Housing supply and suppliers: are the microeconomics of housing developers important?
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(Accepted version)
Date
2015
Authors
Leishman, C.
Editors
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Journal Title
Journal ISSN
Volume Title
Type:
Journal article
Citation
Housing Studies, 2015; 30(4):580-600
Statement of Responsibility
Chris Leishman
Conference Name
Conference on After the Crisis: Housing Policy and Finance in the U.S. and the U.K. (13 Sep 2012 - 14 Sep 2012 : New York, NY)
Abstract
In this paper, I review the US, UK and international literature on the responsiveness of housing supply to demand. This is a well-developed area of the literature, but I put forward two new arguments: that developers face downward sloping demand curves in the housing market, and that housing developers as firms are sufficiently heterogenous that their output decisions cannot be generalised. I draw on the international literature but use the recent UK experience as a lens, arguing that the post Barker review planning policy and housing supply reforms did not yield as much additional housing supply as had been hoped and expected by policy markets and the housing development industry itself. After introducing two specific propositions, I present new statistical estimates that are at least highly suggestive that firm-specific factors are of importance in understanding supply responsiveness.
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Dissertation Note
Provenance
Description
This special issue of Housing Studies features six papers that were originally presented in September, 2012, at the New School in New York City at a conference titled "After the Crisis: Housing Policy and Finance in the U.S. and the U.K." sponsored by the Housing Studies Charitable Trust and the Rockefeller Foundation, the conference brought together scholars and practitioners from the US and the UK to discuss several topics involving housing finance, homeownership and low-income housing subsidies.
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© 2015 Taylor & Francis