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Below-Market Housing Mandates as Takings

In: Property Rights

Author

Listed:
  • Thomas Means
  • Edward Stringham
  • Edward J. López

Abstract

High housing prices in recent years are making it increasingly difficult for many to purchase a home. Prices have been rising all over the United States, especially in cities on the East and West Coasts. In San Francisco, for example, the median home sells for $846,500 (Said 2007, c1), which requires yearly mortgage payments of roughly $63,000 (plus yearly property taxes of $8,500).1 Not only is the median home unaffordable to most, but there is a dearth of affordable homes on the low end too. In San Francisco, a household making the median income of $86,100 can afford (using traditional lending guidelines) only 6.7 percent of existing homes (National Association of Homebuilders/Wells Fargo 2007). Households making less are all but precluded from the possibility of home ownership (Riches 2004).

Suggested Citation

  • Thomas Means & Edward Stringham & Edward J. López, 2010. "Below-Market Housing Mandates as Takings," Palgrave Macmillan Books, in: Bruce L. Benson (ed.), Property Rights, chapter 12, pages 239-256, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10779-3_12
    DOI: 10.1057/9780230107793_12
    as

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