摘要:

Using Annual Housing Survey data on multifamily structure occupancy by household type for 1975, together with number of household projections from the Department of Agriculture, a gross level of multifamily housing demand is projected. Allowance is made for a 2 percent replacement rate of the total stock as well as a 5 percent vacancy figure for new household demand. Assuming that: (1) there is no massive shift away from one‐family ownership to multifamily units, and (2) the present level of conversions from one‐family units to multiple occupancy continues to offset the trend of conversion from rental multifamily units to condominium status, then total future demand for multifamily rental units is well within current construction levels.We are presently building one and one‐half times the demand of 416,000 units per year projected for 1975–80.The demand from 1980 to 1990 decreases to 367,000 new units annually.This is further reduced to 335,000 units annually for the period 1990–2000.The major determinants of future demand will focus on the scrap‐page rate of extant facilities and the regional shifts of population.The future supply of multifamily structures depends on an abatement of construction costs and interest rates, and/or massive levels of Government subsidy.There is evidence that operating cost rises are challenging the financial integrity of multifamily structures. This is manifested by the HUD and private market mortgage delinquency and foreclosure rates.Policy focus for the future should emphasize the minimization of both construction and operating costs rather than augmented del

ISSN:1080-8620    

DOI:10.1111/1540-6229.00192

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

George Sternlieb argues convincingly that rental housing is likely to remain in somewhat short supply in the immediate future with some loosening at a later date. All of this is premised on no significant change in current construction and market trends. On the other hand, a change in national housing policy and sharing equity advantages with tenants could produce significant increases in rental units.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00193

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

The multifamily component of residential construction has received relatively little attention in the existing literature on macro‐economic housing markets. In those studies where single and multifamily starts have been treated separately [Kawaller (1976), Arcelus and Meltzer (1973), Brady (1973), Kalchbrenner (1972)Smith (1969), the greater share of attention and background discussion has been directed toward the singlefamily sector. Such treatment probably is due to the fact that multifamily starts have traditionally accounted for the smaller fraction of total private starts. Since the Census Bureau began recording the starts breakdown in 1959, however, this fraction has not fallen much below a fifth in any quarter, and it has been as high as 48 percent. Moreover, with a growing acceptance of the condominium and cooperative housing concepts, expanding Federal rental assistance initiatives, and changing life style preferences, it would appear that increased attention given to the multifamily sector, may significantly enhance our understanding of housing markets in genera

ISSN:1080-8620    

DOI:10.1111/1540-6229.00194

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

This paper presents a regional time series model of multifamily housing activity. The theoretical model, based on a profit‐maximizing builder or investor is used as a basis for estimating housing start and completion equations for each of the four Census regions and the U.S. as a whole. The empirical estimates show that new housing construction is highly responsive to profitability consideration, with the elasticity being between 5 and 14. The empirical estimates also demonstrate that there is substantial variance between regions in terms of parameter estimate

ISSN:1080-8620    

DOI:10.1111/1540-6229.00195

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Among other reasons, controlling financial distress in the conventional multifamily sector is important because of the neighborhood destabilizing effects of partially occupied and vacant buildings and the potential lending cutbacks that could be made by financial intermediaries whose loan portfolios may contain substantial numbers of older, failing rental properties.This article develops the case for a heightened national concern for the importance of this inventory to the housing welfare of the nation, particularly lower income and minorities; and then by analyzing the known levels of distress in the FHA insured unsubsidized stock. Failure rates in this portion of the multifamily sector are sufficiently great to suggest that similar problems already plague the conventional market and that such distress should be of major policy interest. The final section propose the development of a multifamily research and demonstration program as a basis for national action.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00196

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

The FHA addresses the rental housing needs of low‐ and middle‐income households through multifamily project mortgage insurance programs. These programs have been hindered, however, by substantial financial losses due to project default, assignments, and foreclosure. A review of existing empirical studies suggests that characteristics of project owners, the quality of project management, the adequacy of HUD screening, project construction, and project location all have an impact on financial viability. The results do not support claims that tenant characteristics are associated with failure. Although financial variables are closely related to failure, they are little used in the studies revie

ISSN:1080-8620    

DOI:10.1111/1540-6229.00197

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

“Multifamily Housing Demand” is probably correct in concluding that public policies to expand the capacity of the private sector to build multifamily housing are not necessary. There are, however, two important flaws in this article. First, the claim that a basic cost issue exists in multifamily housing is not supported by the evidence. Second, the focus of the policy analysis on the supply side of the housing market is misdirected if the real issue is, in fact, income distribution. Under such circumstances, policy prescriptions ought to concentrate on the demand s

ISSN:1080-8620    

DOI:10.1111/1540-6229.00198

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00199

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

Perhaps the most important technical development in assessment administration in recent years has been the application of multiple regression analysis. The technique offers an effective means of reappraising the large majority of single family residences each year or so at low costs per parcel. This paper addresses the issue of how to evaluate properly the accuracy or reliability of such models.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00200

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.t01-1-00200

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY