By Robert M. Buckley (auth.)
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Extra resources for Housing Finance in Developing Countries
Because the available credit is allocated to priority sectors there is also a reduced quantity of mortgage credit supplied by the formal sector. Finally, because mortgages are substitutes for other means of borrowing, housing is not the only asset affected by the reduced supply of mortgage credit. All non-government borrowers face a higher real cost of borrowing even if interest rate ceilings obscure this effect. For most households this policy-induced, higher effective mortgage-interest-rate means a higher effective opportunity cost for discounting their future earnings.
M. Buckley, Housing Finance in Developing Countries © Robert M. Buckley 1996 The Real Sector Dimension 39 enue from the housing stock. Both are based on a partial analysis of how central planning distorted rents, ignoring its simultaneous distortions to household income and wealth. In market economies, housing-affordability arguments always reduce to some households having relatively less income than others; hence, housing subsidies are introduced as an in-kind transfer. This household-specific argument cannot be extended to the total population of an economy visa-vis its existing housing stock.
At any point in time, the tax on 46 The Framework for Analysis household income to fund capital subsidies was the implicit failure to pay 'market' dividends on the existing housing stock (that is, the implicit tax rate on housing dividends was 100 percent). 7) where Pr — Prc, the difference between market and controlled rents, is the rental subsidy per unit housing and Q is the total quantity of (state owned) housing space. The current dividend income missing from household income is a[finRC/(\ — f)]Q, and the wage tax is fioperQ.