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Affordable Housing

In: Housing Finance Systems

Author

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  • Sock-Yong Phang

    (Singapore Management University)

Abstract

Housing is not “just another commodity”. It is distinguished from most other goods by its heterogeneity, its durability and the high transaction costs of moving. Because of this heterogeneity, it is a challenging task to define what is meant by a unit of housing for purposes of comparison across space and time. Individual dwelling units differ in size, layout, style, utilities and the quality of the interior and the exterior. Choice of housing also involves choice of neighborhood and location, choices which in turn impact access to jobs, schools, local public goods, social networks and amenities, as well as environmental quality. The United Nations Human Settlements Programme (UN-HABITAT) has as its most laudable mission “to promote socially and environmentally sustainable human settlements development and the achievement of adequate shelter for all”. Given its heterogeneity, the “right to adequate shelter” has been defined by the UN to comprise seven key criteria: legal security of tenure; availability of services, materials, facilities and infrastructure; affordability; habitability; accessibility;

Suggested Citation

  • Sock-Yong Phang, 2013. "Affordable Housing," Palgrave Macmillan Books, in: Housing Finance Systems, chapter 2, pages 9-23, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-01403-0_2
    DOI: 10.1057/9781137014030_2
    as

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