【光华讲坛】Waiting for Affordable Housing


【光华讲坛】Waiting for Affordable Housing

题:Waiting for Affordable Housing

主讲人Chamna Yoon,associate professor, Sungkyunkwan University

主持人Jipeng Zhang,associate professor, RIEM,SWUFE



主办单位经济与管理研究院 科研处



Chamna Yoon is an associate professor in Economics from Sungkyunkwan University. He got his PhD from the University of Pennsylvania and worked at Baruch College, City University of New York. He has published in top economic journals such as American Economic Review, International Economic Review, etc.



The purpose of this paper is to develop and estimate a new dynamic equilibrium model of housing markets for low- and moderate-income households. Our model is consistent with the key supply restrictions and search frictions that arise in the markets for public and rent regulated housing. We provide conditions that guarantee that a stationary equilibrium with rationing exists and characterize the properties of the queuing process in public housing. We estimate the model using data from Manhattan collected by the New York Housing Vacancy Survey in 2011. We find that having access to public housing increases household welfare by up to 17 percent. The estimated average time on the waitlist for Manhattan is approximately 18 years. The search frictions in the market for rent stabilized imply an average search time of 4 years. Finally, we study the welfare effects of policies aimed at reducing the mismatch in public housing by strictly enforcing eligibility criteria. We show that these policies can lead to a 25 percent decline in average wait times.