The Misallocation Problem of Subsidized Housing: A Lesson from Hong Kong
نویسندگان
چکیده
Providing affordable housing has become one of China’s key national policy agenda items. The shared-equity model in Hong Kong, implemented since the late 1970s, assisted many families owning a home public market. However, little attention been paid to their welfare after acquiring subsidized units. This study aims examine how homeownership distorts residential mobility through in-kind subsidies. Panel data analysis reveals that more subsidies owners receive, longer they would hold on units spite spatial mismatches. Private owners, other hand, trade without such distortion. Conceptually, lower could be interpreted as new source misallocation Glaeser and Luttmer’s analysis. Practically, this throws into question sustainability subsidizing policy: does government ultimately want homeowners move from private future (for which high intended)? If so, thinking make transferable is needed.
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ژورنال
عنوان ژورنال: Sustainability
سال: 2021
ISSN: ['2071-1050']
DOI: https://doi.org/10.3390/su13041855