Bourassa, Steven C.; Hoesli, Martin. (2022). Hedonic, Residual, and Matching Methods for Residential Land Valuation. Journal Of Housing Economics, 58.
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Abstract
• Our first method involves a hedonic model estimated for sales of vacant lots. • Another method depreciates improvements, obtaining land value as a residual. • Our third approach matches the sales of vacant and subsequently developed lots. • This allows us to estimate a hedonic model of land leverage (the ratio of land to total property value) for improved properties. • We conclude that the third approach is the most promising of the three methods. Accurate estimates of land values on a property-by-property basis are an important requirement for the effective implementation of land-based property taxes. We compare hedonic, residual, and matching techniques for mass appraisal of residential land values, using data from Maricopa County, Arizona. The first method involves a hedonic valuation model estimated for transactions of vacant lots. The second approach subtracts the depreciated cost of improvements from the value of improved properties to obtain land value as a residual. The third approach matches the sales of vacant lots with subsequent sales of the same properties once they have been developed. For each pair, we use a land price index to inflate the land price to the time of the improved property transaction and then calculate land leverage (the ratio of land to total property value). A hedonic model is estimated and used to predict land leverage for all improved properties. We conclude that the matching approach is the most promising of the methods considered. [ABSTRACT FROM AUTHOR]; Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Hedonic Method; Land Leverage; Land Valuation; Matching Approach; Residual Approach
Acolin, Arthur;hoek-smit, Marja;green, Richard K. (2022). Measuring the Housing Sector’s Contribution to GDP in Emerging Market Countries. International Journal Of Housing Markets And Analysis, 15(5), 977-994.
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Abstract
Purpose > This paper aims to document the economic importance of the housing sector, as measured by its contribution to gross domestic product (GDP), which is not fully recognized. In response to the joint economic and health crises caused by the COVID-19 pandemic, there is an opportunity for emerging market countries to develop and implement inclusive housing strategies that stimulate the economy and improve community health outcomes. However, so far housing does not feature prominently in the recovery plans of many emerging market countries. Design/methodology/approach > This paper uses national account data and informal housing estimates for 11 emerging market economies to estimate the contribution of housing investments and housing services to the GDP of these countries. Findings > This paper finds that the combined contribution of housing investments and housing services represents between 6.9% and 18.5% of GDP, averaging 13.1% in the countries with information about both. This puts the housing sector roughly on par with other key sectors such as manufacturing. In addition, if the informal housing sector is undercounted in the official national account figures used in this analysis by 50% or 100%, for example, then the true averages of housing investments and housing services’ contribution to GDP would increase to 14.3% or 16.1% of GDP, respectively. Research limitations/implications > Further efforts to improve data collection about housing investments and consumption, particularly imputed rent for owner occupiers and informal activity require national government to conduct regular household and housing surveys. Researcher can help make these surveys more robust and leverage new data sources such as scraped housing price and rent data to complement traditional surveys. Better data are needed in order to capture housing contribution to the economy. Practical implications > The size of the housing sector and its impact in terms of employment and community resilience indicate the potential of inclusive housing investments to both serve short-term economic stimulus and increase long-term community resilience. Originality/value > The role of housing in the economy is often limited to housing investment, despite the importance of housing services and well-documented methodologies to include them. This analysis highlights the importance of housing to the economy of emerging market countries (in addition to all the non-GDP related impact of housing on welfare) and indicate data limitation that need to be addressed to further strengthen the case for focusing on housing as part of economic recovery plans.
Keywords
Pandemics; Economic Importance; Investments; Housing; Sanitation; Recovery; International Organizations; Covid-19; Economic Growth; Data Collection; Economic Indicators; Economics; Housing Conditions; Economic Policy; Economic Conditions; Market Economies; Resilience; Low Income Groups; Economic Activity; Consumption; Emerging Markets; Earthquakes; Surveys; Gross Domestic Product--gdp; Coronaviruses; Affordable Housing; Economic Development; Informal Economy; Households; Recovery Plans; Disease Transmission; Africa; South Africa; India
Ruoniu (Vince) Wang is an Assistant Professor in the Runstad Department of Real Estate in the College of Built Environments at the University of Washington. He studies spatial justice and inclusive communities, including their impacts reflected in the built environment, human behaviors, and policy interventions. Vince joined the University of Washington after serving six years as the research manager and director in a national non-profit organization Grounded Solutions Network. He has designed and conducted a U.S. Census of inclusionary housing policies, a U.S. census of community land trusts, and a national performance evaluation of shared equity homeownership programs. His research expands to policy evaluation for the two largest federal assisted housing rental programs in the U.S.: the Low-Income Housing Tax Credit program and the Housing Choice Voucher program. Vince grounds his research with applied tools to democratize data for low-income communities.
