Acolin, Arthur; Hoek-Smit, Marja C.; Eloy, Claudia Magalhaes. (2019). High Delinquency Rates in Brazil’s Minha Casa Minha Vida Housing Program: Possible Causes and Necessary Reforms. Habitat International, 83, 99 – 110.
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Abstract
Brazil's main housing program, Minha Casa Minha Vida (MCMV), has contracted the construction of over 3 million housing units since 2009, providing access to homeownership for low and middle-income households through a combination of credit, subsidies and guarantees. In this paper, we analyze disaggregated delinquency information at the project level for the section of the program that serves households in the lowest income range (Faixa 1). Our analysis of program performance in six metropolitan regions shows an overall level of delinquency of 28% as of the end of 2015. We identify four hypotheses to explain this elevated level of delinquency: the peripheral location of the units, insufficient income to cover ongoing costs, moral hazard in the management of the program, and organized crime in some projects. Our analysis shows that in 4 of the 6 regions, low-income projects in peripheral locations exhibit substantially higher non-payment levels and that lower income households have higher levels of delinquency. Based on our analysis, we recommend modifications to program design, including the inclusion of location criteria in subsidy scaling. The findings provide evidence of the limits of MCMV Faixa l's approach to solving Brazilian low-income housing needs and contribute to an emerging body of literature pointing to the importance of location in housing programs.
Keywords
Income; Urban Growth; Housing; Home Ownership; Moral Hazard; Affordable Housing; Delinquency Rate; Housing Program; Integrated Urban Development; Programa Minha Casa Minha Vida; Social Housing; Mexico; Scale
Hess, Chris; Colburn, Gregg; Crowder, Kyle; Allen, Ryan. (2020). Racial Disparity in Exposure to Housing Cost Burden in the United States: 1980-2017. Housing Studies.
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Abstract
This article uses the Panel Study of Income Dynamics to analyse Black-White differences in housing cost burden exposure among renter households in the USA from 1980 to 2017, expanding understanding of this phenomenon in two respects. Specifically, we document how much this racial disparity changed among renters over almost four decades and identify how much factors associated with income or housing costs explain Black-White inequality in exposure to housing cost burden. For White households, the net contribution of household, neighbourhood and metropolitan covariates accounts for much of the change in the probability of housing cost burden over time. For Black households, however, the probability of experiencing housing cost burden continued to rise throughout the period of this study, even after controlling for household, neighbourhood and metropolitan covariates. This suggests that unobserved variables like racial discrimination, social networks or employment quality might explain the increasing disparity in cost burden among for Black and White households in the USA.
Keywords
Cost Burden; Housing Cost; Racial Inequality; Income Inequality; Rent Burden; Affordability; Neighborhoods; Segregation; Dynamics; Hardship; Prices; Market; Poor
Taufen, Anne; Yocom, Ken. (2021). Transitions In Urban Waterfronts: Imagining, Contesting, And Sustaining The Aquatic/terrestrial Interface. Sustainability, 13(1).
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Abstract
Urban waterfronts represent hybrid locations of ecological, economic, and social zones of transition and dispersal, spatially reified between land and water. Yet, through advancements in technology and the emergence of globally linked economies, the structure and function of urban waterfronts as economic and industrial drivers is becoming increasingly complex. As cities seek to redevelop their waterfronts in response to these changes, recent research and scholarship has focused on understanding the ecological, social, and economic benefits derived from urban waterfronts. This research reveals that their benefits are unevenly distributed among local and regional populations as sites of accumulated inequity and inaccessibility that are generative for only a relatively small percentage of the people living in a metropolitan area. Set within this paradoxical nexus, this paper frames a call to scientists, planners, academics, and waterfront activists to expand urban waterfront research from an indicator and benefits model to incorporate three conceptual tools for better understanding key dimensions of waterfront reclamation within the context of green infrastructure research: urban hybridity, functional performance and hierarchies of access. We explore these key dimensions in relation to the waterfront redevelopment of Tacoma, Washington, USA. By acknowledging the hybridity of urban waterfronts, we illustrate that their relative performance and accessibility require ongoing empirical study and practical intervention. Our theoretical explorations plot some of the potential areas of investigation for examining the structural and functional transitions of urban waterfronts as critical locations for green infrastructure development for the 21st century.
Keywords
Place Attachment; Community Participation; Cities; Justice; Indicators; Challenges; Resilience; Governance; Space; Urban Waterfronts; Complexity; Urban Hybridity; Functional Performance; Hierarchies Of Access; Public Access; Stormwater Management; Infrastructure; Reclamation; Green Aspects; Waterfront Development; Urban Areas; Terrestrial Environments; Waterfronts; Economics; Hierarchies; Redevelopment; Regulation; Dispersal; Economic Activity; Shorelines; Regions; Terrestrial Ecosystems; Sustainable Development; Structure-function Relationships; Ports; Rivers; Metropolitan Areas; Urbanization; United States--us
Zhang, Su; Migliaccio, Giovanni C.; Zandbergen, Paul A.; Guindani, Michele. (2014). Empirical Assessment of Geographically Based Surface Interpolation Methods for Adjusting Construction Cost Estimates by Project Location. Journal Of Construction Engineering And Management, 140(6).
