Pub Date : 2022-05-31DOI: 10.24957/hsr.2022.30.2.107
J. Park, I. Pong
This study aims to examine the feasibility of financing the provision of public housing with National Housing and Urban Fund in Korea, in order to increase the ratio of public rental housing to the level of 9% of the total housing stock which is the EU average. Total 27 scenarios from 1) three proportions of investment and loan of 20% and 40%, 20% and 60%, and 20% and 75%, 2) three rates of reduction of the fund to support to the projects other than public housing in the fund, and 3) three additional transfers of capital gain tax to the fund are used in simulation analyses. In the analyses to provide total 1.11 million housing units from 2022 to 2028, it was found that the fund can cover the total cost of the plan in the case of 20% and 40% proportion of investment and loan from the fund. In case of 20% and 60% proportion of investment and loan from the fund, the fund also can cover the total cost when the reduction rate is 5 or 10%. In other cases, a transfer of 2~34% of capital gain tax property pro rata to the fund makes the plan feasible. Despite various assumptions and operational scenarios this attempt can provide useful information about the financing of public housing that is the most critical issue in increasing them.
{"title":"A Simulation Analysis of Financing Public Housing Provision","authors":"J. Park, I. Pong","doi":"10.24957/hsr.2022.30.2.107","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.107","url":null,"abstract":"This study aims to examine the feasibility of financing the provision of public housing with National Housing and Urban Fund in Korea, in order to increase the ratio of public rental housing to the level of 9% of the total housing stock which is the EU average. Total 27 scenarios from 1) three proportions of investment and loan of 20% and 40%, 20% and 60%, and 20% and 75%, 2) three rates of reduction of the fund to support to the projects other than public housing in the fund, and 3) three additional transfers of capital gain tax to the fund are used in simulation analyses. In the analyses to provide total 1.11 million housing units from 2022 to 2028, it was found that the fund can cover the total cost of the plan in the case of 20% and 40% proportion of investment and loan from the fund. In case of 20% and 60% proportion of investment and loan from the fund, the fund also can cover the total cost when the reduction rate is 5 or 10%. In other cases, a transfer of 2~34% of capital gain tax property pro rata to the fund makes the plan feasible. Despite various assumptions and operational scenarios this attempt can provide useful information about the financing of public housing that is the most critical issue in increasing them.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114766270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-31DOI: 10.24957/hsr.2022.30.2.85
J. Jung, Seungwoo Shin
In this study, the probit model explains the effect of inheritance and gift amounts on renters’ choice in housing tenure. The data is from the Korea National Survey of Tax and Benefit (NaSTaB). After left-censoring the renters as of 2010, we estimate the panel probit model to explore the effect of the amount of inheritance and gifts on people's tenure choices. As a result of the estimation, inheritance and gift amount variables have a statistically significant positive effect on the home buying behavior of rental households. When comparing their marginal effects, we find that the amount of inheritance has a more substantial effect when the total sample is used. In contrast, the gift amount variable has a more considerable effect when using the sub-sample that consists of either inheritance or gift or both. In the case of the renters’ home purchase decision, the financial support of parents and third parties may serve as an equity down payment. We present the policy recommendations to encourage behaviors related to inheritance and gifts that affect the redistribution of assets between generations.
{"title":"A Study on the Impact of Inheritance and Gift on the Housing Tenure Choice of Tenant Households","authors":"J. Jung, Seungwoo Shin","doi":"10.24957/hsr.2022.30.2.85","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.85","url":null,"abstract":"In this study, the probit model explains the effect of inheritance and gift amounts on renters’ choice in housing tenure. The data is from the Korea National Survey of Tax and Benefit (NaSTaB). After left-censoring the renters as of 2010, we estimate the panel probit model to explore the effect of the amount of inheritance and gifts on people's tenure choices. As a result of the estimation, inheritance and gift amount variables have a statistically significant positive effect on the home buying behavior of rental households. When comparing their marginal effects, we find that the amount of inheritance has a more substantial effect when the total sample is used. In contrast, the gift amount variable has a more considerable effect when using the sub-sample that consists of either inheritance or gift or both. In the case of the renters’ home purchase decision, the financial support of parents and third parties may serve as an equity down payment. We present the policy recommendations to encourage behaviors related to inheritance and gifts that affect the redistribution of assets between generations.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116993952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-05-31DOI: 10.24957/hsr.2022.30.2.57
Y. Song, Ji-yeon Kim, Chang-Moo Lee
Newtown and Redevelopment projects, which were popular in the 2000s have caused various conflicts among different social and economic interest groups due to the prolonged recession in the real estate market. Accordingly, the Seoul government implemented an exit strategy for the maintenance project in 2012 to release the maintenance area and implemented a new paradigm-based urban regenration policy. However, the exit strategy for the maintenance project caused other problems; since 2013, housing prices in Seoul have been on the rise, which led to the recent market pressure on the resumption of the maintenace project. The current study confirmed that the resumption of the maintenance project would be possible if an approximately 10% return was expected from the perspective of the union members in the maintenance project areas. A return rate analysis on the six areas that were released as a part of the exit strategy showed that the maintenance project for all areas could be resumed in the private sector, exceeding 10% of the preliminary required return.