Abramson, Daniel. (2011). Transitional Property Rights and Local Developmental History in China. Urban Studies (sage Publications, Ltd.), 48(3), 553 – 568.
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Abstract
Among the societies that are moving from a centrally planned economy with weak property rights towards a market-oriented economy with stronger and more privatised property rights, China is undergoing an especially rapid and extensive urbanisation that obscures the diversity and relevance of local pre-Reform property arrangements. Official discourse emphasises the formalisation, clarification and, to some extent, the privatisation of property rights in the name of overall societal development and gradual integration with the global economy. In local informal, popular practice and discourse, however, the invocation of property rights reflects the continuing political relevance of both revolutionary and traditional notions of rights to urban space that challenge a unitary, linear view of the development process.
Keywords
Property Rights; History Of Economic Development; Central Economic Planning; Privatization; Urbanization; History; Social Policy; China
Vitro, Kristen A.; Whittington, Jan. (2015). The Cloud beneath the Clouds. Planning, 81(1), 35 – 35.
Abstract
The article discusses the proliferation of cloud computing data centers in Seattle, Washington. It also discusses the reasons behind the selection of the city by cloud computing data centers as site locations which include the availability of inexpensive but abundant sources of electricity, classification of dams as a critical infrastructure, and cooler climate. Another reason discussed is the planning and economic development practiced by municipalities to attract businesses in the area.
Keywords
Cloud Computing; Server Farms (computer Network Management); Industrial Location; Infrastructure (economics); Urban Planning; Economic Development; Seattle (wash.); Washington (state)
Colburn, Gregg. (2019). The Effect of Market Conditions on the Housing Outcomes of Subsidized Households: The Case of the US Voucher Programme. Housing Studies, 34(9), 1465 – 1484.
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Abstract
Since being created in the 1970s, housing vouchers have become the primary mode of federal housing support for low-income households in the US. The voucher programme was designed to provide recipients with the mobility needed to secure higher quality housing in neighbourhoods of their choice. Decades of analysis suggest that the programme has failed to produce the favourable outcomes envisioned by policymakers. To add to our understanding of the outcomes of this important federal programme, this paper seeks to underscore the importance of context-dependent policy analysis. In particular, this study analyses the impact of housing market conditions on the outcomes achieved by voucher recipients. Using neighbourhood and housing outcome data from the American Housing Survey, and median rent and rental market vacancy data, this paper demonstrates the important role that market conditions play in programme outcomes. The results from this study suggest that voucher recipients are successful at improving housing unit quality outcomes regardless of market conditions, but the ability to move to a better neighbourhood is a function of vacancy rates.
Keywords
Housing Subsidies; Housing Vouchers; Housing Market; Poor Communities; Neighborhoods; Housing; Housing Choice Voucher; Market; Neighbourhood; Section 8; Vacancy; Voucher; Residential-mobility Decisions; Choice Vouchers; Neighborhood; Income; Live; Families; Place; Home; Markets; Economic Conditions; Policy Analysis; Households; Impact Analysis; Policy Making; Low Income Groups; Vouchers; Mobility; Vacancies; Conditions; United States--us
Rhew, Isaac C.; Duckworth, Jennifer C.; Hurvitz, Philip M.; Lee, Christine M. (2020). Within- and Between-Person Associations of Neighborhood Poverty with Alcohol Use and Consequences: A Monthly Study of Young Adults. Drug & Alcohol Dependence, 212.
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Abstract
Background: Studies have shown associations between neighborhood disadvantage and alcohol misuse among adults. Less is known about the role of neighborhood context in young adults (YAs), who engage in more disordered forms of alcohol use compared to other age groups. Using data collected monthly, this study examined whether YAs reported more alcohol use and consequences when they were living in neighborhoods with greater concentration of poverty. Method: This study used data from 746 participants aged 18-23 years living in the Seattle, WA, region. Surveys were administered each month for 24 consecutive months. Measures included typical number of drinks per week and past month count of alcohol-related consequences. Residential addresses at each month were geocoded and linked to census-tract level percentage of households living at or below poverty threshold. Multilevel over-dispersed Poisson models were used to estimate associations between standardized monthly deviations in tract-level poverty from one's average and alcohol outcomes. Results: Across 14,247 monthly observations, the mean number of typical drinks per week was 4.8 (SD = 7.4) and the mean number of alcohol consequences was 2.1 (SD = 3.5). On months when they were living in neighborhoods with higher levels of poverty than their average, participants reported significantly higher levels of alcohol consequences (Count Ratio = 1.05; p = .045). Conclusion: YAs may engage in more problematic forms of drinking when they reside in neighborhoods with higher levels of disadvantage. During a time of frequent residential changes, YAs moving to more disadvantaged neighborhoods may benefit from additional supports.
