The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2
-
pISSN : 1229-8638
- https://journal.kci.go.kr/krihs
KJCKorea
Journal Central
Review of Policy Options for Stabilisation of Private Rental Housing Market in Korea: Focusing on International Comparison
- The Korea Spatial Planning Review
- 2017, 94(), pp.121-142
- DOI : 10.15793/kspr.2017.94..008
- Publisher : 국토연구원
- Research Area :
Han, Man- Hee 1, Park, Joon 2
1서울시립대학교 국제도시과학대학원
2서울시립대학교
Accredited
ABSTRACT
The purpose of this study is to examine the policies for stabilisation of rental housing market such as rent control, housing benefit, and provision of social housing. This study adopted three methodologies to extract main policies for stabilisation of rental housing market and analyse the applicability of the polices in the context of Korea. They are an extensive literature review on social housing policies, comparative analysis with the liberal welfare regime countries by Esping-Andersen(1990) category, and interviews with housing policy experts. The polices for the stabilisation of rental housing markets can be categorised into three: 1) rent control to reduce the asking price; 2) increase of the affordability of lower income group with housing benefit; and 3) reduction of the pressure of rent increase by supplying more social housing in the market. Considering the proportion of private rental housing market is 40% in Korea, introducing a strict rent control is likely to lead to the side-effects of shift of the burden to tenants at early stage and the decrease of rental housing supply. It would be more appropriate to introduce lessor registration system with an effort to secure more affordable houses than rent control. Expansion of housing voucher needs to be carefully handled considering the level of income of the beneficiaries as it has problems of increase in rent level and budget limit. Lastly, a strategy to increase the stock of social housing by public and non-public sector and competition with private rental housing so that the entire rental housing market can be stabilised and the burden of tenants can be reduced. A system which can invite the participation of ‘national houisng and urban fund’, non-profit organisations, and limited-profit organisations to build social housing needs to be considered before introducing the strict rent control.
Statistics
-
571 Viewed
-
272 Downloaded
Tools
Issue List
Citation status
* References for papers published after 2023 are currently being built.
[other]
경향신문
/ 2015
/ ‘세입자의 도시’ 베를린, 주택 임대료 상한제전면 도입. 6월 2일
: A10~
[web]
국토교통부
/ 2015
/ 국토교통통계연보
/ www.stat.molit.go.kr
[journal]
박준
/ 2008
/
Housing market structure and policy responses to rising housing prices in the UK
/ 공간과 사회
/ 한국공간환경학회
(30)
: 67~110
[journal]
오도영
/ 2015
/
Emerging trends in housing policy in the UK: Focusing on its ongoing neoliberal transformation since 2010
/ 공간과 사회
/ 한국공간환경학회
25(2)
: 230~269
[journal]
이호진
/ 2015
/
Determinants of Landlord's Choice Between Jeonse and Monthly-Rent
/ 주택연구
/ 한국주택학회
23(4)
: 23~45
[journal]
임형빈
/ 2016
/
Impacts Anlysis of Low - Income Housing Policy on Regional Economy: Focusing on the Housing Benefit Program and the Housing Voucher Program
/ 한국지역개발학회지
/ 한국지역개발학회
28(1)
: 137~150
[journal]
장기용
/ 2015
/
A Study on the Improvement of Rental Housing Tax System in Korea
/ 부동산학보
/ 한국부동산학회
(62)
: 161~175
[journal]
정의철
/ 2005
/
Determinants of Ratio of Chonsei to Monthly-Rent-with-Variable-Deposit Contracts in Apartment Rental Housing Markets
/ 국토연구
/ 국토연구원
44
: 87~99
[journal]
지규현
/ 2015
/
Selection Factors for Different Types of Rentral Contracts: An Analysis based on a Landlord Survey
/ 부동산학연구
/ 한국부동산분석학회
21(3)
: 63~73
[journal]
진미윤
/ 2011
/
Transitional Changes and Future Policy Direction of Rental Housing System in Cross-national Comparative Context
/ 국토연구
/ 국토연구원
71
: 87~113
[journal]
최성호
/ 2009
/
Interpretations of Structural Relationships among Sales, Chonsei, and Monthly Rent Markets
/ 주택연구
/ 한국주택학회
17(4)
: 183~206
[journal]
최성호
/ 2015
/
Regional Deviation of Chonsei to Monthly Rent Conversion Rate and Vacancy Rate
/ 주택연구
/ 한국주택학회
23(4)
: 5~21
[journal]
Amann, W.
/ 2009
/ Structured financing allows for affordable rental housing in Austria
/ Housing Finance International
23(4)
: 14~18
[journal]
Angel, S.