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Keywords
Construction; Interpolation; Project Management; Geographically Based Surface Interpolation Methods; Construction Cost Estimates; Project Location; Construction Projects; Proximity-based Interpolation; Location Factor; Proximity-based Method; Global Spatial Autocorrelation; Cost Index Databases; Cost Estimators; Spatial Interpolation Techniques; Conditional Nearest Neighbor; Cnn; Inverse Distance Weighted; Idw Methods; Spatial Prediction Models; Distance Weighted Interpolation; Spatial Interpolation; Kriging Method; Precipitation; Temperature
Acolin, Arthur; Lin, Desen; Wachter, Susan M. (2019). Endowments and Minority Homeownership. Cityscape, 21(1), 5 – 62.
Abstract
Fifty years after the adoption of the 1968 Fair Housing Act that prohibits discrimination in the housing market, homeownership rates have not increased for Black or Hispanic households. The current homeownership rate for Black households is 42 percent, identical to the 1970 census reported level, and 48 percent for Hispanic households, lower than that in 1970. Using data from the 1989, 2005, and 2013 American Housing Surveys, we identify the extent to which group differences in household endowments account for persistently low minority homeownership levels.
Keywords
Borrowing Constraints; Household Formation; Race; Wealth; Trends; Rates
Jones-Smith, Jessica C.; Walkinshaw, Lina Pinero; Oddo, Vanessa M.; Knox, Melissa; Neuhouser, Marian L.; Hurvitz, Philip M.; Saelens, Brian E.; Chan, Nadine. (2020). Impact of a Sweetened Beverage Tax on Beverage Prices in Seattle, WA. Economics & Human Biology, 39.
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Abstract
Seattle's Sweetened Beverage Tax is an excise tax of 1.75 cents per ounce on sugar-sweetened beverages and is one of the highest beverage taxes in the U.S. This study examined the impact of Seattle's tax on the prices of beverages. We conducted audits of 407 retail food stores and eating places (quick service restaurants and coffee shops) before and 6 months after the tax was implemented in Seattle and in a comparison area. Ordinary least squares difference-in-differences models with store fixed effects were used to estimate the effect of the tax on prices, stratified by beverage type and store type. In secondary analyses, we assessed the effect of the tax on the price of non-taxed beverages and foods. Results from the adjusted difference-in-differences models indicated the tax was associated with an average increase of 1.58 cents per ounce among Seattle retailers, representing 90 % of the price of the tax. By store type, price increases were highest in smaller grocery stores and drug stores. By beverage type, price increases were highest for energy beverages and soda and lowest for bottled coffee and juice drinks. Prices of some nontaxed beverages also increased while the prices of select healthy foods generally did not. The sweetened beverage tax in Seattle is higher than beverage taxes in most other cities, and nearly the full cost of the tax is being passed through to consumers for many beverage types and stores types. (c) 2020 Published by Elsevier B.V.
Keywords
Soda Taxes; Food Policy; Health Policy; Beverage Taxes; Obesity
Wang, Yunhong; Lee, Hyun Woo; Tang, Wenzhe; Whittington, Jan; Qiang, Maoshan. (2021). Structural Equation Modeling for the Determinants of International Infrastructure Investment: Evidence from Chinese Contractors. Journal Of Management In Engineering, 37(4).
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Abstract
International infrastructure investment can effectively accelerate infrastructure development in developing countries and thus support their social and economic progress. However, little is known of the factors that may determine the flow of international infrastructure investment to those countries. This study aims to bridge that knowledge gap, first by identifying the determinants of international infrastructure investment, and then by developing a structural equation model to reveal their underlying interrelationships. The structural equation model is applied to country-level data regarding international infrastructure investment with Chinese contractors in 141 countries worldwide over the 9-year period from 2009 to 2017. The results show that three determinants, namely infrastructure quality, labor supply, and investment interdependency, have a positive relationship with a country's international infrastructure investment inflow. However, another determinant, institutional environment, has a significantly negative impact, which suggests that when making foreign infrastructure investment, Chinese contractors enter countries with a comparatively poor institutional environment with substantial political risks. The results also highlight how much a robust infrastructure development plan can help developing countries avoid the poor-infrastructure trap, a situation in which poor infrastructure quality discourages international infrastructure investment. These research findings may assist international infrastructure investment firms to make informed decisions with regard to financing and managing projects and help policymakers who focus on attracting foreign investment in infrastructure.
