_gdp/fileBinary/mortage_gdp.xls 22
23 Mortgage-to-GDP Ratio Asia HOR was not driven by loan increase Except: MTGR of China is just 17% in MTGR of HK grew from 30% in 1996 to 50% in 2002; then dropped to 30% in 2007, back to 45% in MTGR of Singapore increase 100% in 13 years (20%->40%)
24 Home Ownership as a Palliator Dissaving housing assets: Sales-and-leaseback; Sell and rent; Sell and buy another cheaper; Reverse-mortgage; Re-mortgage. But there is no evidence of large-scale dissaving of housing assets in Europe (Ronald and Elsinga, 2012) Why don t people spend it in later life? Home ownership is not a saving? Uncertainty about life span, about health and health costs? Information asymmetry? High transaction costs? Psychic or emotional attachment? Social network? Bequest motive? Unable to sell because the building is too old? A situation to be changed in the future? For reverse mortgage HK can refer: 24
25 Shall MPF be used to pay for home ownership? Scenarios: A: If home ownership is a saving for ageing, then it shares the same roles of MPF, it shall be transferrable between the two. B: Home investment can be risky and if MPF is used up to own a flat, a property slump can cause financial hardship to the retirees. C: If people would not dis-save housing assets to spend in later life, it is of different role of MPF, it shall not be transferrable between the two. See Yiu, C.Y. and Hui, C.M. (2007) An Empirical Study of the Impact of Income Uncertainty on Private Residential Property Markets in Singapore and Hong Kong, Housing Studies, 20(5),
26 Housing Policy for Anti- Speculations As housing unit is a necessity, if it is speculated and resulted in unaffordable housing, it would cause homeless or public outcry; Normally, government would take one or more of the following approaches to tackle: Increase / encourage (with incentives) housing supply; Punish / tax speculators or suppliers (sellers/owners) Capital gain tax Property tax (ownership) Vacancy tax Manage housing derivatives Stop pre-sales (forward contracts) Tax confirmors (resell before occupancy) Manage housing demand (buyers) Stamp duty (SSD/BSD/DSD in HK) Progressive tax for buying the 2 nd, 3 rd, units Which way(s) are the best? And with the least side-effects? What is speculation? See Wong, Yiu, Tse and Chau (2004) Do the Forward Sales of Real Estate Stabilize Spot Prices? JREFE 32(3),
27 Housing Policy for Regulating Housing Sales Housing sales are normally NOT governed by the Sale of Goods Ordinance, why? There is recently a Residential Properties (First-hand Sales) Ordinance in HK, which governs first-hand housing sales only, why? Why not second-hand ones? There has been an Estate Agents Ordinance governing the estate agents, but not the sale of housing, why? Can a housing sale without agent? There has been a Conveyancing and Properties Ordinance governing the transfer of property interests, why it cannot protect the first-hand buyers? There is a Landlord and Tenant (Consolidated) Ordinance governing the rental market of housing, why it cannot protect the tenants? 27
28 Cases Study 1: Housing Policy in the UK The Right-to-Buy Privatisation Policy failed in the 1980s; The Deregulation of Financial Institutions Policy also failed in the 2000s; See Murie (2010) 28
29 Cases Study 2: Housing Policy in Germany No encouragement policy for homeownership (abandoned); The lowest homeownership rate in Europe; No social housing subsidy (no public rental housing nor public housing for sale), no subsidy for private housing purchase; Very strict mortgage loan system; Very stable housing price and rent one of the lowest volatilities; Only money subsidy for the poor; Why it works? 29
30 Cases Study 3: Singapore Public Housing Public housing for sale by HDB; Homeownership rate > 80%; A very small private housing market for the very rich and the foreigners; Provident funds are allowed to pay for mortgage; The single player of housing markets; But the citizens are very satisfied. Why? 30
