The first step on the housing ladder: A natural experiment in Hong Kong

The first step on the housing ladder: A natural experiment in Hong Kong

The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a “housing ladder effect” when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both...

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Veröffentlicht in:Journal of housing economics 2009-03, Vol.18 (1), p.59-67
Hauptverfasser: Ho, Lok Sang, Wong, Gary Wai-chung
Format: Artikel
Sprache:eng
Schlagworte:
China
Housing ladder
Housing market
Ladder effect
Ladder effect Housing ladder Logit model Natural experiment Public housing privatization
Logit model
Natural experiment
Privatization
Public housing privatization
Social housing
Supply and demand
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container_end_page 67
container_issue 1
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container_title Journal of housing economics
container_volume 18
creator Ho, Lok Sang
Wong, Gary Wai-chung
description The article presents and illuminates evidence, based on recent Hong Kong experience, indicating the existence of a “housing ladder effect” when housing prices increase or decrease. An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this article demonstrates the importance of the first step on the housing ladder using a logit model.
doi_str_mv 10.1016/j.jhe.2009.02.003
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source RePEc; Elsevier ScienceDirect Journals
subjects China
Housing ladder
Housing market
Ladder effect
Ladder effect Housing ladder Logit model Natural experiment Public housing privatization
Logit model
Natural experiment
Privatization
Public housing privatization
Social housing
Supply and demand
title The first step on the housing ladder: A natural experiment in Hong Kong
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