Keywords
Foreign Direct-investment; Public-private Partnerships; Economic-growth; Transport Infrastructure; Developing-countries; Labor Productivity; Fit Indexes; Location; Energy; Firms; Infrastructure Investment; Institutional Environment; Infrastructure Quality; Foreign Direct Investment (fdi) Interdependency; Structure Equation Modeling; Belt And Road Initiative
Drewnowski, Adam; Aggarwal, Anju; Tang, Wesley; Moudon, Anne Vernez. (2015). Residential Property Values Predict Prevalent Obesity but Do Not Predict 1-year Weight Change. Obesity, 23(3), 671 – 676.
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Abstract
ObjectiveLower socio economic status (SES) has been linked with higher obesity rates but not with weight gain. This study examined whether SES can predict short-term weight change. MethodsThe Seattle Obesity Study II was based on an observational cohort of 440 adults. Weights and heights were measured at baseline and at 1 year. Self-reported education and incomes were obtained by questionnaire. Home addresses were linked to tax parcel property values from the King County, Washington, tax assessor. Associations among SES variables, prevalent obesity, and 1-year weight change were examined using multivariable linear regressions. ResultsLow residential property values at the tax parcel level predicted prevalent obesity at baseline and at 1 year. Living in the top quartile of house prices reduced obesity risk by 80% at both time points. At 1 year, about 38% of the sample lost >1 kg body weight; 32% maintained ( 1 kg); and 30% gained >1 kg. In adjusted models, none of the baseline SES measures had any impact on 1-year weight change. ConclusionsSES variables, including tax parcel property values, predicted prevalent obesity but did not predict short-term weight change. These findings, based on longitudinal cohort data, suggest other mechanisms are involved in short-term weight change.
Keywords
Body-mass-index; Socioeconomic-status; United-states; Physical-activity; King County; Association; Health; Trends; Gain; Income
Ametefe, Frank Kwakutse; Devaney, Steven; Stevenson, Simon Andrew. (2019). Optimal Composition of Hybrid/Blended Real Estate Portfolios. Journal Of Property Investment & Finance, 37(1), 20 – 41.
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Abstract
Purpose The purpose of this paper is to establish an optimum mix of liquid, publicly traded assets that may be added to a real estate portfolio, such as those held by open-ended funds, to provide the liquidity required by institutional investors, such as UK defined contribution pension funds. This is with the objective of securing liquidity while not unduly compromising the risk-return characteristics of the underlying asset class. This paper considers the best mix of liquid assets at different thresholds for a liquid asset allocation, with the performance then evaluated against that of a direct real estate benchmark index. Design/methodology/approach The authors employ a mean-tracking error optimisation approach in determining the optimal combination of liquid assets that can be added to a real estate fund portfolio. The returns of the optimised portfolios are compared to the returns for portfolios that employ the use of either cash or listed real estate alone as a liquidity buffer. Multivariate generalised autoregressive models are used along with rolling correlations and tracking errors to gauge the effectiveness of the various portfolios in tracking the performance of the benchmark index. Findings The results indicate that applying formal optimisation techniques leads to a considerable improvement in the ability of the returns from blended real estate portfolios to track the underlying real estate market. This is the case at a number of different thresholds for the liquid asset allocation and in cases where a minimum return requirement is imposed.
Keywords
Hedge-fund-replication; Volatility Dynamics; Tracking Error; Stock; Performance; Property; Returns; Markets; Private; Model; Open-ended Funds; Real Estate Liquidity; Portfolio Optimization; Blended Real Estate; Defined Contribution Pensions
Kim, Jinyhup; Bae, Chang-Hee Christine. (2020). Do Home Buyers Value the New Urbanist Neighborhood? The Case of Issaquah Highlands, WA. Journal Of Urbanism, 13(3), 303 – 324.
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Abstract
This study compares Issaquah Highlands’ home prices with those of traditional suburban single-family homes in the city of Issaquah. Issaquah Highlands is a community that was developed using New Urbanism principles. The null hypothesis is that the sale prices of houses in Issaquah Highlands are not different from the conventional suburban neighborhood in the city of Issaquah. The principal database consists of US Census Washington State Geospatial Data Archive, and the King County Tax Assessments. The final dataset contains 1,780 single family homes over the seven-year period from 2012 to 2018 based on sale records throughout the city of Issaquah. This study uses the hedonic pricing technique to assess the impact of New Urbanism on the value of single-family residences. The findings suggest that people are willing to pay a $92,700–96,800 premium (approximately 7.1–12.0 percent of the sales prices) for houses in Issaquah Highlands.
Keywords
New Urbanism; Home Prices; Real Property; Sustainable Development; Spatial Analysis (statistics); Hedonic Pricing Model; Property Value; Smart Growth; Spatial Autocorrelation; Neighborhoods; Databases; Taxation; Spatial Data; Suburban Areas; Census; Prices; Housing Prices; Urbanism; Houses; Willingness To Pay; Residential Areas; Null Hypothesis; Cities; Buyers; Hedonism; Sales; Highlands; Tax Assessments