31 Cases Study 4: Housing Policy in HK Govt sold land for building private housing before the 1950s; Public Rental Housing (rental subsidy, govt builds) since the 1950s; Home Ownership Scheme HOS (purchase subsidy, govt builds) since the 1970s, PRH and HOS now are accounting for more than 50% of housing stock; Private Sector Participation Scheme PSPS (purchase subsidy, private builds) since the 1980s; Home Loans Schemes (mortgage subsidy, govt pays) since the 1990s; Application system of land sale since the 2000s; Tenant Purchase Scheme (sell-to-sitting tenants) since the 2000s; Abandonment of almost all housing policies after 2003 (private-led market approach); Active government land supply, demand-managed approach since the 2010s. Govt proposes to change the Public : Private housing ratio from 4:6 to 6:4. Govt is the dominant player in the housing market: monopolised land supply (own 100% land); own 50% housing stock; continue to build more public housing (6:4); control monetary policy; control mortgage market via HKMC; control urban renewals via URA; control all kinds of development governance. 31
32 Cases Study 5: A Proposed Public Chonsei Housing Scheme Chonsei is a rental agreement where the tenant pays a lump sum deposit to the landlord in lieu of rent for two years. The entire deposit (excluding any interest earned) is returned when the household moves out at the end of the tenancy. The amount of the chonsei deposit ranges from 30% to 70% of the housing unit s market price, depending on market conditions. Technically, the chonsei contract combines two separate transactions. The first is a loan made by the tenant to the landlord, the second is a lease by which the landlord grants the tenant use of the residence for imputed interest payments on the chonsei deposit. Landlords are not restricted in their use of the deposit and frequently the chonsei money is used as leverage to invest in additional housing units. (Park, 2007: p.77) 32
33 Chonsei Rental Housing Merits: 1. It is virtually rental free. The tenant pays the opportunity costs of the deposit only (i.e. interest income) 2. The landlord would not and could not terminate the tenancy early, unless s/he can give you back all the deposit 3. The landlord would not worry about late or nil payment of rent, as the deposit sum is much more than the total rent payable 4. The tenant also would not worry about fraudulent or missing landlord, because the value of the housing unit is much more than the deposit. 5. The rental level has been fixed throughout the tenancy period, and there is no risk of asking any rental increases within the period, because the deposit sum is a fixed sum. 33
34 Housing Dilemma 1. public rental housing supply is too few and too slow (too expensive and too inefficient) to satisfy the long queue of demand; 2. the rent of the private housing sector is both unaffordable and without security of tenure; 3. the price of the private housing sector is beyond reach. Why? 34
35 Public Rental Housing Problems The current problems of public rental housing in HK: A long queue (waiting time > 3 years) Low eligibility threshold because it costs taxpayers a lot, both on land supply, construction costs and maintenance costs Inefficient quasi public organization to build and manage Little choice of location because locations of PRH are fixed PRH expenditure 2012/2013 Total Construction Expenditure Budget: $10,000m Total Operational Expenditure for PRH Budget: $13,744m Total Rental Income from PRH Budget: $12,306m Income < operational cost Never payback, not sustainable! Total Land Value:? 35
36 A Public Chonsei Rental Housing Public Chonsei can solve the problems immediately: Efficient - tap on the private housing market resources Ample choice of location anywhere private rental housing is available Ample supply a secure and safe tenant (HKG) Security of tenure no rental changes and no forced termination of tenancy No cost to taxpayers, except opportunity cost What are the shortcomings? 36
37 Public Chonsei Housing An example say a housing unit priced at $5m, with a yield rate of 2.5%, i.e. annual rental income of $125,000, or monthly rent of about $10,000. if the government would put a deposit of $2m to the landlord of a private housing unit, and rent it for 2 years to the family queuing the PRH. The rate of return is 6% (about the same as the loan rate). the government would get the deposit back after 2 years 37
38 Cases Study 4: A Sustainable Public Housing Scheme An expiry date is fixed for government housing subsidy: A 10-year PRH or a 10-year HOS; Public housing units can be reused (reallocatable) every decade; If still eligible after 10 years, one has to queue again at the back; It is fairer to all the people at the queue; It is sustainable in the long run. 38
