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Public Sector Solutions

In: Affordable Housing Finance

Author

Listed:
  • Kim Hawtrey

    (Hope College)

Abstract

Whether we like it or not, housing is always and everywhere a matter of public-private partnership (PPP), at least to some minimal degree. By definition, housing markets do not occur in a spatial or taxation vacuum, nor are they unaffected by banking regulations and business cycle risk. Rather, housing markets are situated in a wider economic matrix of transport networks, county lines, tax settings, market regulations, Fed policymaking, immigration rates, urban planning history, and the like. It is simply impossible, in other words, to entirely divorce government decisions from housing outcomes. For instance, evidence shows that increasing the property tax reduces city size unambiguously (Song and Zenou, 2006), and that government-sponsored enterprise (GSE) affordable housing goals increase the supply of mortgage credit (Ambrose and Thibodeau, 2004). The implication is that complete policy neutrality with respect to housing markets is unlikely to prevail. Even the most minimalist, free market oriented policy framework we could propose, would still involve a significant degree of de facto government “intervention”. The private housing market, in other words, cannot be viewed in isolation from the rest of the society.

Suggested Citation

  • Kim Hawtrey, 2009. "Public Sector Solutions," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Affordable Housing Finance, chapter 9, pages 145-159, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-24436-8_9
    DOI: 10.1057/9780230244368_9
    as

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