Eight Policy Lessons from the US Housing Meltdown

The global financial crisis has generated many lessons for policy makers in the housing sphere, as well as in financial regulation. This paper discusses eight lessons drawn specifically from the United States housing meltdown that triggered the crisis. The housing sector is important for monetary policy and financial stability, highly interconnected with the financial system, and dependent on institutional details that vary widely across countries and through time. Easier and cheaper access to finance does not improve long-run housing affordability; but if credit conditions ease too much and the credit assessment process breaks down, strategic default becomes more likely. That defaults rose so far in the US shows how unusual its housing system is—a fact not revealed in simple aggregate statistics. One element of the US exceptionalism is that housing supply is quite flexible there, and that helped produce the bust.     

Securitization,the Global Financial Crisis and Residential Capitalisms in an East Asian Context

This paper offers an analysis of the housing impact of the recent financial crisis in an East Asian context, specifically Hong Kong. In doing so, the paper argues that much of the current political economy analysis in this area has been overly focused on mortgage securitization as the centrepiece of liberal housing finance systems. The paper also shows that an understanding of the limited development of mortgage securitization in Hong Kong lies in the embedded actions of institutional agents. The paper seeks to contribute to ongoing policy debates about the differential impact of the financial crisis on housing markets and to broader theoretical conceptions of ‘residential capitalisms’. In relation to the latter, the aim is to strengthen the East Asian dimension of these discussions and to reinforce arguments regarding the importance of the embedded actions of agents in shaping housing finance systems.     

Developments in the provision of housing finance in the UK

Recommended reading for providers and designers of housing. The results of the housing finance changes in the UK included a wider range of institutions involved, significant developments in the source and delivery of that finance, as well as important changes in government policy opening up social housing to the private finance market, targeting subsidy more directly at particular groups of individuals and introduction of specific supply subsidies to new private rented sector. The considerable unease with certain outcomes is dealt with.     

Housing Policy,Housing Assistance and the Wellbeing Dividend: Developing an Evidence Base for Post-GFC Economies

This paper discusses the recent evolution, at a time of turmoil within global financial markets, of Australia's housing system and considers the effectiveness of housing assistance responses formulated to assist lo- income Australians. Following the Global Financial Crisis (GFC), housing was recast in the public and political consciousness and received substantial policy attention. In this era of rapidly declining housing affordability as well as threats to the supply of housing finance, the Australian Government renewed its approach to housing assistance. The paper examines housing assistance in Australia and assesses individual outcomes in terms of a ‘wellbeing dividend’. It draws upon on a survey of 1700 low-income households to examine individual outcomes for health and wellbeing across three of Australia's major forms of housing assistance. The research clearly shows that while housing assistance makes a positive contribution to wellbeing, not all forms of assistance are equal.     

浅谈帮助低收入者解决住房问题

低收入群体的住房条件差的问题较严重,我国现行的住房供应体系,虽能解决一些城市低收入群体的住房,但无法从根本上解决低收入群体的住房问题。我认为应借鉴西方国家的成功经验,建立我国的住房保障体系,主要应从财政、法律、金融、税收、资金、增加收入等政策上支持低收入者租房、建房、购房,使居者有其屋。     

Transnational migration,remittances and the financialization of housing in Colombia

Recently, various Latin American governments have sought to render migrants as development agents by channelling remittances to specific sectors such as housing and finance. The available literature has yet to articulate how these developments are reconfiguring the political economy of housing in the region. The paper draws on empirical data collected at both ends of the Colombia–UK migration network. It argues that the Colombian Government’s efforts to incorporate migrants into the polity through a renovated housing policy aim to institutionalize migrant households’ transnational practices and their links with global circuits of capital and finance. They are underpinned by the repositioning of housing away from consumption into an investment item and driver of economic growth and the financial sector as the main medium for households’ access to public and private housing, and other basic services. These developments have taken place in the context of a broader process of financialization of the global development agenda in the last three decades.     

Institutional logics and organisational hybridity: English housing associations’ diversification into the private rented sector

State withdrawal combined with challenges in raising private finance has led not-for-profit housing organisations in a range of countries to diversify into commercial activities as means to generate additional income streams and cross subsidise their core social operations. Within England, an increasing number of housing associations (HAs) has looked for new forms of investment, notably from private rental housing, to generate additional cash flows and fill gaps in the housing market. Drawing on the concepts of institutional logics and organisational hybridity, the paper uses organisational archetypes to examine the different hybrid financing, governance structures and housing products that two pioneering London-based HAs have employed to undertake private rental activities alongside their social businesses. The paper argues that the trends identified are indicative of wider institutional change, with not-for-profit housing organisations facing difficult strategic choices about how to fund their core business in a world of lower public subsidy and uncertainty over future sources of private finance.     

我国住宅金融风险的转移方式

通过市场交易方式和非市场的自愿承诺方式，转移住宅多事２风险，以支持我国住宅金融业务的开展。     

住房消费中住房公积金的贡献度——以典型城市为例的实证研究

住房公积金制度是我国政策性住房金融体系的核心,先后经历了支持住房建设、支持住房需求和制度完善等三个阶段,成为城镇职工住房保障体系的重要组成部分.本文试图对公积金的住房保障功能进行定量测度,建立了住房公积金的住房消费贡献度模型,并以上海、杭州、湖州、常州和重庆等典型城市2006年度的市场统计数据为基础,对这些城市住房消费中住房公积金的贷款贡献度、还款贡献度、利息节省率和家庭月收入还贷率进行了测算和比较,分析了它们与房价、家庭收入、公积金缴存比例和贷款最高限额等因素的关系,并据此提出了建立公积金政策与房价、家庭收入水平联动机制,中央与地方共同确定公积金贷款与商业贷款利差,严控公积金月缴存额上下限等政策建议.     

新一轮房地产调控中的住房政策及其效果分析

为了解政府对住房市场宏观调控采取政策的执行效果,采用定性分析的方法对住房市场宏观调控中的金融、房贷和土地政策进行分析。在梳理总结各类政策的基础上,分析政策出台规律、政策实施效果以及造成市场现状的根源及深层次原因。结合政策特点和问题根源,提出相应的政策建议改善住房市场调控现状,建立住房市场宏观调控的长效机制。     

香港公屋本质,公屋设计和居住实态

文章分析了香港在不同时期的公屋政策，公屋设计及居住实态。     

对住房抵押贷款还款方式的分析研究

住房抵押贷款可以有效促进住房消费市场的形成,推动房地产金融的发展。针对目前我国住房抵押贷款存在的主要问题,分析了三种不同还款方式情况下,对于借款人和还款人的影响,并提出政策上的若干建议。     

保障性住房设计探索

回顾和总结了自政府出台推行小户型住宅政策以来,建筑师对小面积住宅设计技术途径的探索,对典型户型的设计进行了分析总结,为中低收入的保障性住房提供借鉴。     

Young People,Homeownership and Future Welfare

Homeownership has become a ‘normalised’ tenure of choice in many advanced economies, with housing playing a pivotal role in shifts from collective to asset-based welfare. Young people are, however, increasingly being excluded from accessing the housing ladder. Many are remaining in the parental home for longer, and even when ready to ‘fly the nest’ face significant challenges in accessing mortgage finance. This under-30 age group has become ‘generation rent’. As this policy review emphasises, this key public-policy issue has created a source of inter-generational conflict between ‘housing poor’ young people and their ‘housing rich’ elders. To fully understand the complexities at play however, this paper argues that we need to look beyond the immediate housing-market issues and consider how housing policy interacts with broader social, economic and demographic shifts, and how it is intimately connected to debates about welfare. This is illustrated with reference to the UK, although these debates have international resonance.     

