Public Employee Pension Funds and Social Investments: Recent Performance and a Policy Option for Changing Investment Strategies

Abstract: Public employee pension funds have emerged as major sources of investment dollars for real estate development. The size of these funds has prompted periodic, but intense, interest in diverting some portion of the resources controlled by fund managers into socially desired investments. While there is a wide range of possible investments that could be classified as socially desirable, a commitment of a portion of the available resources to the redevelopment of metropolitan areas could have an important impact on deteriorating communities and areas that have struggled to attract resources from other investors. This article looks at the issue of social investing, past assessments of the investment strategies of pension funds, and then analyzes the real estate investments made by a group of large public employee pension funds in different states. In noting that the support for redeveloping deteriorating areas is, unfortunately, still lagging, a policy option is presented to increase the level of performance and measure its success.     

综合性养老社区开发运营困境与可行性模式研究

中国养老服务业中,养老地产行业在近年发展迅猛。中国养老地产市场处于发展初期,现行养老地产主要分为社区嵌入式养老地产、机构式养老地产及综合性养老社区。其中,综合性养老社区是养老地产市场的焦点之一。但综合性养老社区在开发运营环节中存在资金缺口大、资金回流慢及养老公益属性弱化等问题。以成功案例为研究对象,梳理其开发运营模式,并总结值得借鉴的经验,包括优质口碑与品牌信誉度是现存困境的主要突破口,控制整体规模并注意运营成本可有效转变项目经营状况等。     

Strategic intervention for the economically active? Exploring the role of selected English local authorities in the development of new market rental housing with pension fund investment

Drawing on qualitative data the paper explores a shift in the focus of the English local authority enabling/strategic function towards innovative models to stimulate new supply of market rented homes, with local authority pension funds as institutional investors. It is argued that these initiatives are significant in illustrating the role of local, rather than national authorities, as initiators and trailblazers of policy towards the private rented sector. The importance of policy discourses that prioritise the needs of economically active households in justifying the use of publicly owned land for the development of privately-owned rented housing is explored in the context of debates around modes of local economic development in the global context. It is suggested that although the identification of local government pension funds as institutional investors may create an impression of social accountability and an ethical dimension to these innovations, they nevertheless represent a form of marketization of socially-held assets. This raises questions about the changing nature of the enabling/strategic function within English local authorities and the extent to which the previous focus on affordable housing delivery is being diminished in the dedication of local authority resources such as land to a profit-driven form of housing supply.     

ECONOMIC DEVELOPMENT,HOUSING AND ZONING: A TALE OF TWO CITIES

Extensive economic development and central business district expansion generate both positive and negative public impacts; assessing those impacts is a major challenge for urban social and economic analysts. For students of urban politics and policy processes, the strategies and conflict patterns surrounding the generation and distribution of these impacts are of central interest. This paper examines exactive zoning/housing trust fund programs in San Francisco and Boston…the most far-reaching examples of emerging policies adopted by cities to shift pan of the public costs of private economic development back to the developer. The paper suggests that two conditions must be present for exaction programs to be implemented: (1) CBD demand so high that monies can be “creamed off” for redistribution without causing developers to “exit,” and (2) the mobilization of community and neighborhood interests to counter pro-CBD-growth advocates. The exaction programs in both cities, though not panaceas, appear to be generating substantial funds for housing.     

基于超效率DEA 的房地产信贷资金配置效率研究

文章针对投放到房地产领域的信贷资金配置效率问题进行研究,利用超效率DEA 建立分析模型,以我国35 个大中城市作为研究样本,分别选取了2005 年的投入指标和2007 年的产出指标,实证检验了上述城市房地产信贷资金的配置效率。研究发现,整体上房地产信贷资金配置效率不高,只有48%的城市达到了DEA 有效,其余52%的城市没有达到DEA 有效;投放在房地产领域的信贷资金,配置效率呈现出地域化分布,DEA 有效的城市集中分布在东北和西北地区,未达到 DEA 有效的城市集中分布在中部和南方地区。     

我国企业员工培训难点与对策研究

以现存于我国企业培训中的难点为切入口 ,分析了现阶段我国企业员工培训存在于资金、时间、组织及人员素质、管理体制、培训市场等方面的难点 ,在此基础上 ,研究提出了从建立先进员工培训理念及科学管理程序 ,探索多元化培训资金来源渠道、增加资金投入力度 ,培育核心员工培训能力 ,建立培训激励机制与动态改进机制以及加强政府培训行为引导与控制等方面解决的对策 .     

