Housing America: Building Out of a Crisis

Housing America: Building Out of a Crisis

by Randall G. Holcombe

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Housing policy not only aff ects all Americans' quality of life, but has a direct impact on their fi nancial well being. About 70 percent of American households own their own homes, and for most, their homes represent the majority of their net worth. Renters are aff ected by housing policy. Even the small minority of Americans who are homeless are aff ected by housing policies specifi cally targeted to low-income individuals.The government's increasing involvement in housing markets, fed by popular demand that government "do something" to address real problems of mortgage defaults and loans, provides good reason to take a new look at the public sector in housing markets. Crises in prime mortgage lending may lower the cost of housing, but the poor and homeless cannot benefi t because of increases in unemployment. Even the private market is heavily regulated. Government policies dictate whether people can build new housing on their land, what type of housing they can build, the terms allowed in rental contracts, and much more.This volume considers the eff ects of government housing policies and what can be done to make them work better. It shows that many problems are the result of government rules and regulations. Even in a time of foreclosures, the market can still do a crucial a job of allocating resources, just as it does in other markets. Consequently, the appropriate policy response may well be to signifi cantly reduce, not increase, government presence in housing markets. Housing America is a courageous and comprehensive eff ort to examine housing policies in the United States and to show how such policies aff ect the housing market.

Product Details

ISBN-13: 9781351514989
Publisher: Taylor & Francis
Publication date: 07/05/2017
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 405
File size: 3 MB

Table of Contents

Preface vii

1 Introduction: Is There a Housing Crisis? Randall G. Holcombe Benjamin Powell 1

2 Urban Planning, Housing Affordability, and Land Use Samuel R. Staley 11

3 The Benefits of Nonzoning Bernard H. Siegan 33

4 Building Codes, Housing Prices, and the Poor William Tucker 65

5 Smart Growth and Housing Randal O'Toole 83

6 Inclusionary Zoning Benjamin Powell Edward P. Stringham 109

7 A Brief Survey of Rent Control in America: Past Mistakes and Future Directions Matthew E. Brown 131

8 The Economics of Government Housing Assistance for the Poor Joshua C. Hall Matt E. Ryan 157

9 Eminent Domain Randall G. Holcombe 183

10 Arresting Development: Impact Fees in Theory and Practice John B. Estill Benjamin Powell Edward P. Stringham 207

11 The Economics of Housing Bubbles Mark Thornton 237

12 Fannie Mae, Freddie Mac, and Housing: Good Intentions Gone Awry Lawrence J. White 263

13 Anatomy of a Train Wreck: Causes of the Mortgage Meltdown Stan J. Liebowitz 287

14 Urban Planning: The Government or the Market Fred E. Foldvary 323

15 Private Neighborhood Governance: Trends and New Options in Collective Housing Ownership Robert H. Nelson 343

About the Editors and Contributors 373

Index 379

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