Affordable Housing and City Welfare
نویسندگان
چکیده
Abstract Housing affordability is the main policy challenge for most large cities in world. Zoning changes, rent control, housing vouchers, and tax credits are levers employed by policymakers. How effective they at combatting crisis? We build a dynamic stochastic spatial equilibrium model to evaluate effect of these policies on well-being its citizens. The endogenizes house prices, rents, construction, labour supply, output, income, wealth inequality, location decisions households within city as well inter-city migration. Its novel features risk, risk aversion, incomplete risk-sharing. calibrate New York metropolitan statistical area. carry substantial insurance value but affect aggregate supply cause misallocation markets. that enhance access this especially neediest create net welfare gains.
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 2022
ISSN: ['0034-6527', '1467-937X']
DOI: https://doi.org/10.1093/restud/rdac024