39 References Required readings: Andrews, D. and Sanchez A.C. (2011) The Evolution of Homeownership Rates in Selected OECD Countries: Demographic and Public Policy Influences, OECD Journal: Economic Studies, 2011/1 Ronald, R. and Elsinga, M. (2011) Beyond Home Ownership, Routledge Recommended readings: Groves, R., Murie, A. and Watson, C. (2007) Housing and the New Welfare State: Perspectives from East Asia and Europe (Social Policy in Modern Asia), Ashgate Pub Co. Wong, Yiu, Tse and Chau (2004) Do the Forward Sales of Real Estate Stabilize Spot Prices? JREFE 32(3), Rowlands, R. (2010) Sustainable communities, in Ch. 11 of Malpass, P. and Rowlands, R. (eds) Housing, Markets and Policy, Lon.: Routledge. Raco, M. (2007) Securing sustainable communities: Citizenship, safety and sustainability in the new urban planning, in European Urban and Regional Studies 14(4),
40 The End comments are welcome. Enquiries to: 40
HK Monetary Policy and Housing Affordability
Workshop on Social Model, PolyU Hong Kong 29 Nov 2013 HK Monetary Policy and Housing Affordability by Dr Edward CY Yiu Associate Professor Dept of Geography and Resource Management, Chinese University
More informationHousing as an Investment Greater Toronto Area
Housing as an Investment Greater Toronto Area Completed by: Will Dunning Inc. For: Trinity Diversified North America Limited February 2009 Housing as an Investment Greater Toronto Area Overview We are
More informationLinkages Between Chinese and Indian Economies and American Real Estate Markets
Linkages Between Chinese and Indian Economies and American Real Estate Markets Like everything else, the real estate market is affected by global forces. ANTHONY DOWNS IN THE 2004 presidential campaign,
More informationExecutive Summary. 1. The Contemporary Picture
Executive Summary 1. The Contemporary Picture In Hong Kong today, household dwellings are roughly evenly divided between the private and public sector. At the same time, Hong Kong also has a massive public
More informationWHERE WILL WE LIVE? ONTARIO S AFFORDABLE RENTAL HOUSING CRISIS
WHERE WILL WE LIVE? ONTARIO S AFFORDABLE RENTAL HOUSING CRISIS 48% of Ontario renters make less than $40,000 a year. Nearly half of Ontario renters pay unaffordable rental housing costs. 46% of all renters
More informationStructure, Funding and Regulation of the Rental Market in Germany
Structure, Funding and Regulation of the Rental Market in Germany Prof. Dr. Felix Schindler Shelter Scotland Conference, Glasgow April 17, 2012 Contents Stylized Facts about the German Housing Market Structure
More informationHousing in Figures. Hong Kong Housing Authority
Housing in Figures 212 Hong Kong Housing Authority Population 1 22 27 212 Mid-year Population 6 744 6 916 7 136* Distribution of Population by Type of Housing Public Permanent Housing 2 5.1 48.4 46.2 Public
More informationAUSTRALIAN HOUSING: HIPSTER BREAKFAST CHOICES OR A NATION OF SPECULATING SPIVS? Housing is a human right
AUSTRALIAN HOUSING: HIPSTER BREAKFAST CHOICES OR A NATION OF SPECULATING SPIVS? A SERIES OF QUESTIONS Is Australia in a housing bubble that will inevitably burst? What drives housing inflation in Australia?
More informationA Tale of Two Canadas
Centre for Urban and Community Studies Research Bulletin #2 August 2001 A Tale of Two Canadas Homeowners Getting Richer, Renters Getting Poorer Income and Wealth Trends in Toronto, Montreal and Vancouver,
More informationEconomics of Real Estate Development: HK Case
M.Sc. (Urban Design) x CUHK 21 Jan 2014 Economics of Real Estate Development: HK Case by Dr Edward CY Yiu Associate Professor Dept of Geography and Resource Management, Chinese University of Hong Kong
More informationHousing in Figures. Hong Kong Housing Authority
Housing in Figures 214 Hong Kong Housing Authority Population 1 24 29 214 Mid-year Population 6 784 6 973 7 235* Distribution of Population by Type of Housing 23 28 213 Public Permanent Housing 2 5.1 47.4
More informationNon-Profit Co-operative Housing: Working to Safeguard Canada s Affordable Housing Stock for Present and Future Generations
Co-operative Housing Federation of Canada s submission to the 2009 Pre-Budget Consultations Non-Profit Co-operative Housing: Working to Safeguard Canada s Affordable Housing Stock for Present and Future
More informationNSW Affordable Housing Guidelines. August 2012
August 2012 NSW AFFORDABLE HOUSING GUIDELINES TABLE OF CONTENTS 1.0 INTRODUCTION... 1 2.0 DEFINITION OF KEY TERMS... 1 3.0 APPLICATION OF GUIDELINES... 2 4.0 PRINCIPLES... 2 4.1 Relationships and partnerships...
