...Housing Challenges? Dhaka • Primate city. • 13 million people, (34% urban population) • Area 1,353 km2 ; density 18055 /sq km (National urban 3004/sq km) • 5th largest city by 2030 in world • 36 % population live below poverty line Housing sector performance 85 % of housing stock is informal. housing deficiency is 40 thousand units/year 5 fold increase in price of land over last five years. Housing supply is dependent on market and State has little control over market monopoly Recent boom in the real estate business Present Scenario of Housing • 5000 slums accommodating 3.4 million • 60 % rental accommodation provided by informal sector • • Homeownership 20 %, Rental- 80% Govt’s contribution is 10 % • Centralised power of Capital development authority Housing provision for different Groups H o m e o w n e r s h i p Group High income and Upper middle income Middle income Lower middle income Low income Supply actors Real estate developers, privately developed, Capital development Authority ,NHA National Housing Authority (plot and Flat), Private rental Private land owners (private rental), NHA(?), Private rental (illegal occupation of Govt land and private property) Resettlement/rehabilitatio n camps, govt employee colonies, NGO, local authority approaches Apartment, serviced plots, Flats performance Capitalistic monopoly Highly targeted Plot, Flat Inadequate Flat Employee quarters, core houses Market supply Subject to...
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...Rent control effects to the market “Rent control is the second effectively way to destroy a city than booming it” says an expert in economy. Information shows that rent control is policy presents by the government using to reduce stress of rental to people who has economic problem by limiting rental price. However, vary effects coming up while the policy executing. The purpose of this report shall evaluate effects of rent control by short term and long term though the theory. 1.1 As can be seen from the diagram 1.1, we can see the theoretically supply & demand relationship to the market. Assuming the graph below shows the status of the market before rent control; mass tenants are satisfying by suppliers, namely, proprietors. It has both advantage and disadvantages: people are spending price a slice bit higher than the equilibrium point; the market remains stable but the problem of virtual-high price makes trepidation. RENT CONTRL EFFECTS IN SHORT TERM 1.2 The diagram show that the assumed scenario of the market after rent control: The rental price has shifted to a lower position adjusted by the government. We do believe because of real property market lack of elasticity, because of the number of building cannot be changed in a short term, thus it won’t cause shortage. Plus, tenants couldn’t be sensitive enough to the price and it takes time to make people adjusting their residential. In conclusion, the supply and demand relationship...
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...argue that the exclusion of his housing allowance is permitted under Section 107’s “Rental Value of Parsonages” where it is stated that gross income does not include the rental value of a home furnished for him or the allowance paid to him as part of his compensation. The allowance is excluded here to the extent that the property is used by the minister, provided that the allowance does not exceed the fair rental value of the property, furnishings, appurtenances (i.e. garage), and the cost of utilities. We would also bring to your attention the following revenue ruling: Rev. Rul. 87-32, 1987-1 CB 131 -- IRC Sec(s). 265, in which the court affirmed the rights of a member of the clergy who receive compensation in the form of a housing allowance, that they be allowed to deduct interest and taxes paid on a home. We argue that under Section 107, the taxpayer is allowed to withhold from income the lesser of the following amounts: (1) the amount actually used to provide a home, (2) the amount designated as a housing allowance, or (3) the fair rental value of the home. The taxpayer uses his home as an income property and must report that rental income as well as a portion of his housing allowance as taxable income. This is because the amount given to the minister as a “housing allowance” is more than the amount that is actually being used to provide him a home. This should be considered a Substance-Over-Form issue in that he is effectively using the housing allowance to maintain an investment...
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...answers the clearest. #12 The user cost represents the opportunity cost of not being able to extract the resource in the future. The user cost must rise at the rate of interest for the firm to be maximizing profits. In a competitive market, a firm will set price equal to marginal extraction cost plus the user cost. P & R Chapter 15 Exercises: 3, 4, 6, and 7 #3 We just calculate $80 + $80/(1+r) + $80/(1+r)2 + ... $80/(1+r)5 + $1,000/(1+r)6 #4 Effective yield solves $966 = 100/(1+r) + 1100/(1+r)^2. Using a calculator (or guessing) yields about 12% for the answer (alternatively you can solve the quadratic equation). #6a and #6b Same. #6c Take the initial savings; they are worth $400 over the year (which is more than $350 now no matter when they are received over the year). #6d Same. #6e The $60,000 per year forever is worth somewhere between...
