The thesis deals with a chronologicall detailed mapping of the evolution of interwar Czechoslovakia housing policy instruments, taking into account the needs of the population at that time. Prior to the analysis of the topic, the thesis offers the characteristics of housing policy and the housing market. As part of the expert discussion on the impact of specific housing policy instruments on the housing market and the entire economy, conclusions are drawn on how successful housing policy should look like. Although the work is focused on the interwar Czechoslovakia, a brief overview of the housing policy implemented in Austria-Hungary is also included for a proper understanding of the functioning of the Czechoslovak housing policy. This thesis chronologically analyzes the legislative framework and impacts of individual housing policy instruments in Czechoslovakia. There is a finding that Czechoslovak housing policy had a clear concept, was relatively predictable and significantly improved during the period in provision of services required by poor people. In the later years, it also managed to better adapt to the changing economic situations. Conclusions of the thesis are mainly supported by study of period sources, which have the character of monographs or studies and especially periodically published statistical reports and yearbooks.

The purpose of the thesis is to evaluate the regulation and manner of deregulation in the Czech Republic. The first part describes regulation in general and interest groups approach to the deregulation of rents. In society there are many myths about rent control that are overturned at work. The rent control in the Czech Republic, the legal framework of regulation and regulation impacts are discussed in next part of the work. Then are described the impacts and possible ways of solving problems associated with deregulation. Ways of rent deregulation in selected foreign countries are compared with the way deregulation in the Czech Republic. In the practical part are analysed revenues and expenditures of owner of real estate property during the regulated years and modelled an example of fair rents made with regard to the cost of tenant and lessor.

I examensarbetet redogörs för huruvida dagens hyressättningssystem leder till lägre lönsamhet för fastighetsägare och således orsakar svårigheter med fastighetsförvaltningen. Uppsatsen fokuserar på de mindre privatägda fastighetsbolagens situation och behandlar fastigheter i det befintliga fastighetsbeståndet varför bruksvärdessystemet är det hyressättningssystem som kommer att belysas. Sverige har sedan en lång tid tillbaka haft en reglerad marknad för hyresbostäder.Hyressättningssystemet har utvecklats sedan regleringarnas införande och hyran sätts idag utifrån lägenhetens bruksvärde, det så kallade bruksvärdessystemet. Det främsta syftet med regleringarna är att ekonomiskt utsatta samhällsgrupper ska ha råd med ett dugligt boende. Det reglerade hyressättningssystemet är idag omdiskuterat då det även ger negativa effekter. Det som diskuteras är bland annat att regleringarna leder till en ökad bostadsbrist, minskat bostadsbyggande och inlåsningseffekter. En fråga som mer sällan diskuteras är hur hyresregleringar påverkar förvaltningen av det befintliga hyresbeståndet. Bruksvärdessystemet har lett till ett tillväxtgap mellan fastighetsägarnas intäkter och kostnader då förvaltningskostnaderna ökar i väsentligt högre takt än hyresintäkterna. Detta leder till minskande driftnetton vilket försvårar fastighetsägarnas möjligheter att finansiera stora renoveringsåtgärder. I arbetet dras slutsatsen att dagens hyressättningssystem leder till lägre lönsamhet än hur det hade sett ut med en friare hyressättning. Detta leder i sin tur till svårigheter med fastighetsförvaltningen för mindre fastighetsägare vilket resulterar i att delar av Sveriges fastighetsbestånd blir eftersatt. Mindre fastighetsägare med äldre homogena bestånd drabbas i större utsträckning än de större fastighetsbolagen av hyresregleringarnas negativa inverkan.Detta då de mindre fastighetsägarna har sämre förutsättningar att växeldra renoveringskostnader, har sämre möjligheter att spara eget kapital samt har lägre exponering för investerare. / This thesis describes whether today's rental system leads to lower profitability for property owners and thus causes difficulties with property management. This thesis focuses on the situation of the smaller privately-owned real estate companies and deals with properties in the existing property portfolio. Therefore, the utility value system (bruksvärdessystemet) is the rental system that will be elucidated in this essay. Sweden has for a long time had a regulated market for rental housing. The rental system has been evolved since the introduction of the regulations and the rent is today based on theapartment's value in use, the so-called utility value system. The main purpose of the regulations is that economically vulnerable social groups should be able to afford a decent living. Ther egulated rental system is currently being debated as it also has negative effects. What is being discussed is, among other things, that the regulations lead to an increased housing shortage,reduced housing construction and lock-in effects. One issue that is less frequently discussed is how rental regulations affect the management ofthe existing rental portfolio. The value in use system has led to a growth gap between the property owners' income and costs as the management costs increase at a significantly higher rate than the rental income. This leads to a declining net operating income, which makes it difficult for property owners to finance major renovation measures. In this essay it is concluded that today's rental system leads to lower profitability than what would have been possible with a less regulated rental market. The regulated market leads to difficulties with the property management for smaller property owners, which results in parts of Sweden's property portfolio being neglected. Smaller property owners with older homogeneous portfolios are affected to a greater extent by the negative impact of the rental regulations than the larger real estate companies are. This is because the smaller property owners have poorer prospects of financing renovation costs within the portfolio, have less opportunity to save equity and have lower exposure to investors.