Keywords
Alcohol Drinking; Young Adults; Neighborhoods; Age Groups; Poverty; Western Australia; Seattle (wash.); Alcohol; Neighborhood Context; Young Adulthood; Emergency-department Visits; Heavy Episodic Drinking; College-students; United-states; Substance Use; Use Disorders; Models; Health; Disorganization; Availability
Rhew, Isaac C.; Guttmannova, Katarina; Kilmer, Jason R.; Fleming, Charles B.; Hultgren, Brittney A.; Hurvitz, Philip M.; Dilley, Julia A.; Larimer, Mary E. (2022). Associations of Cannabis Retail Outlet Availability and Neighborhood Disadvantage with Cannabis Use and Related Risk Factors Among Young Adults in Washington State. Drug & Alcohol Dependence, 232.
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Abstract
Background: This study examined associations of local cannabis retail outlet availability and neighborhood disadvantage with cannabis use and related risk factors among young adults. Methods: Data were from annual cross-sectional surveys administered from 2015 to 2019 to individuals ages 18-25 residing in Washington State (N = 10,009). As outcomes, this study assessed self-reported cannabis use at different margins/frequencies (any past year, at least monthly, at least weekly, at least daily) and perceived ease of access to cannabis and acceptability of cannabis use in the community. Cannabis retail outlet availability was defined as the presence of at least one retail outlet within a 1-kilometer road network buffer of one's residence. Sensitivity analyses explored four other spatial metrics to define outlet availability (any outlet within 0.5-km, 2-km, and the census tract; and census tract density per 1000 residents). Census tract level disadvantage was a composite of five US census variables. Results: Adjusting for individual- and area-level covariates, living within 1-kilometer of at least one cannabis retail outlet was statistically significantly associated with any past year and at least monthly cannabis use as well as high perceived access to cannabis. Results using a 2-km buffer and census tract-level metrics for retail outlet availability showed similar findings. Neighborhood disadvantage was statistically significantly associated with at least weekly and at least daily cannabis use and with greater perceived acceptability of cannabis use. Conclusions: Results may have implications for regulatory and prevention strategies to reduce the population burden of cannabis use and related harms.
Keywords
Outlet Stores; Young Adults; Neighborhoods; Older People; Sensitivity Analysis; Washington (state); Cannabis; Cannabis Retail Outlets; Neighborhood Disadvantage; Alcohol-use; Marijuana Use; Density; Proximity; Health; Norms
Kim, Yong-Woo; Han, Seungheon; Shin, Sungwon; Choi, Kunhee. (2011). A Case Study of Activity-Based Costing in Allocating Rebar Fabrication Costs to Projects. Construction Management And Economics, 29(5), 449 – 461.
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Abstract
How to improve cost allocation for reinforced steel bar (rebar) is an ongoing topic of debate among construction manufacturers and contractors. Traditionally, many fabrication shops have used a single overhead-cost pool accounting system. However, a new costing method, activity-based costing (ABC), may provide more advantages than the traditional system. In this case study, a single overhead-cost pool system is compared with the ABC method to demonstrate how ABC improves cost allocation and provides other benefits. The case study findings indicate that ABC provides such benefits as (1) accurate manufacturing costs; (2) cost information on processes; and (3) information on cost drivers. This paper also bridges the construction and cost accounting literature. Our study contributes to the construction management literature by offering a different cost allocation method to refine fabrication costs assigned to projects. The findings are expected to serve as a reference for industry professionals who recognize the shortcomings of a traditional single overheadcost pool system and are in need of a more accurate costing system. © 2011 Taylor & Francis.
Keywords
Bridges; Costs; Fabrication; Lakes; Project Management; Rebar; Accounting System; Activity Based Costing; Construction Management; Fabrication Shops; Industry Professionals; Manufacturing Cost; Overhead Costs; Traditional Systems
Abramson, Daniel Benjamin. (2016). Periurbanization and the Politics of Development-as-City-Building in China. Cities, 53, 156 – 162.
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Abstract
China stands out among recently urbanized societies for the planned physicality of its rural-urban transformation the extensive marshaling of labor, capital and material resources to remake its cities and to transform rural land and communities into new, formal urban space. In China, the rural and the urban are distinguished in deeply dichotomous institutions of government, and peri-urbanization, defined as the disorderly spaces, processes and conditions of becoming urban, would appear to be a temporary stage of transition between an old rural socio-spatial order to a new urban socio-spatial order. The actual contested politics of development as-urbanization suggests otherwise, however, both on a national scale and on a community scale. The definition of development itself is at stake, and emerges unpredictably from peri-urban experience. A view of periurbanization as a process of socio-ecological adaptation is better suited to societies that have evolved in long settled, densely populated anthropogenic agrarian landscapes. (C) 2015 Published by Elsevier Ltd.
Keywords
Urban-growth; Chengdu; Urbanization; Adaptation; Resilience; Alternative Development; Socialist New Countryside Construction; New Rural Reconstruction