{"title":"A Return Analysis on the Released Areas of the Redevelopment Projects in Seoul","authors":"Y. Song, Ji-yeon Kim, Chang-Moo Lee","doi":"10.24957/hsr.2022.30.2.57","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.2.57","url":null,"abstract":"Newtown and Redevelopment projects, which were popular in the 2000s have caused various conflicts among different social and economic interest groups due to the prolonged recession in the real estate market. Accordingly, the Seoul government implemented an exit strategy for the maintenance project in 2012 to release the maintenance area and implemented a new paradigm-based urban regenration policy. However, the exit strategy for the maintenance project caused other problems; since 2013, housing prices in Seoul have been on the rise, which led to the recent market pressure on the resumption of the maintenace project.\u0000The current study confirmed that the resumption of the maintenance project would be possible if an approximately 10% return was expected from the perspective of the union members in the maintenance project areas. A return rate analysis on the six areas that were released as a part of the exit strategy showed that the maintenance project for all areas could be resumed in the private sector, exceeding 10% of the preliminary required return.\u0000","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130910799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.103
M. Noh
{"title":"The Impact of Parental Economic Support and Housing Market on Young People’s Independence","authors":"M. Noh","doi":"10.24957/hsr.2022.30.1.103","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.103","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134272039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.177
S. Lee, Chang-heum Byeon
{"title":"Implementation Effects and Revitalization Plan of ‘Public-Private Self-Owned House Model’","authors":"S. Lee, Chang-heum Byeon","doi":"10.24957/hsr.2022.30.1.177","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.177","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"56 2-3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114013316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.71
Jin-Wan Seo, Jihwan Kim, Changha Jin
{"title":"How Many Rental Households Need Affordable Housing Policies?","authors":"Jin-Wan Seo, Jihwan Kim, Changha Jin","doi":"10.24957/hsr.2022.30.1.71","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.71","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116972399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.43
Seunghyun Kim, Wonhyeok Kim, Yoonsoo Lee
{"title":"Predicting the Apartment Transaction Price by Using Machine Learning Methods and the Fixed Effects Model","authors":"Seunghyun Kim, Wonhyeok Kim, Yoonsoo Lee","doi":"10.24957/hsr.2022.30.1.43","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.43","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126570433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.153
Jaechil Kim, Sun-Ju Kim
{"title":"A Study on the Degree of Sufficiency for Old-age Living according to the Level of Old-age Income of Housing Pension Users","authors":"Jaechil Kim, Sun-Ju Kim","doi":"10.24957/hsr.2022.30.1.153","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.153","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125877239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.131
Pilseong Choi, Dongwoo Hyun
{"title":"The Effect of a New Subway Opening on House Prices Near Metropolitan Bus Stops in a New Town: The Case of the New Town of Gwanggyo","authors":"Pilseong Choi, Dongwoo Hyun","doi":"10.24957/hsr.2022.30.1.131","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.131","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121937465","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-02-28DOI: 10.24957/hsr.2022.30.1.5
Woori Lee
{"title":"Cross-Regional Asymmetric Volatility Connectedness in the Korean Housing Markets","authors":"Woori Lee","doi":"10.24957/hsr.2022.30.1.5","DOIUrl":"https://doi.org/10.24957/hsr.2022.30.1.5","url":null,"abstract":"","PeriodicalId":255849,"journal":{"name":"Korean Association for Housing Policy Studies","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129550002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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