不同居住模式下养老社区公共服务设施的空间布局研究

中国已逐步进入老龄化社会阶段,因而近些年来我国的养老社区的开发建设的力度也越来越大,其中不乏比较成功的案例。通过对国内养老社区代表案例的分析研究,归纳总结出了不同居住模式下的养老社区公共服务设空间布局特征,明确养老社区各个级别的公共服务设施的空间处理手法,以此指导未来养老社区规划设计。     

我国住房公积金贷款的固定利率模式研究

为了提高住房公积金对广大职工自住住房融资的支持力度,公积金贷款有必要从浮动利率转变为固定利率。从住房公积金的准封闭运行模式和其与德国住房储蓄模式的比较来看,固定利率住房公积金模式有其运行的可行性。分析了固定利率贷款模式下住房公积金贷款机构所面临的主要风险,认为与普通住房抵押贷款相比,其违约风险和提前还款风险很低,但存在相当的利率风险。最后,在此基础上提出了控制贷款风险,特别是利率风险的有效方法。     

Social Disadvantage,Tenure and Location: An Analysis of Sydney and Melbourne

This article focuses on the role that housing markets play in structuring patterns of social disadvantage in Australian cities, specifically Sydney and Melbourne. It explores the relationship between housing tenure and social disadvantage at the local scale (Census collector districts) for the two cities, following a discussion of the various stands of literature on housing tenure and socio-spatial polarisation in Australian cities. It analyses the relationship between areas of high social disadvantage and housing tenure. The analysis, which uses the ABS Index of Disadvantage, distinguishes locations where comparable levels of social disadvantage are associated with very different housing markets, one where public housing is prominent and others which are primarily areas of private sector housing. The social profiles of both types of area are described, drawing out differences between the two cities, as are changes in the extent of these areas over time. The policy implications for the areas of private sector housing are then discussed.     

Subsidized or subsidizing? Municipal drinking water service funds in California

In the longstanding debate over efficiency and effectiveness in drinking water provision between public versus privately governed systems, one of the main contention points is the reasons for different bill levels imposed by city-run as compared to privately owned water systems. In this study, we examine one potential explanation for disparities in bills: whether cities use their general funds to subsidize their drinking water fund operations or vice versa. Either practice goes against “user pays” principles, as pointed out by critics of municipal operation. However, the claims have not been tested empirically at scale. We extract and analyze city water enterprise fund financial data from the California State Controller Cities Raw Data of Financial Transaction Reports to empirically assess the extent to which and reasons why interfund transfers occur in California's 267 municipally owned water utilities. We find very little evidence that substantial interfund transfers, in either direction, occur between water enterprise funds and general funds within California cities, indicating that enterprise fund control measures are generally successful. These findings suggest that with proper regulation, the municipal fund subsidy debate is essentially a distraction from the real reasons why municipal and other water provider rates differ substantially.     

Social Disadvantage, Tenure and Location: An Analysis of Sydney and Melbourne

This article focuses on the role that housing markets play in structuring patterns of social disadvantage in Australian cities, specifically Sydney and Melbourne. It explores the relationship between housing tenure and social disadvantage at the local scale (Census collector districts) for the two cities, following a discussion of the various stands of literature on housing tenure and socio-spatial polarisation in Australian cities. It analyses the relationship between areas of high social disadvantage and housing tenure. The analysis, which uses the ABS Index of Disadvantage, distinguishes locations where comparable levels of social disadvantage are associated with very different housing markets, one where public housing is prominent and others which are primarily areas of private sector housing. The social profiles of both types of area are described, drawing out differences between the two cities, as are changes in the extent of these areas over time. The policy implications for the areas of private sector housing are then discussed.     

