{"id":7536,"date":"2019-02-04T09:39:53","date_gmt":"2019-02-04T08:39:53","guid":{"rendered":"https:\/\/www.uni.lu\/fr\/events\/affordable-housing-and-city-welfare\/"},"modified":"2019-02-04T09:39:53","modified_gmt":"2019-02-04T08:39:53","slug":"affordable-housing-and-city-welfare","status":"publish","type":"events","link":"https:\/\/www.uni.lu\/fr\/events\/affordable-housing-and-city-welfare\/","title":{"rendered":"Affordable Housing and City Welfare"},"content":{"rendered":"

Housing affordability has become the main policy challenge for most large cities<\/p>

in the world. Key policy levers are zoning, rent control, housing vouchers, and tax<\/p>

credits. We build a new dynamic stochastic spatial equilibrium model to evaluate the<\/p>

effect of these policies on house prices, rents, residential construction, labor supply,<\/p>

output, income and wealth inequality, as well as the location decision of households<\/p>

within the city. The analysis incorporates risk, wealth effects, and dynamic spatial<\/p>

equilibrium. We calibrate the model to the New York MSA, incorporating current<\/p>

zoning and rent control policies. Our model suggests sizable welfare gains from relaxing<\/p>

zoning regulations in the city center, as well as from expanding rent control<\/p>

and housing voucher programs. Housing affordability policies have a hitherto underappreciated<\/p>

insurance value which needs to be traded off against potential efficiency<\/p>

losses. The calibrated model implies gains in social welfare from reducing housing<\/p>

inequality.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"

Housing affordability has become the main policy challenge for most large citiesin the world. Key policy levers are zoning, rent control, housing vouchers, and taxcredits. We build a new dynamic stochastic spatial equilibrium model to evaluate theeffect of these policies on house prices, rents, residential construction, labor supply,output, income and wealth inequality, as well as the location decision of householdswithin the city. The analysis incorporates risk, wealth effects, and dynamic spatialequilibrium. We calibrate the model to the New York MSA, incorporating currentzoning and rent control policies. Our model suggests sizable welfare gains from relaxingzoning regulations in the city center, as well as from expanding rent controland housing voucher programs. Housing affordability policies have a hitherto underappreciatedinsurance value which needs to be traded off against potential efficiencylosses. The calibrated model implies gains in social welfare from reducing housinginequality.<\/p>\n","protected":false},"author":0,"featured_media":7537,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"event_start_date":"2019-02-26 12:30:00","event_end_date":"2019-02-26 13:45:00","event_speaker_name":"Stijn Van Nieuwerburgh \u2013 Columbia University ","event_speaker_link":"","event_is_online":false,"event_location":"Faculty of Law, Economics and Finance\r\nJFK Building \r\n29, avenue Kennedy\r\nL-1855 Luxembourg\r\nGround Floor, Nancy-Metz Room \r\n","event_street":"","event_location_link":"","event_zip_code":"","event_city":"","event_country":"LU"},"events-topic":[309],"events-type":[],"organisation":[116,101,226],"authorship":[],"acf":[],"yoast_head":"\nAffordable Housing and City Welfare - Universit\u00e9 du Luxembourg<\/title>\n<meta name=\"description\" content=\"Housing affordability has become the main policy challenge for most large citiesin the world. 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The analysis incorporates risk, wealth effects, and dynamic spatialequilibrium. We calibrate the model to the New York MSA, incorporating currentzoning and rent control policies. Our model suggests sizable welfare gains from relaxingzoning regulations in the city center, as well as from expanding rent controland housing voucher programs. Housing affordability policies have a hitherto underappreciatedinsurance value which needs to be traded off against potential efficiencylosses. 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