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Housing Market Regulation

In: Housing Finance Systems

Author

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  • Sock-Yong Phang

    (Singapore Management University)

Abstract

This chapter reviews the government’s market regulation of the housing industry and the purposes behind such regulation. Regulation is the use of government power to restrict or constrain the decisions of economic agents. Regulations and regulatory agencies can exist at both national and sub-national levels. Government regulation can be generally categorized into three main areas: regulation of competition (antitrust), economic regulation and social regulation.1 Antitrust regulation supports competition and encompasses concerns with collusion or coordinated behavior, abuse of dominance and mergers that might arise when industries are concentrated. Economic regulation refers to government-imposed restrictions on firm decisions over price, quantity, quality, and entry and exit that are necessary in natural monopoly industries. Social regulation is justified where externalities, misaligned incentives or imperfect information may hamper decentralized markets from achieving the results deemed to be desirable by society.

Suggested Citation

  • Sock-Yong Phang, 2013. "Housing Market Regulation," Palgrave Macmillan Books, in: Housing Finance Systems, chapter 5, pages 55-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-01403-0_5
    DOI: 10.1057/9781137014030_5
    as

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