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Rapid Housing Privatization in Reforming Economies: Pay the Special Dividend Now

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  • Buckley, Robert M
  • Hendershott, Patric H
  • Villani, Kevin E

Abstract

State ownership and operation of the housing stock in the previously centrally planned economies severely distorts housing markets, stifles labor mobility, and produces operating losses that exacerbate fiscal deficits. The conventional wisdom regarding structural reform is to gradually increase administered rents, thereby reducing deficits. Housing sales, where they occur, are primarily motivated to generate revenue to cover deficits in current operating budgets. We argue that the perceived benefits to a prolonged transition are illusory and the social costs are high. Housing will be affordable only if the population's current ownership of the existing housing stock is recognized and dividends on it are paid out. The payment can be a regular dividend (e.g., housing allowances) or a one-time special dividend (e.g., ownership vouchers). The latter is preferable. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Buckley, Robert M & Hendershott, Patric H & Villani, Kevin E, 1995. "Rapid Housing Privatization in Reforming Economies: Pay the Special Dividend Now," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 63-80, January.
    • Handle: RePEc:kap:jrefec:v:10:y:1995:i:1:p:63-80
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    Cited by:

    1. Stephen Malpezzi, 2000. "Tales from the Real Side: The Implications of Urban Research for Real Estate Finance in Developing and Transition Economies," Wisconsin-Madison CULER working papers 01-02, University of Wisconsin Center for Urban Land Economic Research.
    2. Fu, Yuming & Tse, David K. & Zhou, Nan, 2000. "Housing Choice Behavior of Urban Workers in China's Transition to a Housing Market," Journal of Urban Economics, Elsevier, vol. 47(1), pages 61-87, January.
    3. Michael Spence & Patricia Clarke Annez & Robert M. Buckley, 2009. "Urbanization and Growth : Commission on Growth and Development," World Bank Publications - Books, The World Bank Group, number 2582, December.
    4. Fleisher, Belton M. & Yin, Yong & Hills, Stephen M., 1997. "The role of housing privatization and labor-market reform in China's dual economy," China Economic Review, Elsevier, vol. 8(1), pages 1-17.
    5. Festing, Marion & Sahakiants, Ihar, 2013. "Path-dependent evolution of compensation systems in Central and Eastern Europe: A case study of multinational corporation subsidiaries in the Czech Republic, Poland and Hungary," European Management Journal, Elsevier, vol. 31(4), pages 373-389.
    6. Raymond J. Struyk & Alexander S. Puzanov & Lisa A. Lee, 1997. "Monitoring Russia's Experience with Housing Allowances," Urban Studies, Urban Studies Journal Limited, vol. 34(11), pages 1789-1818, November.

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