Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a Repeat Income Model

• 成果类型: Article
• 署名作者: Rosenthal, Stuart S.
• 署名单位: Syracuse University; Syracuse University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.2.687
• 发表日期: 2014
• 页码: 687-706
• 关键词: real-estate; ECONOMIC DEPRECIATION; URBAN DECLINE; UNITED-STATES; price; homes; externalities; maintenance; demand; rates

摘要

While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a repeat income model using 1985-2011 panel data. Real annual filtering rates are faster for rental housing (2.5 percent) than owner-occupied (0.5 percent), vary inversely with the income elasticity of demand and house price inflation, and are sensitive to tenure transitions as homes age. For most locations, filtering is robust which lends support for housing voucher programs. (JEL R21, R31, R38)