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Housing Economics (For Housing Studies Degree) - Essay Example

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Summary
What are the economic justifications for each? Illustrate your answer with supply and demand diagrams”.
Housing markets around the world have some peculiarities, and…
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Housing Economics (For Housing Studies Degree)
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One of the guises where the government intercepts in housing markets is by offering subsidiaries to households and landlords. This is mainly to make the housing sector more affordable, to support landlords to construct more or better quality residences, or to make sure the housing stock is of adequately high quality. (King 2009:80).
Subsidy means the ways and means to make housing more affordable and cheaper than it otherwise would be. Hence, the subsidies will indirectly reduce the cost of housing and probably will facilitate more households to have access to it. As per Oxley and Smith (1996), housing subsidies mean an implicit or explicit flow of funds encouraged by the government activity which minimises the cost of housing construction or consumption else the cost would have been still higher. (King 2009:80).
The demand -side subsidy is one where the government will subsidise the private sector mainly through improvement grants and housing allowance, and owner occupiers through many guises of tax exemptions and reliefs. The supply- side subsidies include rent control where the landlords could not raise the rent beyond the limit set by the government or to increase the income level so that savings can be made which can be used for housing. The rent loss to landlords will be compensated by the extension of tax relief for owner occupiers and extending government grants to housing associations. (King 2009:80).
This type of subsidies meant to be granted to households directly or paid to service providers directly in lieu of the households. One-time subsidy is given for the building, purchase or completing either an existing or new housing unit or to rehabilitate the existing houses. Within the government’s budget, these grants are usually funded through an unambiguous appropriation process which throws their total cost translucent to the general public. ...Download file to see next pagesRead More
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