More informationHousing Costs and Policies
Housing Costs and Policies Presentation to Economic Society of Australia NSW Branch 19 May 2016 Peter Abelson Applied Economics Context and Acknowledgements Applied Economics P/L was commissioned by NSW
More informationAffordable Housing Policy. Economics 312 Martin Farnham
Affordable Housing Policy Economics 312 Martin Farnham Introduction Housing affordability is a significant problem in Canada (especially in Victoria) There are tens of thousands of homeless in Canada Many
More informationHousing Markets: Balancing Risks and Rewards
Housing Markets: Balancing Risks and Rewards October 14, 2015 Hites Ahir and Prakash Loungani International Monetary Fund Presentation to the International Housing Association VIEWS EXPRESSED ARE THOSE
More informationThe private rented housing sector: The UK and ideas from other countries
The private rented housing sector: The UK and ideas from other countries Social Market Foundation Seminar Thursday 23 rd March 2017 Professor Michael Oxley Director, Cambridge Centre for Housing Planning
More informationTHE LEGAL AND FINANCIAL FRAMEWORK OF AN EFFICIENT PRIVATE RENTAL SECTOR: THE GERMAN EXPERIENCE
THE LEGAL AND FINANCIAL FRAMEWORK OF AN EFFICIENT PRIVATE RENTAL SECTOR: THE GERMAN EXPERIENCE Presenter: Prof.Dr.rer.pol. Stefan Kofner, MCIH Budapest, MRI Silver Jubilee 3. November 2014 MRI Silver Jubilee
More informationCOMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING
COMPARISON OF THE LONG-TERM COST OF SHELTER ALLOWANCES AND NON-PROFIT HOUSING Prepared for The Fair Rental Policy Organization of Ontario By Clayton Research Associates Limited October, 1993 EXECUTIVE
More informationState of the Housing Market in Bristol 2013
State of the Housing Market in Bristol 2013 Housing Stock Bristol has 190,000 homes, and plans to increase this by around 13,000 by 2026. Currently 15% of stock is owned by the city council, 6% by housing
More informationThe role of policy in influencing differences between countries in the size of the private rented housing sector Professor Michael Oxley 26/2/14
The role of policy in influencing differences between countries in the size of the private rented housing sector Professor Michael Oxley 26/2/14. 1 Introduction Comparative studies of rented housing
More informationThe Future of the UK Housing Market; the Think-Tank View. NHF Housing Development Conference 12 July 2011 Andrew Heywood
The Future of the UK Housing Market; the Think-Tank View NHF Housing Development Conference 12 July 2011 Andrew Heywood Andrew Heywood Consulting Housing, Mortgage markets, Regulation, Governance, Europe
More informationPRIVATIZE PUBLIC HOUSING
PRIVATIZE PUBLIC HOUSING Yue Chim Richard Wong School of Economics and Finance and The Hong Kong Centre for Economic Research The University of Hong Kong Tel : (852) 2547-8313 Fax : (852) 2548-6319 December
More informationSubject. Date: 2016/10/25. Originator s file: CD.06.AFF. Chair and Members of Planning and Development Committee
Date: 2016/10/25 Originator s file: To: Chair and Members of Planning and Development Committee CD.06.AFF From: Edward R. Sajecki, Commissioner of Planning and Building Meeting date: 2016/11/14 Subject
More informationShort, Medium and Long Term Demand and Supply of Housing in Hong Kong 短中長期香港樓宇供需
Green Belts and Housing Supply Forum, Nov 23, 2014, @ CityU Short, Medium and Long Term Demand and Supply of Housing in Hong Kong 短中長期香港樓宇供需 Edward Yiu 姚松炎 Associate Director, IOFC 未來城市研究所副所長 Associate
More informationIntroduction: Proposals:
Election Manifesto 2011 Introduction: Perhaps one of the most regrettable aspects of the Celtic Tiger was the absolute failure by the State to increase the level of social housing for the most vulnerable
More information2004 Cooperative Housing Journal
2004 Cooperative Housing Journal Articles of Lasting Value for Leaders of Cooperative Housing Published by The National Association of Housing Cooperatives Dos Pinos Housing Cooperative in Davis, California
More informationResilience of national housing systems in times of a credit crunch
Resilience of national housing systems in times of a credit crunch Presentation at the session Global economic crisis and housing policy response Academy of Sciences of the Czech Republic Institute of
More informationThe Future and REAL Challenges of Real Estate
The Future and REAL Challenges of Real Estate David Lee Director, Sim Kee Boon Institute for Financial Economics Professor of Quantitative Finance (Practice) Singapore Management University The Future
More informationThe Scottish Reforms in an International Context
The Scottish Reforms in an International Context Christine Whitehead Professor Emeritus in Housing Economics London School of Economics Shelter Private Rented Conference Edinburgh 25 th October 2017 Growth
More informationTest Scientifically the Determinants of Housing Price
EYTalk Dec 12, 2016 Test Scientifically the Determinants of Housing Price Edward Yiu Legislative Council Member 1 Two Major Hypotheses Insuff Supply Housing Supply Real Interest Rate Ultra Low IR Land
More information2016 Q3 PROPERTY MARKET REPORT
2016 Q3 PROPERTY MARKET REPORT OVERVIEW After a tumultuous few months following the Brexit vote on 23 June, the UK economy seems to have rebounded and fallen into a more stable economic environment. Supply
More informationFrom Subsidies to Sustainable Communities:
From Subsidies to Sustainable Communities: The Impact of Habitat Homeownership on the City of Toronto October 2011 From Subsidies to Sustainable Communities: The Impact of Habitat Homeownership on the
More informationMore affordable housing is needed Ostrava March
More affordable housing is needed Ostrava March 14 2018 Researcher President International Union of Tenants svenbergen@telia.com I will talk about Trends in Europe Housing differs from any other market
More informationNational Rental Affordability Scheme. Economic and Taxation Impact Study
National Rental Affordability Scheme Economic and Taxation Impact Study December 2013 This study was commissioned by NRAS Providers Ltd, a not-for-profit organisation representing NRAS Approved Participants
More informationHouse prices in the latest three months (March 2014 May 2014) were 2.0% higher than in the preceding three months (December February2014).