The Connection Between Public Transit and Employment

Urban transit systems in most American cities…have become a genuine civil rights issue-and a valid one-because the layout of rapid-transit systems determines the accessibility of jobs to the Black community. If transportation systems in American cities could be laid out so as to provide an opportunity for poor people to get meaningful employment, then they could begin to move into the mainstream of American life. A good example of this problem is my home city of Atlanta, where the rapid-transit system has been laid out for the convenience of the white upper-middle-class suburbanites who commute to their jobs downtown. The system has virtually no consideration for connecting the poor people with their jobs. There is only one possible explanation for this situation, and that is the racist blindness of city planners. Martin Luther King, Jr. (1986, pp. 325-326)

Much attention is being paid to the role of public transit in employment-related mobility for urban residents, yet there is very little evidence of the degree to which one affects the other. Little research has focused on how labor participation is affected by increases in urban workers' access to public transportation. Research on the spatial mismatch hypothesis has dealt with the relationship between labor participation and the spatial separation of workers' residences from suitable jobs; however, most analyses concentrate on commuting time or distance as a function of auto use. Few studies have considered the impacts of public transportation on labor participation. This article describes a study analyzing the locations and employment characteristics of workers with varying levels of access to public transit. Using census data and a variety of spatial measures generated by a geographic information system (GIS), a two-stage least squares regression was used to estimate the relationship of access to public transit with labor participation levels for Portland, Oregon, and Atlanta, Georgia. The results suggest that access to public transit is a significant factor in determining average rates of labor participation within these two cities.     

Policy and politics behind the public transportation systems of China's medium-sized cities: Evidence from the Huizhou reform

China is currently experiencing accelerated urbanization, with total urban population accounting for 52.6% of the country's total population in 2012. The next 10 years is foreseen to be characterized by the rural-to-urban migration of more than 300 million citizens. The consequent pressure on the environment compels small and medium-sized cities to accommodate the influx of migrants—a situation that inevitably brings new challenges to public utility management in the country. Most of these cities lack systematic management and consistent standards in the formulation of public transportation policy because of a vague decision-making mechanism. We empirically investigate the decision-making process for public transportation policy in China's medium-sized cities, focusing specifically on the ownership reform of the public transportation system in Huizhou, Guangdong. We apply Kingdon's multi-stream model and extensively interview stakeholders who shape public transit policy in the study area. On these bases, we discuss how the three streams—problems, policy, and politics—converge and initiate the reform of public transportation systems. Kingdon's model enables the identification of weak links in the transportation management systems of China's medium-sized cities.     

Urban design and conflicting city images of Brazil: Rio de Janeiro and Curitiba

Imageability of places, cities and countries is strongly influenced by tourist and political portraits in the media. As human cognition relies on inferential perception and contrasting categories, marketing strategies exploit partial truths and conflicting city images to direct public perceptions. This article addresses the relationship between international perception, image building and urban design in the case of Brazil and the cities of Rio de Janeiro and Curitiba. Their contrasting images as exploited by the international media expose only partial truths. In fact, these images represent complementary development contradictions that co-exist in any major city today.     

城市与市民关系的变化及城市规划的变革

针对目前城市规划的重点在于物质规划,而忽视其本质社会规划的现象,总结了由古至今城市与市民关系的演变过程。提出了要建立良性互动的城市与市民关系应以人为本,对当前的规划体制与模式进行变革。同时,规划的三个主体应各司其责,其中公众参与是引导城市可持续发展的一种有效途径。     

Research on New Urban Area Planning Based on TOD Mode:A Study on Binhu New District of Hefei City