Hidden from History? Housing Studies,the Perpetual Present and the Case of Social Housing in Britain

This paper examines the use and abuse of historical method in the field of housing studies, with specific reference to predictions about the future shape of social housing in Britain. It reflects on the debates about council housing in the early 1990s and sets these against subsequent policy developments. The paper suggests that this exercise reveals some shortcomings in dominant paradigms within housing studies, such as the misreading and misrepresentation of tenants' responses and reactions; the over-emphasis on consumption in assessing processes of housing sector change; the neglect of increasing spatial differentiation in housing markets across Britain; and the failure to appreciate the causes behind increasing volatility in some local housing markets. The paper argues for a more nuanced historical sensibility and a more adventurous methodology when forecasting the future direction of housing policies and the future characteristics of housing systems.     

Reconciling Policy Tensions on the Frontlines of Indigenous Housing Provision in Australia: Reflexivity,Resistance and Hybridity

In Australia, significant recent reforms reposition Indigenous housing provision and management in remote and town camp communities under the mainstream public housing model. Two competing discourses surround this shift: a federal discourse of standardisation and state discourses of local responsiveness centred on the introduction of new community engagement processes into Indigenous public housing. This paper reports on qualitative research into the micro-scale of policy implementation to highlight policy-to-practice translation on the frontlines of Indigenous housing. Based on interviews with Indigenous housing stakeholders, this paper argues the capacity to support locally responsive housing management is problematic under the current arrangements. The analytical framework of realist governmentality reveals frontline housing professionals' role in the local resolution of tensions between federal and state policy levers. A focus on agent reflexivity and resistance on the frontline assists in capturing the dynamic (hybrid) identity of Indigenous public housing, as an atypical Australian example of hybridity in social housing.     

企业“商改租”意愿的影响因素分析

“商改租”政策的提出不仅有利于扩大租赁住房供给来源,也为我国商办市场去库存提供了一个解决思路。但目前“商改租”的实践效果并不理想,针对企业积极性不高的问题,在相关文献研究和案例分析的基础上,从法律与政策、市场、企业和存量商办房自身4个方面,系统归纳出影响企业参与意愿的26个因素。运用系统工程方法,建立了影响因素间的6级多层递阶解释结构模型,明确各因素之间的相互影响关系和作用路径,找出了影响企业参与意愿的10个根源性因素。并针对法律与政策、政府激励措施、商办与住房租赁市场需求、改造市场经验、存量状况与满足转化条件程度等根源性影响因素,提出“商改租”工作推进政策建议。     

Fair Housing Policy and the Abandonment of Public Housing Desegregation

In this article I examine the failure of fair housing policy to desegregate public housing in the USA. The article reviews major federal actions toward public housing segregation, as well as broader public housing segregation patterns and trends in the USA. It then draws on a variety of archival sources to present an in-depth case study of public housing segregation and desegregation in Louisville, Kentucky. Unlike previous studies of the subject, this article provides a detailed investigation of the relationship between local public housing tenancy policies and changes in racial occupancy across Louisville's housing projects spanning the last 50 years. The article argues for the importance of research on local-scale policy implementation for our understanding of fair housing policy, and it draws from its investigation of Louisville some conclusions about the inability of fair housing policy in the USA to realize its stated objectives.     

新加坡公共住房发展研究:从“广厦”到“恒产”的智慧

伴随着新加坡经济40余年的持续增长,其公共住房的发展也取得了巨大的成功。基于对新加坡公共住房发展历程、运行机制和价值理念的分析,文章得出结论:新加坡公共住房的发展逐步实现了新加坡居民人人有房住、人人有住房的目标,并通过各种方法让居民的住房保值和增值,完成了社会财富结构的重塑,最终为新加坡经济的持续发展提供了稳定的政治和社会基石。     

税收政策对保障性住房供给的影响分析

在我国保障性住房有效供给严重不足、政府决心加大保障性住房建设的情况下,对保障性住房供给方式以及税收政策的影响进行了分析与研究。根据住房过滤与梯度消费理论,完善性地构建了保障性住房多层次供给模型。并以这个模型作为税收政策对保障性住房作用的契入点,分析了现有的税收政策对各种保障性住房供给的影响,提出了对保障性住房供给方税收政策改革的合理化建议。