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...benefit. Facts: * Taxpayer excluded income in the amount of $1000 per month, claiming that part of his compensation for work as a minister is a rental allowance from his church. * Taxpayer uses the rental allowance to make payments on mortgage, interest, and property taxes of a home he is purchasing. * Taxpayer rents basement of home to a renter and receives $400 per month for this. The basement space does not have a separate entrance. Taxpayer reports this rental income on Schedule E. * Taxpayer deducted expenses for 80% of mortgage interest and taxes on Schedule A and 20% on Schedule E. Issues: * Is the exclusion of a rental allowance for a minister, provided in IRC §107(2), a violation of the Establishment Clause of the First Amendment of the U.S. Constitution? * May the taxpayer exclude a rental allowance from income when he is using it to purchase income-producing property? * Is the deduction of expenses a double benefit if the expenses are incurred for items related to excluded income? * Does a business use exist that justifies the separation of expenses between Schedule A and Schedule E? Authoritative Support: Recently, the constitutionality of the exclusion for a minister’s housing allowance has come into question in the Wisconsin District Court. IRC §107(2), which allows for a rental allowance paid to “ministers of the gospel” to be excluded from income, has been challenged in the Freedom From Religion Foundation, Inc. (FFRF) v. Lew...
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...Creating a Social Program HSM/240 Amanda Nelson Marilyn Gardner July 1, 2013 The social issue that “Striving for the Future”, plans to help correct is homelessness in America specifically East Tennessee. The individuals who are homeless are more often than others unable to acquire and maintain regular, safe, secure, and adequate housing. The legal definition of "homeless" varies from country to country, or among different entities or institutions in the same country or region. The term homeless may also include people whose primary night-time residence is in a homeless shelter, a warming center, a domestic violence shelter, cardboard boxes or other ad hoc housing situations. “An estimated 100 million people worldwide were homeless in 2005. In western countries, the large majority of homeless are men (75-80%), with single males particularly overrepresented. In the USA, LGBT people are over-represented among homeless youth, at 40%. Modern homelessness started as a result of economic stresses in society and reductions in the availability of affordable housing. In the United States, in the 1970s, the deinstitutionalization of patients from state psychiatric hospitals was a precipitating factor in urban areas. By the mid-1980s, there was also a dramatic increase in family homelessness. Tied into this were an increasing number of impoverished and runaway children, teenagers, and young adults, which created more street children or street youth. Most countries provide...
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...think otherwise. The rich continue to get richer and the poor get poorer while the government makes it even harder for the middle and lower class to stay out of poverty. Lack of affordable public housing and also lack of middle income housing are a few of the problems. The Gap in the wealth divide along with these two problems makes life very difficult for middle class and lower class to survive during these hard economic times. “Affordable housing is a term used to describe dwelling units whose total housing costs are deemed "affordable" to those that have a median income. Although the term is often applied to rental housing that is within the financial means of those in the lower income ranges of a geographical area, the concept is applicable to both renters and purchasers in all income ranges.” (Wikipedia) In The United States and Canada the accepted guideline for being able to afford a house is a cost that does not go over 30% of a household’s gross income. The costs include taxes, insurance and utility costs. When the costs go over the 30% to 35% mark then the payments are then considered unaffordable for that household. Government policies that increase building costs and or restrict the supply of housing are one of the most primary reasons for the lack of affordable housing. As this pictures shows median Home values continue to increase. Not to mention the economy is at a bad place right now...
