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Full text (PDF) - AsRES

Full text (PDF) - AsRES

Full text (PDF) -

Rental Externality, Tenure Security, and Housing Quality Shinichiro Iwata Faculty of Economics, Toyama University 3190, Gofuku, Toyama, 930–8555, Japan Phone: +81–76–445–6425, Fax: +81–76–445–6419 E-mail: iwata@eco.toyama-u.ac.jp Hisaki Yamaga Institute of Policy and Planning Sciences, University of Tsukuba 1–1–1, Tennoudai, Tsukuba, 305–8573, Japan Phone: +81–298–53–5179, Fax: +81–298–55–3849 E-mail: yamaga@sk.tsukuba.ac.jp First Version: December, 2003 This Version: February, 2004 Abstract In this paper, we consider three tenure modes: owner-owned housing, tenant-owned housing, and landlord-owned housing, and model the effect of the rental externality and tenure security on housing quality. We show that in theory the rental externality reduces housing quality of both tenant-owned housing and landlord-owned housing when the user’s utilization and the owner’s maintenance are independent or are substitutes. We also show that tenure security further reduces landlord-owned housing’s quality, but has ambiguous effect on tenant-owned housing’s quality. We investigate empirical tests of this issue, and obtain results that are consistent with theoretical predictions. Keywords: tenure mode; property rights; tenure rights; rental externality; tenure security; housing quality JEL classification: K11 (Property Law); K12 (Contract Law); R38 (Government Policies, Regulatory Policies) 1

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