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Enhancing the affordability of rental housing in the U.S. : demand-side subsidy or supply-side subsidy?
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- Authors
- Issue Date
- 1996
- Citation
- Korean Journal of Policy Studies, Vol.11, pp. 129-150
- Abstract
- The purpose of this paper is to assist policy makers in their decisions as regards
housing assistance by examining which alternative (demand-side such as rent certificate
and housing vouchers, supply-side subsidy such as public housing, or rent control) is
more effective in enhancing rental housing affordability. The arguments on the price
effects of three alternatives are empirically examined using data on 39 metropolitan
areas from American Housing Survey. Multiple regression analysis is the principal means
of analysis. The results of the empirical tests show that the supply-side subsidy is
most important to enhance housing affordability of rental housing through decreasing
the overall rent level, while demand-side subsidy does not have a significant
relationship with rent level and rent control turns out not working for decreasing rent
level. These findings imply that as far as affordability problem is concerned, the
governments preference on the demand-side subsidy as the scheme of public housing
assistance since Nixon Administration should be reexamined, and the supply-side
subsidy should be reemphasized.
- ISSN
- 1225-5017
- Language
- English
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