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http://ssrn.com/abstract=1914468
 
 

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Rethinking the Federal Bias Toward Homeownership


Edward L. Glaeser


affiliation not provided to SSRN

August 22, 2011

Cityscape: A Journal of Policy Development and Research, Vol. 13, No. 2, 2011

Abstract:     
The most fundamental fact about rental housing in the United States is that rental units are overwhelmingly in multifamily structures. This fact surely reflects the agency problems associated with renting single-family dwellings, and it should influence all discussions of rental housing policy. Policies that encourage homeowning are implicitly encouraging people to move away from higher density living; policies that discourage renting are implicitly discouraging multifamily buildings. Two major distortions shape the rental housing market, both of which are created by the public sector. Federal pro-homeownership policies, such as the home mortgage interest deduction, weaken the rental market and the cities where rental markets thrive. Local policies that discourage tall buildings likewise ensure that Americans have fewer rental options. The economic vitality of cities and the environmental consequences of large suburban homes with long commutes both support arguments for reducing these distortions.

Number of Pages in PDF File: 33

Keywords: Cityscape, 2011, Housing, Multifamily

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Date posted: August 22, 2011  

Suggested Citation

Glaeser, Edward L., Rethinking the Federal Bias Toward Homeownership (August 22, 2011). Cityscape: A Journal of Policy Development and Research, Vol. 13, No. 2, 2011. Available at SSRN: http://ssrn.com/abstract=1914468 or http://dx.doi.org/10.2139/ssrn.1914468

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Edward L. Glaeser (Contact Author)
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