Work on the topic of Critical analysis of the housing in the Czech Republic, I chose to its timeliness and problematičnost. I wanted to cover all the pitfalls in the work of housing – legislation that was adopted and the resulting situation of housing on troubleshooting regulated "privileged" rents and rental market. Nastiňuji, how the State takes care of the socially weaker populations (housing) from 2009 it rose sharply citizens. Work to characterize housing in Prague, Brno and Ostrava. The objective of housing is the regulation of the hiring of total liberalisation of the real estate market for tackling I have drawn up a questionnaire, which tracks the housing facilities regions. The biggest problem I've had little social housing solutions, both financially and time consuming.

Den nuvarande bostadshyresmarknaden i Stockholm är allt annat än välfungerande. Det låga utbudet av hyresrätter har bland annat resulterat i långa bostadsköer, en omfattande svart hyresmarknad och inlåsningseffekter. I skenet av denna illa fungerande hyresmarknad reser sig frågan om det inte är på tiden att reformera alternativt frångå det nuvarande bruksvärdesystemet, till förmån för en ny alternativ hyressättningsmodell. En modell som förhoppningsvis reducerar de negativa effekterna vi idag ser på hyresmarknaden. Rapporten har som utgångspunkt att beskriva dagens hyressystem samt redogöra för potentiella hyresmodeller. Nuvarande hyressystem och de potentiella modellerna är alla relativt väl utredda ur ett hyresmässigt perspektiv. Utredning gällande förslagens inverkan på marknadsvärdet beträffande fastigheterna saknas. Två av de utredda modellerna innebär en infasning mot marknadshyror. Värderingssimuleringar utförs för att fånga de eventuella marknadsmässiga värdeförändringarna dessa modeller har. För att göra välgrundade antaganden till värderingssimuleringarna hämtades nationell och internationell data från IPD och Newsec, samt kunskap från intervjuer. Det inhämtade materialet visade på ett proportionerligt samband om 0,5 – 1,5 procent differens i yielden mellan bostads – och kontorsmarknaderna runt om i Europa där hyresmarknaden i någon mån är avreglerad. Motsvarande förhållande i Stockholm ligger på 2,0 – 3,0 procent. Värderingssimuleringarna visar att en introduktion mot marknadshyror inte resulterar i markanta värdeökningar, detta då avkastningskrav samt drift – och underhållskostnader antas motverka hyresökningen. Störst genomslag på värdet noteras i det befintliga beståndet där amplituden mellan utgående hyra och marknadshyra är som störst. / The current rental housing market in Stockholm is anything but functional. The supply of rental housing is low, which has resulted in long queues, an extensive black rental market and lock in effects. The ill-functioning rental market raises the question whether it is time to reform or abandon the current rental system, in favor of a new approach in the rental market where a new alternative rent setting model would be introduced. A model that hopefully reduces the negative effects we see on the rental market today. The report sets out to describe the current rental system and outline potential rental models. Both current and potential models are all relatively well explained from a rental perspective, but none have been investigated from a market value perspective. Two of the investigated models involve a change toward market rents. Valuation simulations are performed to capture the potential market value change these models entail. To make informed assumptions in the simulations, national and international data have been collected from IPD and Newsec, as well as knowledge from interviews. The collected data showed a proportionate relation of 0.5 to 1.5 percent difference in yield between residential and office markets around Europe, where the rental housing market to some extent is deregulated. The corresponding ratio in Stockholm is 2.0 to 3.0 percent. Results from the simulations showed that an introduction to market rents do not result in a significant increase in the market value. Yields and operating - and maintenance costs is assumed to counteract the increased rent, making the value impact less significant. The greatest value impact is recorded in the existing stock where the amplitude between the outgoing rent and market rent is greatest.

