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HousingPolicy
Introduction:HousingPolicyLow-IncomeHousingPolicy:$30billionperyearPublichousing,subsidizedprivatehousing,vouchersCommunitydevelopmentprogramssupportlocaleffortsHigh-incomeHousingPolicy:$66billionperyearformortgagesubsidy15-2
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FeaturesofPublicHousingAbout1.3millionhouseholds;budgetarycostabout$7billionManagedbylocalhousingauthoritiesRentnogreaterthan30%ofrecipientincome15-4
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WhataretheBenefitsofPublicHousing?Recipientvalue=$200(twothirdsofmarketvalue)Productioncost=2x$540=$1,080Budgetarycost=$840=$1,080productioncost-$240rentBangperbuck=$200/$840=0.2415-6
SubsidiesforPrivateHousingSection236Section8-ProjectBasedTenantpays30%ofincomeasrent(R)Fairmarketrent(F)determinedbycostorprevailingrentGovernmentpaysownersubsidy:S=F-RExample:Income=$800;F=$500;S=$500-$240=$260Productionefficiencyofsubsidizednewhousing:median=0.7515-7
TaxCreditsforInvestmentsinAffordableHousingAnnualtaxcredit=9%ofcostattributabletolow-incomehousingTaxcreditsfor10years;restrictionsinforcefor15yearsRentrestricted:maximumrent=30%ofqualifyingincome20/50test:20%ofresidentshaveincome≤50%ofmedianincome40/60Test:40%ofresidentshaveincome≤60%ofmedianincome15-8
EffectsofTaxCreditsUsedinprojectsthatproduced700,000unitsby1999Taxrevenuesacrificed=$3.5billionperyearEach$1.00generated$0.62ofhousingDiPasqualeetal:higherproductionefficiency:Costgapis14%to19%15-9
TextTextText15-10
FactsonDisplacementEffectsSubsidiesreducedemandforunsubsidizeddwellingsandpriceDecreaseinquantityfromreducedincentivetomaintainandslowerfilteringInlongrun,bestestimateisone-for-onecrowdingoutNoevidencethatlow-incometaxcreditprogramincreasedtotalsupply15-11
HousingVouchers:IntroductionVouchers(likefoodstamps)allowrecipientstochooseRecipient
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