The Maze of Urban Housing Markets

Theory, Evidence, and Policy

Jerome Rothenberg, George C. Galster, Richard V. Butler, and John R. Pitkin

The Maze of Urban Housing Markets
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Jerome Rothenberg, George C. Galster, Richard V. Butler, and John R. Pitkin

558 pages | 16 line drawings, 39 tables | 6 x 9 | © 1991
Cloth $115.00 ISBN: 9780226729510 Published November 1991
This powerful new theoretical approach to analyzing urban housing problems and the policies designed to rectify them will be a vital resource for urban planners, developers, policymakers, and economists. The search for the roots of serious urban housing problems such as homelessness, abandonment, rent burdens, slums, and gentrification has traditionally focused on the poorest sector of the housing market. The findings set forth in this volume show that the roots of such problems lie in the relationships among different parts of the market—not solely within the lower-quality portion—though that is where problems are most dramatically manifested and housing reforms are myopically focused.

The authors propose a new understanding of the market structure characterized by a closely interrelated array of quality submarkets. Their comprehensive models ground a unified theory that accounts for demand by both renters and owner occupants, supply by owners of existing dwellings, changes in the stock of housing due to conversions and new construction, and interactions across submarkets.
Contents
Acknowledgments
1. Introduction
2. The Economics of Urban Housing Markets: Previous Work and New Directions
Part One: The Theory of Urban Housing Markets and Submarkets
3. The Stratification of Urban Housing Markets
4. The Demand for Urban Housing and the Choice of Tenure
5. The Supply of Urban Housing: New Construction and Conversion
6. Housing Market Equilibrium
7. Summary of the Theoretical Model
Part Two: Applications of the Theory to Contemporary Urban Housing Issues
8. Housing Availability, Quality, and Affordability
9. Neighborhood Decline
Part Three: Analysis of Urban Housing Policies
10. Urban Housing Policy: Demand-Side Approaches
11. Urban Housing Policy: Supply-Side Approaches
12. Urban Housing Policy: Market-Regulation Approaches
Part Four: Empirical Explorations
13. Estimating the Structure of Housing Submarkets
14. Cross-SMSA Model: Market-Period Demand and Supply
15. Cross-SMSA Model: Medium-Run Supply
16. Single-SMSA Model: Medium-Run Supply
Part Five: Conclusions, Implications, and Future Directions
17. The Maze of Urban Housing Markets: What Have We Learned?
References
Author Index
Subject Index
For more information, or to order this book, please visit http://www.press.uchicago.edu
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