/ 2001
/ The housing policy assessment and its application to panama
/ Journal of Housing Economics
10(2)
: 176~209
[journal]
Apgar, W. C.
/ 1990
/ Which housing policy is best?
/ Housing Policy Debate
1(1)
: 1~32
[journal]
Arnott, Richard
/ 1995
/ Time for revisionism on rent control?
/ Journal of Economic Perspectives
9(1)
: 99~120
[web]
/ Australian Bureau of Statistics
/ www.abs.gov.au
[journal]
Baldini, M.
/ 2012
/ Housing policy towards the rental sector in Italy: A distribute assessment
/ Housing Studies
27(5)
: 563~581
[report]
Banks, J.
/ 2015
/ House Price Volatility and the Housing Ladder
/ National Bureau of Economic Research
[journal]
Basolo, V.
/ 2016
/ Residential mobility of low-income, subsidized households: A synthesis of explanatory frameworks
/ Housing Studies
32(6)
: 841~862
[journal]
Barr, M
/ 2005
/ Credit where it counts: The community reinvestment act and its critics
/ New York University Law Review
80
: 513~
[journal]
Basu, K.
/ 2000
/ The economics of tenancy rent control
/ The Economic Journal
110
: 939~962
[journal]
Basu, K.
/ 2003
/ Efficiency pricing, Tenancy rent control and monopolistic landlords
/ Economica
70
: 223~232
[journal]
Baum-Snow, N.
/ 2009
/ The effects of low income housing tax credit developments on neighborhoods
/ Journal of Public Economics
93(5-6)
: 654~666
[journal]
Berry, M.
/ 2005
/ Institutional investment in rental housing in Australia: A policy framework and two models
/ Urban Studies
42(1)
: 91~111
[other]
/ 2016
/ Blessing, A. Senior Research Fellow. Univ. of Birmingham, Anita Blessing. 2016. Interviewed by M. H. Ham, December 17
[journal]
Bradburd, R.
/ 2006
/ The impact of rent controls in non-walrasian markets: An agent-based modelling approach
/ Journal of Regional Science
46(3)
: 455~491
[journal]
Bramley, G.
/ 2016
/ Housebuilding, demographic change and affordability as outcomes of local planning decisions: Exploring interactions using a sub-regional model of housing markets in England
/ Progress in Planning
104
: 1~35
[journal]
Buckley, R. M.
/ 2005
/ Housing policy in developing countries: Conjectures and refutations
/ World Bank Research Observer
20(2)
: 233~257
[journal]
Campbell, S.
/ 2009
/ What moves the housing market: A variance decomposition of rent-price ratio
/ Journal of Urban Economics
66
: 90~102
[journal]
Campbell, J. Y.
/ 2007
/ How do house prices affect consumption? Evidence from micro data
/ Journal of Monetary Economics
54(3)
: 591~621
[journal]
Capozza, D. R.
/ 1996
/ Expectations, efficiency, and euphoria in the housing market
/ Regional Science and Urban Economics
26(3-4)
: 369~386
[journal]
Chambers, M.
/ 2009
/ Housing policy and the progressivity of income taxation
/ Journal of Monetary Eoconomics
56(8)
: 1116~1134
[journal]
Clark, T. E.
/ 1995
/ Rents and prices of housing across areas of the United States: A cross-section examination of the present value model
/ Regional Science and Urban Economics
25(2)
: 237~247
[journal]
Crook, T.
/ 2002
/ Housing investment trusts:A new structure of rental housing provision?
/ Housing Studies
17(5)
: 741~753
[book]
Crook, T.
/ 2014
/ Private Rental Housing
/ Edward Elgar
[journal]
Diaz, A.
/ 2008
/ On the user cost and homeownership
/ Review of Economic Dynamics
11(3)
: 584~613
[journal]
Early, D. W.
/ 2000
/ Rent control, rental housing supply and the distribution of housing benefits
/ Journal of Urban Economics
48(2)
: 185~204
[journal]
Engsted, T.
/ 2014
/ Housing market volatility in the OECD area: Evidence from VAR based return decompositions
/ Journal of Macroeconomics
42
: 91~103
[journal]
Eriksen, M. D.
/ 2009
/ The market price of low-income housing tax credits
/ Journal of Economics
66(2)
: 141~149
[journal]
Eriksen, M. D.
/ 2010
/ Crowd-out effect of placed-based subsidized rental housing: New evidence from the LIHTC program
/ Journal of Public Economics
94(11)
: 953~966
[book]
Esping-Andersen G.