As an urban development mode,the TOD (Transit-oriented Development) mode,targeted at energy-saving and based on the public transportation system,has positive significance for solving problems like disordered urban sprawl and traffic congestion in Chinese cities.This article takes Binhu New District of Hefei as an example to illustrate the practice of the TOD mode in the urban design of large and medium-sized cities.The paper analyzes the relationship between the new district,central urban area,and public transportation development,and puts forward that the TOD mode is suitable for Bihu New District.It states that the TOD mode can be realized through methods such as the building of a "double-rapid" comprehensive public transportation network,the setting up of decentralized-compact urban clusters and TOD communities,the mixevd land-use,as well as the scenery design with complete walking space.The paper also proposes that certain flexible methods can be adopted in order to promote the TOD mode,including making full use of bus transit when rail transit is lacked,setting up TOD communities surrounding the transport hubs,etc.     

PPP 模式在医养结合项目中的运用分析

为推进医养结合项目的发展,以医养结合型机构养老项目为研究对象,分析 PPP 模式在此类项目中的具体运用方式。运用文献研究和案例分析方法,分析了 PPP 模式在医养结合项目适用条件,从运作模式、交易结构和收益方式 3 个方面对 PPP 模式在医养结合项目中的运用方式进行研究,并选取菏泽市牡丹区枫叶正红医养一体化养老 PPP 项目进行实证分析。研究得出:医养结合项目宜有条件地应用 PPP 模式,医养结合 PPP 项目可采用“双经营主体”的形式,合理拓展项目收益方式,在保证社会公众利益的基础上,降低政府的财政费用支出。     

Planning transport infrastructure: examining the politics of transport planning in Melbourne,Sydney and Perth

Abstract

Australian cities have observed a “consensus turn” expressed as broad public support of greater accessibility and public transport provision as revealed in metropolitan strategic plans. In contrast large-scale road projects proposed to traverse the inner-city of three major Australian cities reveals an ongoing and deep-seated attachment by some to car-based travel in Australian urban transport planning. Comparative case studies of these three road projects in Melbourne, Sydney and Perth explores the impact that an antagonistic relationship between the state and community has on the culture of transport planning. Through observational insights, policy and media analysis and interviews with community groups, we show that this antagonistic planning culture arises when there is a fracture between metropolitan strategic plan-making and project planning, and when clear channels of communication and deliberation are undermined.     

瘟疫、城市公共卫生与风景园林——论英国历史上两次重大公共卫生事件对城市公共卫生和风景园林的影响

历史上,瘟疫让人类付出了惨痛代价。但是疫情过后,人们不断反思、改进,加强各个领域的建设,也给城市、公共卫生、园林等领域的发展带来了一定的机遇。在应对城市重大公共卫生事件的过程中,英国同许多国家一样遭遇了毁灭性打击,同时又具有特殊性,产生了许多影响世界城市和风景园林历史发展进程的特殊因素。选取英国历史上黑死病和霍乱两次重大公共卫生事件,采用历史文献分析方法,从瘟疫产生的背景、危害和瘟疫后城市公共卫生、风景园林发展两个方面展开探讨,重点关注瘟疫如何促进城市重建与发展,引发公共卫生领域的改革以及产生对风景园林的影响。认为瘟疫是一把自然生态的双刃剑,反推了城市公共卫生的建设,促进了环境和公共空间的立法。应对瘟疫从某个侧面推动了景观公正性的发展,让人们重新审视了人与自然的关系。以期为城市应对重大公共卫生事件提供经验和参考。     

突发公共卫生事件引发的城市发展思考与规划应对

建设人民城市、健康城市,提升城市应对突发公共卫生事件的能力和水平,是落实以"人民为中心"发展理念的必然要求。针对新型冠状病毒肺炎疫情暴露出的城市发展问题和短板,文章提出"厘清两对关系、构建两个体系、提质四类空间"的规划思考,具体为厘清平时与疫时、城市与区域的关系,构建适应性强的公共卫生体系、现代化的城市治理体系,通过规划这一公共政策补齐"医护空间"短板、重视"社区空间"建设、发挥"蓝绿空间"功能及再现"乡村空间"活力。