Denna uppsats försöker besvara frågan: Vad förklarar skillnader i trångboddhet mellan OECD:s medlemsländer? Detta görs genom tvärsnittsstudie där jag analyserar vilken effekt faktorerna Hyresreglering, Reglering av byggbranschen, Demografiska förändringar, Styrande regeringsparti och Välstånd har på Trångboddheten. Tjugonio av OECD:s medlemsländer har tagits med i analysen. Med hjälp av en multipel linjär regression baserat på observationsdata från variablerna presenteras resultaten. Slutsatserna är att Reglering av byggbranschen och Välstånd har störst effekt på Trångboddheten. / This paper attempts to answer the research question: What explains the differences in housing density between the members of the OECD? This is done by a cross-sectional study in which I analyze the impact of rent regulation, regulation of the construction industry, demographic changes, executive government party and wealth has on the dependent variable housing density. Twenty-nine of the OECD members have been included in the analysis. The paper is using a multiple linear regression to analyze the results. The conclusions are that the regulation of the construction industry and wealth has the greatest effect on housing density.

This article studies the evolution of housing rents in St. Petersburg between 1880 and 1917 covering an eventful period of Russian and world history. We collect and digitize over 5,000 rental advertisements from historic newspapers, which we use together with geo-coded addresses and detailed structural characteristics to construct a quality-adjusted rent price index in continuous time. We provide the first pre-war and pre-Soviet index based on market data for any Russian housing market. In 1915, one of the world's earliest rent control and tenant protection policies was introduced as a response to soaring prices following the outbreak of World War I. We analyze the impact of this policy: while before the regulation rents were increasing at a similar rapid pace as other consumer prices, the policy reversed this trend. We find evidence for official compliance with the policy, document a rise in tenure duration and strongly increased rent affordability among workers after the introduction of the policy. We conclude that the immediate prelude to the October Revolution was indeed characterized by economic turmoil, but rent affordability and rising rents were no longer the prevailing problems. / Series: Department of Economics Working Paper Series

The current housing crisis in Sweden affects more municipalities today than ever before. There is a high demand for all type of tenures and the housing shortage is primarily evident in the metropolitan cities. Sweden has during the last 15 year focused on building for high-income households, with the vision to create migratory chains providing other society groups with housing as well. The migratory chains unfortunately often become significantly short and the housing shortage remains for low-income households. Municipalities are now facing an unsustainable situation, with an urgent need to resolve the situation for low-income households. This needs to be performed without the stigmatization and segregation that clusters of only affordable housing brings. A Swedish pilot project, RiverCity, including affordable housing through inclusionary zoning is currently under development in Frihamnen, Gothenburg. The first phase of the RiverCity that will be completed is called "RiverCity 2021" and includes parts of Frihamnen and Ringön. The completion will coincide with Gothenburg's 400th anniversary in 2021.There are ongoing discussion, and some factors regarding rent setting and distribution of the affordable housing units are not yet determined. It is a new, interesting and innovative development project that has not yet been studied, and therefore considered suitable for a Master of Science thesis project. The thesis and case study was conducted through a qualitative inductive research approach, with a case study of the pilot project in Frihamnen, Gothenburg. The study indicates a high level of innovation among the actors to fulfill the requirements for the assignment of a land allocation. The impression is that the aktors are keen to determine criteria that ensure that the apartments are distributed to households without the financial ability to afford a lease in a new construction building. Inclusionary zoning and requirements in land allocation to develop affordable housing seems to be a prerequisite for the current development of affordable housing. The study provides a basis for further research on the outcomes of the current plans in the future. / Den nuvarande bostadsbristen i Sverige drabbar fler kommuner idag än någonsin tidigare. Efterfrågan på alla boendeformer är hög och bristen på bostäder är framförallt tydlig i storstäderna. De senaste 15 åren har Sverige fokuserat på att bygga för hushåll med relativt hög inkomst, med avsikten att skapa flyttkedjor som i sin tur förser övriga grupper i samhället med bostäder. Flyttkedjorna blir tyvärr ofta korta och bostadsbristen kvarstår för hushåll med lägre inkomster. Kommunerna befinner sig idag i en ohållbar situation; hushåll med lägre inkomster måste akut förses med bostäder, samtidigt som den segregation och sociala stigmatisering som kluster av billiga bostäder för med sig bör undvikas. Ett svenskt pilotprojekt, Älvstaden, som inkluderar affordable housing-lägenheter bland lägenheter med marknadshyror är just nu under utveckling i Frihamnen, Göteborg. Byggstart av den första etappen, Älvstaden 2021, är planerad till 2017 med färdigställande till Göteborgs 400 års jubileum år 2021. En del faktorer angående hyressättning och fördelning av affordable housing-lägenheterna är inte fastställda och diskussion pågår fortfarande. Projektet är innovativt och väldigt intressant för bostadssituationen i Sverige, samt har inte analyserats ännu, vilket tillsammans motiverar en kvalitativ fallstudie av projektet som ämne för denna master uppsats. Studien indikerar på hög innovation ibland de utvalda aktörerna för att uppfylla de krav som ställts i markanvisningarna. Intrycket är att aktörerna är måna om att utforma kriterier som gör att lägenheterna fördelas till hushåll utan ekonomiska förutsättningar för att klara en nyproduktionshyra som inte är subventionerad. Inclusionary zoning och krav i markanvisning om att utveckla affordable housing verkar vara en förutsättning för utveckling av affordable housing. Studien utgör en grund för vidare forskning kring utfallet av de nuvarande planerna i framtiden.

