Dr. Seong-Hoon Cho (Associate Professor, University of Tennessee)
【タイトル】
Moderating Urban Sprawl through a Two-Rate Property Tax
【要 旨】
Municipalities can reform prevailing property tax schedules to moderate sprawl by reducing the tax rate applied to building values while increasing the tax rate applied to land. Such policies have been referred to as a two-rate property tax (TPT). In this paper, the effectiveness of a TPT on compact development in a
sprawling metropolitan area is evaluated. Ex ante simulations suggest that housing density, measured as the ratio of single-unit structure area over parcel area, increases by 18% and 83% when land is taxed proportionally higher than structures (1.07 to 1 and 1.25 to 1, respectively). The results from TPT policy simulations on compact development will provide researchers, policy makers, and those who advise them a way to inform public policy geared towards the compact development of residential space.
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Dr. JunJie Wu (Professor, Oregon State University)
【タイトル】
How High Gas Prices Triggered the Housing Crisis: Theory and Empirical Evidence
【要 旨】
The U.S. housing collapse in 2007 is widely blamed for inducing a financial crisis that spread to the real economy and caused a severe and prolonged downturn. This paper investigates the role of rising gas prices and a dramatic gas price shock in triggering the housing market collapse. Specifically, we develop a parsimonious model of housing demand that integrates the Alonso-Muth modelof urban form and the Poterba model of housing investment in order to demonstrate that unanticipated increases in gas price increased the cost of work commutes, lowering the value of homes away from the city center and increasing foreclosure rates as homeowners either could not afford mortgage payments amid elevated gas expenditures or sought to abandon underwater homes. This theory predicts that gas price shocks disproportionately a.ect suburban homes that face greater exposure due to longer commutes and greater vulnerability due to lower incomes. Empirical evidence from the 2007-08 housing collapse is presented to illustrate this theory.
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