/ 1990
/ The Three Worlds of Welfare Capitalism
/ Polity Press
[other]
/ 2016
/ Everton, J. Deputy Director, Dept., of Communities and Local Government. 2016. Interviewed by M. H. Han. December 19
[journal]
Fack, G.
/ 2006
/ Are housing benefit an effective way to redistribute income? Evidence from a natural experiment in France
/ Labour Economics
13(6)
: 747~771
[journal]
Fairchild, J.
/ 2015
/ Understanding housing market volatility
/ Journal of Money, Credit and Banking
47(7)
: 1309~1337
[journal]
Fitzenberger, B.
/ 2016
/ The residency discount for rents in Germany and the tenancy law reform act 2001:Evidence from quantile regressions
/ German Economic Review
18(2)
: 212~236
[journal]
Friedman, S.
/ 2005
/ Does the community reinvestment act help minorities access traditionally inaccessible neighborhoods?
/ Social Problems
52(2)
: 209~231
[journal]
Frick, J. R.
/ 2003
/ Imputed rent and income inequality: A decomposition analysis for great britain, West Germany and the U.S
/ The Review of Income and Wealth
49(4)
: 513~537
[journal]
Gent, W. P. C.
/ 2010
/ Housing policy as a lever for change? The politics of welfare, assets and tenure
/ Housing Studies
25(5)
: 735~753
[journal]
Gibbons, S.
/ 2006
/ The incidence of UK housing benefit: Evidence from the 1990s reforms
/ Journal of Public Economics
90(4-5)
: 799~822
[journal]
Haffner, M.
/ 1999
/ Housing subsidies:Definition and comparisons
/ Housing Studies
14(2)
: 145~162
[journal]
Haffner, M.
/ 2008
/ Rent regulation: The balance between private landlords and tenants in six European countries
/ International Journal of Housing Policy
8(2)
: 217~233
[book]
Heath, S.
/ 2014
/ Rent Control in the Private Rented Sector (England)
/ House of Commons Library
[book]
HM Revenue and Customs
/ 2016
/ Measuring Tax Gaps 2016Edition: Tax gap estimates for 2014-15
/ HMRC Press
[journal]
Hulse, K.
/ 2003
/ Housing allowances and private renting in liberal welfare regime
/ Housing Theory and Society
20(1)
: 28~42
[book]
Husock H.
/ 2003
/ America’s Trillion-Dollar Housing Mistake:The failure of American housing policy
/ Ivan R Dee
[journal]
Iacoviello M.
/ 2004
/ Consumption, house prices, and collateral constraints: A structural econometric analysis
/ Journal of housing Economics
13(4)
: 304~320
[book]
Kemeny, J.
/ 1995
/ From Public Housing to the Social Market:Rental policy in comparative perspective
/ Routledge
[journal]
Kemeny, J.
/ 2006
/ Corporatism and housing regimes
/ Journal of Housing, Theory and Society
23(1)
: 1~18
[journal]
Kemp, P.
/ 2010
/ Contrasting varieties of private renting: England and Germany
/ International Journal of Housing Policy
10(4)
: 379~398
[report]
Kholodilin, K. A.
/ 2016
/ Market Brake or Simply Fake? Empirics on the Causal Effects of Rent Controls in Germany
/ German Institute for Economic Research
[report]
Kwon, H.
/ 2005
/ An Overview of the Study: The developmental welfare state and policy reforms in East Asia, transforming the developmental welfare state in East Asia
/ UNRISD
[journal]
La Grange, A.
/ 2013
/ Liberalization, democratization and Korea’s housing welfare regime
/ International Journal of Housing Policy
13(1)
: 66~89
[journal]
Laferrere, A.
/ 2004
/ How do housing allowances affect rents? An empirical analysis of the French case
/ Journal of Housing Economics
13(1)
: 36~67
[journal]
Landis, J. D.
/ 2010
/ Rethinking federal housing policy
/ Journal of the American Planning Association
76(3)
: 319~348
[journal]
Lang R.
/ 2013
/ Cooperative housing and social cohesion: The role of linking social capital
/ European Planning Studies
22(8)
: 1744~1764
[journal]
Lawson, J.
/ 2010
/ Path dependency and emergent relations:Explaining the different role of limited profit housing in the dynamic urban regimes of Vienna and Zurich
/ Housing, Theory and Society
27(3)
: 204~220
[journal]
Lee, H.
/ 2012
/ Expansion, diversification, and hybridization in Korean public housing
/ Housing Studies
27(4)
: 495~513
[journal]
Lennartz, C.