PROPERTY REPORT JULY 2014 House Prices Rightmove Not a huge jump this month according to Rightmove. Key points New seller asking prices at virtual standstill, up by just 0.1% (+ 272) this month More regions
More information[03.01] User Cost Method. International Comparison Program. Global Office. 2 nd Regional Coordinators Meeting. April 14-16, 2010.
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized International Comparison Program [03.01] User Cost Method Global Office 2 nd Regional
More informationCONTENTS. List of tables 9 List of figures 11 Glossary of abbreviations 13 Preface and acknowledgements 15 1 INTRODUCTION...19
CONTENTS List of tables 9 List of figures 11 Glossary of abbreviations 13 Preface and acknowledgements 15 1 INTRODUCTION...19 1.1 Research scope and purpose...19 1.1.1 The cases...20 1.1.2 The period of
More informationREAL ESTATE SENTIMENT INDEX 1 st Quarter 2014
About Real Estate Sentiment Index (RESI) The Real Estate Sentiment Index (RESI) is jointly developed by the Real Estate Developers Association of Singapore (REDAS) and the Department of Real Estate (DRE),
More information820 First Street, NE, Suite 510, Washington, DC Tel: Fax:
820 First Street, NE, Suite 510, Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org March 16, 2004 HUD S RELIANCE ON RENT TRENDS FOR HIGH-END APARTMENTS TO CRITICIZE
More informationHow to get housing for all households Reimagining Ireland s Future housing, wealth and inequality Dublin 26 October 2018
How to get housing for all households Reimagining Ireland s Future housing, wealth and inequality Dublin 26 October 2018 Researcher President International Union of Tenants svenbergen@telia.com I will
More informationHow Severe is the Housing Shortage in Hong Kong?
(Reprinted from HKCER Letters, Vol. 42, January, 1997) How Severe is the Housing Shortage in Hong Kong? Y.C. Richard Wong Introduction Rising property prices in Hong Kong have been of great public concern
More informationReal Estate Development for a changing user market - the Dutch context
Real Estate Development for a changing user market - the Dutch context Dr.ing. Jo P. Soeter 1 Ing. Peter de Jong Titia van de Water MSc Paper for the conference of the European Real Estate Society in Eindhoven,
More informationCases Study of Town Planning in Hong Kong - NENT New Town Development
A Talk To yr1 BRE, PolyU Cases Study of Town Planning in Hong Kong - NENT New Town Development Dr Edward CY Yiu 19 November 2012 Why NENT New Town Housing price is high, because land supply is insufficient?
More informationH o u s i n g N e e d i n E a s t K i n g C o u n t y
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Number of Affordable Units H o u s i n g N e e d i n E a s t K i n g C o u n t y HOUSING AFFORDABILITY Cities planning under the state s Growth
More informationWhy Housing is NOT Affordable in Hong Kong?
ULI Conference @ Hong Kong May 7, 2015April 2013 Why Housing is NOT Affordable in Hong Kong? Edward Yiu Associate Director, Institute of Future Cities Associate Professor, Dept of Geography and Resource
More informationFilling the Gaps: Stable, Available, Affordable. Affordable and other housing markets in Ekurhuleni: September, 2012 DRAFT FOR REVIEW
Affordable Land and Housing Data Centre Understanding the dynamics that shape the affordable land and housing market in South Africa. Filling the Gaps: Affordable and other housing markets in Ekurhuleni:
More informationThe cost of increasing social and affordable housing supply in New South Wales
The cost of increasing social and affordable housing supply in New South Wales Prepared for Shelter NSW Date December 2014 Prepared by Emilio Ferrer 0412 2512 701 eferrer@sphere.com.au 1 Contents 1 Background
More informationPALAIS DES NATIONS 1211 GENEVA 10, SWITZERLAND
PALAIS DES NATIONS 1211 GENEVA 10, SWITZERLAND Mandates of the Working Group on the issue of human rights and transnational corporations and other business enterprises and the Special Rapporteur on adequate
More informationUniversal Periodic Review Canada
Universal Periodic Review Canada Individual submission on behalf of: The Wellesley Institute Submitted by: Michael Shapcott, Director of Community Engagement The Wellesley Institute, 45 Charles Street
More informationNo place to live. A UNISON survey report into the impact of housing costs on London s public service workers
No place to live A UNISON survey report into the impact of housing costs on London s public service workers 1 FOREWORD Public services are critical to the London economy. Good transport and housing, quality
More informationDraft Greater Sydney Region Plan
Draft Greater Sydney Region Plan Submission_id: 32260 Date of Lodgment: 28 Dec 2017 Origin of Submission: Email First name: Rick Last name: Banyard Suburb: Submission content: I welcome the opportunity
More informationAddressing Generation Rent in LBBD. Hakeem Osinaike Operational Director of Housing Management
Addressing Generation Rent in LBBD Hakeem Osinaike Operational Director of Housing Management Introduction Background & Context a bit about our borough Reside Our PRS HRA Affordable Council properties
More informationHas Brexit burst the British housing bubble?
