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Moving costs, security of tenure and eviction

  • Alex Anas

    (State University of New York at Buffalo)

  • Richard Arnott

    (Boston College)

We contrast equilibrium and welfare analysis in the rental housing market under two property rights regimes – eviction rights and security of tenure – when tenants face moving costs. A tenant’s idiosyncratic benefit from his unit and a landlord’s idiosyncratic profit from conversion are treated as private information. The two regimes differ when a tenant wants to stay in his unit but the landlord wants to redevelop it. North American housing markets have been characterized by eviction rights and many European housing markets by security of tenure. Under eviction rights, a landlord who evicts a tenant imposes a negative externality on him, which can be imperfectly internalized through a demolition (conversion) tax. Similarly, under security of tenure efficiency can be improved by subsidizing the moving costs of tenants.

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File URL: http://128.118.178.162/eps/urb/papers/0408/0408005.pdf
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Paper provided by EconWPA in its series Urban/Regional with number 0408005.

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Length: 44 pages
Date of creation: 15 Aug 2004
Date of revision:
Handle: RePEc:wpa:wuwpur:0408005
Note: Type of Document - pdf; pages: 44
Contact details of provider: Web page: http://128.118.178.162

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  1. Rohan Pitchford, 2003. "Coming to the Nuisance: An Economic Analysis from an Incomplete Contracts Perspective," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(2), pages 491-516, October.
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  4. Anas, Alex, 1997. "Rent Control with Matching Economies: A Model of European Housing Market Regulation," The Journal of Real Estate Finance and Economics, Springer, vol. 15(1), pages 111-37, July.
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  10. Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
  11. Venti, Steven F. & Wise, David A., 1984. "Moving and housing expenditure: Transaction costs and disequilibrium," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 207-243.
  12. Henderson, J. Vernon & Ioannides, Yannis M., 1989. "Dynamic aspects of consumer decisions in housing markets," Journal of Urban Economics, Elsevier, vol. 26(2), pages 212-230, September.
  13. Edin, P.A. & Englund, P., 1989. "Moving Cost And Housing Demand: Are Recent Movers Really In Equilibrium?," Papers 1989d, Uppsala - Working Paper Series.
  14. Dynarski, Mark, 1985. "Housing demand and disequilibrium," Journal of Urban Economics, Elsevier, vol. 17(1), pages 42-57, January.
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