Rethinking the Federal Bias Toward Homeownership
The most fundamental fact about rental housing in the United States is that rental units are overwhelmingly in multifamily structures. This fact surely reflects the agency problems associated with renting single-family dwellings, and it should influence all discussions of rental housing policy. Policies that encourage homeowning are implicitly encouraging people to move away from higher density living; policies that discourage renting are implicitly discouraging multifamily buildings. Two major distortions shape the rental housing market, both of which are created by the public sector. Federal pro-homeownership policies, such as the home mortgage interest deduction, weaken the rental market and the cities where rental markets thrive. Local policies that discourage tall buildings likewise ensure that Americans have fewer rental options. The economic vitality of cities and the environmental consequences of large suburban homes with long commutes both support arguments for reducing these distortions.
|Date of creation:||2011|
|Publication status:||Published in Cityscape: A Journal of Policy Development and Research|
|Contact details of provider:|| Postal: 79 JFK Street, Cambridge, MA 02138|
Web page: http://www.hks.harvard.edu/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Edward L. Glaeser & Matthew E. Kahn & Jordan Rappaport, 2000.
"Why Do The Poor Live In Cities?,"
Harvard Institute of Economic Research Working Papers
1891, Harvard - Institute of Economic Research.
- Glaeser, Edward L. & Kahn, Matthew E., 2010.
"The greenness of cities: Carbon dioxide emissions and urban development,"
Journal of Urban Economics,
Elsevier, vol. 67(3), pages 404-418, May.
- Edward L. Glaeser & Matthew E. Kahn, 2008. "The Greenness of Cities: Carbon Dioxide Emissions and Urban Development," NBER Working Papers 14238, National Bureau of Economic Research, Inc.
- Joseph Gyourko & Edward L. Glaeser, 2008. "Rethinking Federal Housing Policy," Books, American Enterprise Institute, number 50499.
- James M. Poterba, 1984. "Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 99(4), pages 729-752.
- Edward L. Glaeser & Joshua D. Gottlieb, 2008.
"The Economics of Place-Making Policies,"
NBER Working Papers
14373, National Bureau of Economic Research, Inc.
- Albert Saiz, 2010. "The Geographic Determinants of Housing Supply," The Quarterly Journal of Economics, Oxford University Press, vol. 125(3), pages 1253-1296.
- Jenny Schuetz, 2008. "Guarding the Town Walls: Mechanisms and Motives for Restricting Multifamily Housing in Massachusetts," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(3), pages 555-586, 09.
When requesting a correction, please mention this item's handle: RePEc:hrv:hksfac:8052149. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Office for Scholarly Communication)
If references are entirely missing, you can add them using this form.