Dorling, D. (2016) Has Brexit burst the British housing bubble? New Statesman Magazine, October 21 st, http://www.newstatesman.com/politics/uk/2016/10/hasbrexit-burst-british-housing-bubble Has Brexit
More informationHands Off Our Homes. The Financialization of Housing in Europe
Hands Off Our Homes The Financialization of Housing in Europe Content Introduction Introduction...3 What is the financialization of housing?... 4 The causes of the current situation...5 Hands Off Our Homes
More informationRental Housing Strategy Study # 1
Rental Housing Strategy Study # 1 Submitted to: City of Vancouver by: Will Dunning Inc November 2009 Table of Contents Table of Contents... 1 Part 1 Summary and Conclusions... 2 Introduction... 2 Housing
More informationLas Vegas Valley Executive Summary
ARROYO MARKET SQUARE Las Vegas Valley Executive Summary Retail Market 4th Quarter 2013 THE DISTRICT AT GREEN VALLEY RANCH January 23, 2014 Re: Commercial Real Estate Survey: 4th Quarter, 2013 Dear Reader,
More informationDemocratising Property Investments
Democratising Property Investments What I wish to share today 1. Property sector outlook 2. How theedgeproperty.com can help you make better property investment decisions Property Sector Outlook The property
More informationA STUDY ON IMPACT OF CONSUMER INDICES ON HOUSING PRICE INDEX AMONG BRICS NATIONS
International Journal of Civil Engineering and Technology (IJCIET) Volume 9, Issue 5, May 2018, pp. 1165 1169, Article ID: IJCIET_09_05_130 Available online at http://www.iaeme.com/ijciet/issues.asp?jtype=ijciet&vtype=9&itype=5
More informationGREEN PAPER : HOUSING SUBSIDY TO TENANTS OF PUBLIC HOUSING
GREEN PAPER : HOUSING SUBSIDY TO TENANTS OF PUBLIC HOUSING Copyright: All rights reserved Information of this website, unless otherwise indicated, is protected by copyright and you may infringe it if you
More informationExploring Shared Ownership Markets outside London and the South East
Exploring Shared Ownership Markets outside London and the South East Executive Summary (January 2019) Shared ownership homes are found in all English regions but are geographically concentrated in London
More informationRadical Solutions to the Housing Supply Crisis. Duncan Bowie University of Westminster. SHELTER CYMRU 6 July 2017
Radical Solutions to the Housing Supply Crisis Duncan Bowie University of Westminster SHELTER CYMRU 6 July 2017 The Context The Highbury Group on Housing delivery and the origins of the research Undersupply
More informationService, Policy & Legislative Update: Housing SPC Dublin City Council
Service, Policy & Legislative Update: Housing SPC Dublin City Council Planning and Development (Housing) and Residential Tenancies Act 2016 Private Rented Sector 20% of households (Census 2011) No longer
More informationEconomic Forecast of the Construction Sector
Economic Forecast of the Construction Sector March 2018 Economic Forecast of the Construction Sector Page 2/8 Introduction This economic forecast of the construction sector focuses on 2018 and 2019. The
More informationHousing affordability in Australia
Housing affordability in Australia Evidence, implications, approaches University of Auckland Dr Ian Winter, Executive Director Australian Housing and Urban Research Institute July 2013 Key message Analysis
More informationEnd of fixed term tenancy policy
End of fixed term tenancy policy This policy replaces the related clauses of the Tenancy Policies of Circle 33 and Affinity Sutton Homes (AS) and the AS Fixed Term Tenancy Management Procedure. 1. Purpose
More informationFilling the Gaps: Active, Accessible, Diverse. Affordable and other housing markets in Johannesburg: September, 2012 DRAFT FOR REVIEW
Affordable Land and Housing Data Centre Understanding the dynamics that shape the affordable land and housing market in South Africa. Filling the Gaps: Affordable and other housing markets in Johannesburg:
More informationReforming the land market
Reforming the land market How land reform can help deliver the government target of 300,000 new homes per year CPP Working Paper 01/2018 April 2018 Thomas Aubrey Centre for Progressive Policy About the
More information2012 Profile of Home Buyers and Sellers Texas Report
2012 Profile of Home and Sellers Report Prepared for: Association of REALTORS Prepared by: NATIONAL ASSOCIATION OF REALTORS Research Division December 2012 2012 Profile of Home and Sellers Report Table
More informationHamilton s Housing Market and Economy
Hamilton s Housing Market and Economy Growth Indicator Report November 2016 hamilton.govt.nz Contents 3. 4. 5. 6. 7. 7. 8. 9. 10. 11. Introduction New Residential Building Consents New Residential Sections