There is a series of different types of risk on the housing market and related industries.  The six papers in this doctoral dissertation are about a number of the many dimensions of risk management on the housing market. The main message of this thesis is that it should be possible for different actors in the housing market to improve risk management. Indeed, the last years’ financial turmoil has revealed that it should not only be possible, but also necessary, to improve risk management at all levels of the economy: at household, corporate, regional, national and international level. Although the complexity of the environment in which we live and act makes it very difficult to predict and quantify risk, the development of risk management techniques should make it possible to better indentify, and reduce risk. The first paper provides a systematic overview of a wide selection of methods or strategies used in different countries to expand but also to maintain home ownership among low income households. The second paper further discusses mortgage and home equity insurance instruments discussed in the first paper. This paper also discusses how a rental insurance policy, as an alternative to traditional rent regulation, may be constructed. Paper 3 develops a formula that might be used in order to value the rental insurance option discussed in paper 2. The fourth paper focuses on the housing building sector by discussing potential benefits of strategic alliances that the different actors in the housing construction market may establish in order to pool resources and manage development risks. The challenge of constructing reliable home price indexes has attracted scholars for many years. Paper 5 develops monthly quality-adjusted price indexes for condominiums (housing cooperative apartments) based on a unique dataset covering sales in the whole of Stockholm municipality from January 2005 to June 2009. Finally paper 6 pays attention to the large increase in housing cooperative conversions sine the 1990s, by deriving a closed-form valuation formula that might be used to value the embedded option an owner of a multi-family rental property has to sell it to a housing cooperative. / QC 20100810

Avyttringen och ombildningen av kommunala och privata bostadshyresfastigheter till bostadsrättsföreningar har blivit ett allt vanligare fenomen under de senaste decennierna. Främst sker avyttringen i Stockholms kommun. Syftet med denna uppsats är att mäta om prissättningen vid utförsäljning av bostadshyresfastigheter inom Stockholms kommun skiljer sig beroende på om säljaren varit privat eller ett allmännyttigt kommunalt bolag. För att undersöka detta har olika regressionsmodeller applicerats på data över fastighetsprisregistret under två mandatperioder. Resultatet visar en tydlig prisskillnad mellan kommunala avyttringar och privata inom samma områdesindelning. Skillnaden i prissättning innebär att kommunala fastighetsbolag har realiserat ut och omfördelat skattebetalarnas pengar, till ett värde som kan uppgå till så mycket som 3,23 miljarder kronor räknat i 2010 års penningvärde. Sannolikt är en sådan förmögenhetsomfördelning inte samhällsekonomisk effektiv. Vidare torde den motverka syftet med hyreslagsstiftningen. / In the Swedish market for multi-family housing, investment properties are often sold to the tenants who thus convert the property into co-operative housing. This is particularly true in attractive housing location where the existing rent control is in practice binding for all residential rental units. It is somewhat less self-evident that multi-family properties owned by the municipality (not-for-profit, council housing) would also be subject to such conversions. This is, however, quite common, particularly in Stockholm. The aim of this paper is to estimate whether council housing is generally sold to the tenants with a discount, as compared to the market prices of transactions where private property companies sell their properties. We use regression techniques applied to data from the official record of real property transactions. We find a significant price difference between the two categories of transactions. Council housing is sold out at a discount price and we estimate that a total value of some 3.23 billion SEK may have been redistributed from the taxpayers to the housing purchasers in these transactions. This program is probably not efficient from a public economic perspective. Furthermore, it counteracts the purpose of the current rent control legislation.