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Mortgage Payment as a Portion of Income: A Better Solution

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Abstract

We propose a program that would further promote housing privatization in China. In addition to operating its current Housing Savings Fund program, the government could guarantee loans, with payments capped at affordable levels or spread out over workable payment periods. Such a program would balance efficiency with fairness by encouraging market forces, while addressing practical necessities (lenders?rights, corruption, labor mobility) so that privatization could relieve the burden on government and taxpayers. Net benefits would arise through the private market’s greater efficiency in managing housing resources.

Suggested Citation

  • Anthony Yanxiang Gu & Joseph W. Trefzger, 2003. "Mortgage Payment as a Portion of Income: A Better Solution," International Real Estate Review, Asian Real Estate Society, vol. 6(1), pages 121-135.
  • Handle: RePEc:ire:issued:v:06:n:01:2003:p:121-135
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    References listed on IDEAS

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    1. Peter Kemp, 1990. "Income-related Assistance with Housing Costs: a Cross-national Comparison," Urban Studies, Urban Studies Journal Limited, vol. 27(6), pages 795-808, December.
    2. John Vickers & George Yarrow, 1988. "Privatization: An Economic Analysis," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262720116, January.
    3. Anthony Yanxiang Gu, 2002. "Valuing the Option to Purchase an Asset at a Proportional Discount," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 25(1), pages 99-109.
    4. Ramon Moreno, 2002. "Reforming China's banking system," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may31.
    5. Edgar O. Olsen, 2000. "The Cost-Effectiveness of Alternative Methods of Delivering Housing Subsidies," Virginia Economics Online Papers 351, University of Virginia, Department of Economics.
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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