More informationThe Creation and Economic Regulation of Housing Markets: A Comparison of the Experiences of Singapore and Korea
Singapore Management University From the SelectedWorks of PHANG Sock Yong June 1, 2005 The Creation and Economic Regulation of Housing Markets: A Comparison of the Experiences of Singapore and Korea Sock-Yong
More informationMODELLING HOUSE PRICES AND HOME OWNERSHIP. Ian Mulheirn and Nishaal Gooroochurn
MODELLING HOUSE PRICES AND HOME OWNERSHIP Ian Mulheirn and Nishaal Gooroochurn NIESR - 1 June 2018 OBJECTIVES Explain the drivers of house prices and home ownership in the UK. Use the model to explain
More informationNIESR/RICS/CaCHE Conference The Broken Housing Market
NIESR/RICS/CaCHE Conference The Broken Housing Market Broken market or broken policy? The unintended consequences of restrictive planning Paul Cheshire: LSE & CEP 1 st June 2018 Background Take as given
More informationHigh Level Summary of Statistics Housing and Regeneration
High Level Summary of Statistics Housing and Regeneration Housing market... 2 Tenure... 2 New housing supply... 3 House prices... 5 Quality... 7 Dampness, condensation and the Scottish Housing Quality
More informationROLE OF SOUTH AFRICAN GOVERNMENT IN SOCIAL HOUSING. Section 26 of the Constitution enshrines the right to housing as follows:
1 ROLE OF SOUTH AFRICAN GOVERNMENT IN SOCIAL HOUSING Constitution Section 26 of the Constitution enshrines the right to housing as follows: Everyone has the right to have access to adequate housing The
More informationSUBJECT: INTERIM APARTMENT RENT ORDINANCE RELATED TO TEMPORARY ALLOWABLE RENT INCREASES AND COST PASS- THROUGH PROVISIONS
COUNCIL AGENDA: 5/10/16 ITEM: 4.5 CITY OF C: ^2 SAN JOSE CAPITAL OF SILICON VALLEY TO: HONORABLE MAYOR AND CITY COUNCIL Memorandum FROM: Jacky Morales-Ferrand SUBJECT: SEE BELOW DATE: Approved Date ^fen/he
More informationDEVELOPMENT OF THE DWELLING CONSTRUCTION AND REAL ESTATE MARKET DURING THE LAST DECADE
DEVELOPMENT OF THE DWELLING CONSTRUCTION AND REAL ESTATE MARKET DURING THE LAST DECADE Olga Smirnova, Merike Sinisaar Statistics Estonia Construction and real estate are the fields of activity many people
More informationWhat happens when HDB flats with short leases left are no longer assets?
What happens when HDB flats with short leases left are no longer assets? BY SING TIEN FOO The author says that by and large, buyers are now more cautious about paying high prices for older flats, and rightly
More informationIan Perry and Your Housing Group
Ian B Perry Ian Perry and Your Housing Group Ian B Perry CEO Harvest Housing Group for 26 Years Founder of YHG and Transition Lead Chair of Key PFI, Procurement & Development Organisations RICS Management
More informationCIPS Asia/Pacific and International Real Estate Course Description and Outline
Course Learning Goal The goals of the Asia/Pacific and International Real Estate course are to provide: Knowledge of the Asia/Pacific real estate marketplace Methods for researching, analyzing, and applying
More informationHM Treasury consultation: Investment in the UK private rented sector: CIH Consultation Response
HM Treasury Investment in the UK private rented sector: CIH consultation response This consultation response is one of a series published by CIH. Further consultation responses to key housing developments
More informationVoluntary Right to Buy and Portability Policy
Voluntary Right to Buy and Portability Policy 1. Policy statement Policy for customers who wish to purchase the home they rent from Bromford under the Voluntary Right to Buy scheme 2. Contents: Introduction
More information2011 Farmland Value Survey The survey was initiated in 1941 and is sponsored
File C2-70 January 2012 www.extension.iastate.edu/agdm 2011 Farmland Value Survey The survey was initiated in 1941 and is sponsored annually by the Iowa Agriculture and Home Economics Experiment Station,
More informationDocument under Separate Cover Refer to LPS State of Housing
Document under Separate Cover Refer to LPS5-17 216 State of Housing Contents Housing in Halton 1 Overview The Housing Continuum Halton s Housing Model 3 216 Income & Housing Costs 216 Indicator of Housing
More informationECONOMIC CURRENTS. Vol. 4, Issue 3. THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY
ECONOMIC CURRENTS THE Introduction SOUTH FLORIDA ECONOMIC QUARTERLY Vol. 4, Issue 3 Economic Currents provides an overview of the South Florida regional economy. The report presents current employment,
More information14.471: Fall 2012: Recitation 4: Government intervention in the housing market: Who wins, who loses?
