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The Maze of Urban Housing Markets

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  • Rothenberg, Jerome
  • Galster, George C.
  • Butler, Richard V.
  • Pitkin, John R.
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    Abstract

    This powerful new theoretical approach to analyzing urban housing problems and the policies designed to rectify them will be a vital resource for urban planners, developers, policymakers, and economists. The search for the roots of serious urban housing problems such as homelessness, abandonment, rent burdens, slums, and gentrification has traditionally focused on the poorest sector of the housing market. The findings set forth in this volume show that the roots of such problems lie in the relationships among different parts of the market—not solely within the lower-quality portion—though that is where problems are most dramatically manifested and housing reforms are myopically focused. The authors propose a new understanding of the market structure characterized by a closely interrelated array of quality submarkets. Their comprehensive models ground a unified theory that accounts for demand by both renters and owner occupants, supply by owners of existing dwellings, changes in the stock of housing due to conversions and new construction, and interactions across submarkets.

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    Bibliographic Info

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    This book is provided by University of Chicago Press in its series University of Chicago Press Economics Books with number 9780226729510 and published in 1991.

    Edition: 1
    ISBN: 9780226729510
    Order: http://press.uchicago.edu/ucp/books/book/isbn/9780226729510.html
    Handle: RePEc:ucp:bkecon:9780226729510

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    Web page: http://press.uchicago.edu

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    Cited by:
    1. Richard Arnott & Elizaveta Shevyakhova, 2007. "Tenancy Rent Control and Credible Commitment in Maintenance," Boston College Working Papers in Economics 661, Boston College Department of Economics.
    2. Elif Alkay, 2008. "Housing Submarkets in Istanbul," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 113-127.
    3. Richard Arnott & Ralph Braid, 1995. "A Filtering Model with Steady-State Housing," Boston College Working Papers in Economics 301., Boston College Department of Economics.
    4. David Agrawal & William H. Hoyt, 2014. "State Tax Differentials, Cross-Border Commuting, and Commuting Times in Multi-State Metropolitan Areas," CESifo Working Paper Series 4852, CESifo Group Munich.
    5. Susin, Scott, 1999. "Rent Vouchers and the Price of Low-Income Housing," Berkeley Program on Housing and Urban Policy, Working Paper Series qt67d5x29s, Berkeley Program on Housing and Urban Policy.
    6. Author, A., 1998. "Book review," Regional Science and Urban Economics, Elsevier, vol. 28(4), pages 517-533, July.
    7. Lanny Arvan & David Nickerson, 2006. "Private Investment, Public Aid and Endogenous Divergence in the Evolution of Urban Neighborhoods," The Journal of Real Estate Finance and Economics, Springer, vol. 32(1), pages 83-100, February.
    8. Steven C. BOURASSA & Martin HOESLI & Vincent S. PENG, 2002. "Do Housing Submarkets Really Matter?," FAME Research Paper Series rp58, International Center for Financial Asset Management and Engineering.
    9. Rosenthal, Stuart S., 2008. "Old homes, externalities, and poor neighborhoods. A model of urban decline and renewal," Journal of Urban Economics, Elsevier, vol. 63(3), pages 816-840, May.
    10. Zabel, Jeffrey E., 2004. "The demand for housing services," Journal of Housing Economics, Elsevier, vol. 13(1), pages 16-35, March.
    11. Robert A. Simons & Roberto G. Quercia & Ivan Maric, 1998. "The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 147-162.

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