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...Landlord Becoming a Landlord Owning a rental property is one way of achieving the dream of homeownership. But, in buying a rental property you not only become a new homeowner, you also take on the responsibilities of becoming a landlord. Your rental property is not only your home, but also your business. As a business owner, you must adhere to the laws, rules, and regulations that govern rental housing, and have a clear understanding of appropriate rental rules and practices. Before making the decision to buy a rental property, people should assess the willingness to share the home with others, devote time and hard work to manage your business, make repairs and maintain the property, provide services to your tenants, deal with difficult tenants, become familiar with state, local, and federal laws and regulations regarding landlord and tenant relationships, and consult and hire professionals, such as attorneys or tax preparers. You also should take a realistic look at what you can expect as a landlord the rewards as well as the increased responsibilities of operating a business. Advantages of owning a rental property, there are many good reasons to own a rental property. Some of the benefits that you may expect are, A place of your own owning property gives people the feeling of permanence and involvement in the community. Financial incentives monthly mortgage payments may be more manageable due to rental income. A portion of the rental income also may be used to make repairs...
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...Would Housing be a Dream in the Dream City of India? Ref. No.: ME0013 Would Housing be a Dream in the Dream City of India? Mumbai, the financial capital of India, is one of the most expensive places to rent or buy a house. Buying a new house in Mumbai is beyond the reach of middle income group. Renting a flat in affluent neighbourhoods like Bandra, Juhu, Worli, Santacruz and Khar pinches the purse by around INR 3,000 per sq.ft./month. Both commercial and residential property prices in Mumbai have been on a steady rise. Mumbai has witnessed very high rentals especially since 2006. Mumbai turned to be one of the most expensive cities in the world to buy or rent a condominium unit in 2007 (Exhibit I). Exhibit I City-centre Condo Prices (in US$) London New York Moscow Hong Kong Tokyo Singapore Mumbai Shanghai Bangkok Beijing New Delhi Manila Jakarta Bangalore Phonom Penh To buy (per sq. m.) To rent (per month) 0 5,000 10,000 15,000 20,000 25,000 Source: Cruz Christian Prince, “Mumbai housing is the priciest in the developing world”, http://www.globalpropertyguide.com/ investment-analysis/Mumbai-housing-is-the-priciest-in-the-developing-world, June 25th 2007 This case study was written by Hepsi Swarna under the guidance of Akshaya Kumar Jena, IBSCDC. It is intended to be used as the basis for class discussion rather than to illustrate either effective or ineffective handling of a management situation. The case was compiled from published...
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...ANDLEEB TITLE HOUSING FINANCE TABLE OF CONTENT ABSTRACT RELATED TO HOUSING INDUSTRY 3 INTRODUCTION 4 LITERATURE REVIEW 7 METHODOLOGY 11 VARIABLES DEPENDENT AND INDEPENDENT 13 DATA ANALYSIS 15 CONCLUSION 21 RECOMMENDATIONS 22 REFERENCES 22 ABSTRACT RELATED TO HOUSING INDUSTRY: PURPOSE: The purpose of this research paper is to examine analyzing and outlining the growth of the housing industry and its rights. The main purpose is to eliminate the problem related to the relevancy and application of housing complexities and its systems across the world. DESIGN OR METHODOLOGY: This paper is set out according to the principle instruments and the rights of development of housing regional and other related bodies. The analysis of the housing system is basically organized on the basis of housing system of development and channels and networks of legal and lawful means of professional concerns and their domains. FINDINGS: All across the world the rights for housing is being considered as a lawful and constitutional concerned nationally and internationally. The findings also suggest the significance of housing rights and the conceptual frame work of human rights effect the implementation. Professional epistemic community development of the housing shape the policies and procedures and laws. The paradiagm of housing foundation and rights are effectively translated into developed fashion of designing housing system. RESULTS: Collection of data...