14.471: Fall 2012: Recitation 4: Government intervention in the housing market: Who wins, who loses? Daan Struyven October 9, 2012 Questions: What are the welfare impacts of home tax credits and removing
More informationA Guide To Fully Managed Property Investments (0)
A Guide To Fully Managed Property Investments + 44 (0) 1708 922 222 info@sterlingwoodrow.co.uk www.sterlingwoodrow.com 1 Contents Introduction 3 4 6 8 13 14 17 18 19 21 Introduction Facts & Figures The
More information2012 Profile of Home Buyers and Sellers New Jersey Report
Prepared for: New Jersey Association of REALTORS Prepared by: Research Division December 2012 Table of Contents Introduction... 2 Highlights... 4 Conclusion... 7 Report Prepared by: Jessica Lautz 202-383-1155
More informationHousing and Homelessness. City of Vancouver September 2010
Housing and Homelessness City of Vancouver September 2010 1 Table of Contents Overview Key Housing Issues Homelessness Rental Housing Affordable Home Ownership Key Considerations 2 OVERVIEW 3 Overview
More informationAustralia s housing system in international comparison: data snapshot and policy brief. Catherine Gilbert, Nicole Gurran
Australia s housing system in international comparison: data snapshot and policy brief Catherine Gilbert, Nicole Gurran August 2016 1 Citation: Gilbert, C. and Gurran, N. 2016 Australia s housing system
More informationCity of Toronto Housing by the numbers (Census 2016)
David Hulchanski, University of Toronto Page 1 of 12 September 2018 City of Toronto Housing by the numbers (Census 2016) 1.1 million Households; 2.7 million people 2.4 average household size 360,000 one-person
More informationReturn of the single end? back to the future for UK social policy
Public Meeting at The Pearce Institute, Govan Thursday, 18 October 2012 at 7pm Return of the single end? back to the future for UK social policy The rationale for housing benefit cuts for under-occupied
More informationUsing Historical Employment Data to Forecast Absorption Rates and Rents in the Apartment Market
Using Historical Employment Data to Forecast Absorption Rates and Rents in the Apartment Market BY CHARLES A. SMITH, PH.D.; RAHUL VERMA, PH.D.; AND JUSTO MANRIQUE, PH.D. INTRODUCTION THIS ARTICLE PRESENTS
More information7/14/2016. Needed Housing. Workforce Housing. Planning for Needed Housing June 30, 2016 GOAL 10: HOUSING OAR (10)
Needed Housing Planning for Needed Housing June 30, 2016 Damon Runberg, Oregon Employment Dept. Jim Long, City of Bend Affordable Housing Mgr. Tom Kemper, Housing Works Executive Director GOAL 10: HOUSING
More informationTHE CASE FOR EUROPEAN LONG LEASE REAL ESTATE: CONTRIBUTING TO MORE CERTAIN INVESTMENT OUTCOMES
This document is for professional/qualified investors only. It is not to be distributed to or relied on by retail clients. THE CASE FOR EUROPEAN LONG LEASE REAL ESTATE: CONTRIBUTING TO MORE CERTAIN INVESTMENT
More informationThe state of the nation s Housing 2011
The state of the nation s Housing 2011 Fact Sheet PURPOSE The State of the Nation s Housing report has been released annually by Harvard University s Joint Center for Housing Studies since 1988. Now in
More informationConcept of Housing Affordability over the World
Concept of Housing Affordability over the World Alfa Siddiqua Giti MURP Student Department of Urban and Regional Planning, Jahangirnagar University, Dhaka Abstract Affordable and safe housing is important
More informationThe German housing market and housing finance system
The German housing market and housing finance system Mark Weinrich Association of Private Bausparkassen Berlin, 26th September 2016 1 House price development in Germany German housing market characterised
More informationContents 3/24/2011. New delivery context. HCA role and remit. Delivering for local communities. HCA in North East, Yorkshire and the Humber
New look HCA funding new affordable housing NHF Building Neighbourhoods David Curtis 25 March 2011 Contents New delivery context HCA role and remit Delivering for local communities HCA in North East, Yorkshire
More informationAppendix 6: Feasible Delivery routes for Oxford
Appendix 6: Feasible Delivery routes for Oxford Appendix 6: Feasible Delivery routes for Oxford 1. Fully mutual co-operative The scenario The study team assessed the scenario of a housing co-operative
More information