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...Research Discussion Paper Is Housing Overvalued? Ryan Fox and Peter Tulip RDP 2014-06 Electronic copy available at: http://ssrn.com/abstract=2498294 The Discussion Paper series is intended to make the results of the current economic research within the Reserve Bank available to other economists. Its aim is to present preliminary results of research so as to encourage discussion and comment. Views expressed in this paper are those of the authors and not necessarily those of the Reserve Bank. Use of any results from this paper should clearly attribute the work to the authors and not to the Reserve Bank of Australia. The contents of this publication shall not be reproduced, sold or distributed without the prior consent of the Reserve Bank of Australia. ISSN 1320-7729 (Print) ISSN 1448-5109 (Online) Electronic copy available at: http://ssrn.com/abstract=2498294 Is Housing Overvalued? Ryan Fox* and Peter Tulip** Research Discussion Paper 2014-06 July 2014 * Financial Stability Department ** Economic Research Department Reserve Bank of Australia Thanks to Tom Cusbert, Luci Ellis, Richard Finlay, Alex Heath, Jonathan Kearns, Christopher Kent, David Lancaster, Tony Richards, Nigel Stapledon, Iqbal Syed, Chris Stewart and Marc-Oliver Thurner for helpful comments and discussions. We would like to acknowledge earlier RBA research by Robert Johnson. Views in this paper are those of the authors and not necessarily those of the Reserve Bank...
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...THE ELDERLY NEED ADDITIONAL FUNDING FOR HOUSING AND COMMUNITY-BASED SERVICES TAKE ACTION NOW! Thanks to your advocacy we have achieved a preliminary victory on 2016 funding for senior housing and services programs. Now we have to make sure these essential services get the funding increases they need. For the last several months, we have advocated for Congress to lift the spending caps that threatened severe cuts in housing and home- and community-based services. Late last month Congress passed a budget measure to do just that. But we still have to make sure that senior housing and services get the fair share of extra money this new budget allows. THIS IS HOW YOU CAN HELP: Contact your lawmakers and tell them it is crucial that essential services for the aging get appropriations increases. Talking Points * Sufficient funding is needed to cover the cost of renewing all existing rental assistance subsidy contracts for senior housing, including vouchers and project-based Section 8, project-based rental assistance (PRAC) under Section 202, and senior preservation rental assistance (SPRAC). * Full funding for the annual contracts is necessary in order to maintain the existing housing stock and prevent displacement of seniors or put scarce housing at risk. * These programs affect over 100,000 senior households. The typical Section 202 resident has an income of less than $11,000 per year, and needs assistance with housing and services in order to safely age in place...
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...Housing Right of Floating Population in China —The Game of Human Rights and Economics on Temporary Workers’ Urban Housing in China Introduction: Housing, as right and commodity In the street sides of Chinese big cities, the large white containers are very striking. What are inside the metal containers? Human beings, who work in somewhere nearby the containers and most likely work as construction workers. With their limited salary, the containers become their first choice on housing in the urban area. However, this is just the initial choice resulted from their limited economic capability and the lack of accountability of the whole society group. Housing is a concept shared by many disciplines, Economics, Politics and Human Rights. When talking...
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...strong reasons for going ahead with property investment. Queensland is the best placed State for property investment, with its varied mineral wealth, agriculture, fine weather that is attracting overseas migrants, tourism and continued growth. There are regions and suburbs in other States that are also receiving excellent growth, and we will cover these in further chapters. States affected during 2008 were NSW and SA, as they already had their own financial problems which had affected the finance of the two States overall. In saying that however, there are still areas of capital growth and good rental returns even in those States. Financing is always at the top of the list of concerns and the reason for this is due to the fact that finance is a constantly changing situation. Interest rates are always on the move, either up or down. Sure, they may sit for a year, but over an investment period they will continue to move in one direction or the other. The last three interest drop periods prior to 2008 saw the interest rate fall to 4%, then turn around and increase again. Time shows that this seems to be a cycle which is certainly worth watching and...
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...There are usually resources available to help people in all sorts of situations. In the US, not only do American citizens have rights but immigrants have them too. Sometimes immigrants are scared and go through hard times because they don't know where to seek help. Fortunately, the help is there and is important to spread the word. If I were a counselor in Nickel and Dimed by Barbara Ehrenreich, I would be advising George and Lucy, Barbara’s co-workers at Jerry’s Restaurant to seek help (2001). George needs to find free ESL classes and an attorney to get legal advice. Lucy needs to find medical coverage and look for housing assistance. This book is interesting because it looks at three different industries where its employees each share situations of poverty and hardships...
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