/ 2012
/ Competition between social and market renting: A theoretical application of the structure-conduct-performance paradigm
/ Journal of Housing and the Built Environment
27(4)
: 453~471
[journal]
Lowry, A.
/ 1993
/ Landlords and Tenants: Who owns information, and who pays for it? And how?
/ The Serials Librarian
23(3-4)
: 61~71
[journal]
Malpass, P.
/ 2008
/ Housing and the new welfare state:Wobbly pillar or cornerstone?
/ Housing Studies
23(1)
: 1~19
[journal]
Malpezzi, S.
/ 2002
/ Does the low-income housing tax credit increase the supply of housing?
/ Journal of Housing Economics
11(4)
: 360~380
[journal]
Marks, D.
/ 1984
/ The effect of rent control on the price of rental housing: An hedonic approach
/ Land Economics
60(1)
: 81~94
[journal]
Mulliner, E.
/ 2013
/ An assessment of sustainable housing affordability using a multiple criteria decision making method
/ Omega
41(2)
: 270~279
[other]
/ 2016
/ Mullins, D. Prof., Univ. of Birmingham. 2016. Interviewed by M. H. Han. December 17
[book]
Mullins, D.
/ 2010
/ Hybrid Organizations and the Third Sector: Challenges for practice, theory and policy
/ Palgrave Macmillan
: 197~218
[journal]
Munch, J. R.
/ 2002
/ Rent control and tenancy duration
/ Journal of Urban Economics
52(3)
: 542~560
[journal]
Mundt A.
/ 2010
/ Indicators of an integrated rental market in Austria
/ Housing Finance International
25(2)
: 35~44
[other]
/ 2017
/ Murie, A. Prof., Univ. of Birmingham. 2017. Interviewed by M. H. Han. January 26
[journal]
O’Sullivan, A.
/ 2012
/ Housing taxation and the economic benefits of homeownership
/ Housing Studies
27(2)
: 267~279
[journal]
Oxley, M.
/ 2010
/ Competition and the social rented housing
/ Journal of Housing, Theory and Society
27(4)
: 332~350
[journal]
Pawson, H.
/ 2013
/ New dawn or chimera? Can institutional financing transform rental housing?
/ Journal of International Housing Policy
13(4)
: 335~357
[journal]
Real-Dato, J. R.
/ 2009
/ Mechanisms of policy change: A proposal for a synthetic explanatory framework
/ Journal of Comparative Policy Analysis
19(1)
: 117~143
[journal]
Ronald, R.
/ 2015
/ Rental market restructuring in South Korea: The decline of the Chonsei sector and its implications
/ Housing Studies
30(3)
: 413~432
[book]
Scanlon, K.
/ 2014
/ Rent Stabilisation:Principles and international experience
/ London Borough of Camden
[journal]
Sims, D. P.
/ 2007
/ Out of Control: What can we learn from the end of Massachusetts rent control?
/ Journal of Urban Economics
61(1)
: 129~151
[journal]
Sinai, T.
/ 2003
/ Owner occupied housing as a hedge against rent risk
/ The Quarterly Jounal of Economics
120(2)
: 73~789
[journal]
Sinai, T.
/ 2005
/ Do low-income housing subsidies increase the occupied housing stock?
/ Journal of Public Economics
89(11-12)
: 2137~2164
[journal]
Stephens, M.
/ 2005
/ An assessment of the british housing benefit system
/ European Journal of Housing Policy
5(2)
: 111~129
[journal]
Susin, S.
/ 2002
/ Rent vouchers and the price of low-income housing
/ Journal of Public Economics
83(1)
: 109~152
[web]
The Observer
/ 2016
/ Would a rent cap work for tenants facing £1,000-a-month rises?
/ http://www.theguardian.com/money/2016/may/02/would-rent-capwork-tenants-1000-a-month-rises
[journal]
Toussaint, J.
/ 2009
/ Exploring ‘Housing Asset-based Welfare’. Can the UK be held up as an example for Europe?
/ Housing Studies
24(5)
: 669~692
[web]
/ UK Office for National Statistics
/ www.ons.go.kr
[web]
/ US Census Bureau
/ www.census.gov
[journal]
Voigtländer, M.
/ 2009
/ Why is the German homeownership rate so low?
/ Housing Studies
24(3)
: 355~372
[journal]
Walker, B.
/ 2012
/ Welfare or work? Lowincome working households’ housing consumption in the private rented sector in England
/ Housing Studies
27(3)
: 381~397
[book]
Weicher J. C.
/ 2012
/ Housing Policy at a Crossroads: The why, how, and who of assistance programs
/ AEI Press
[journal]
Wood, G. A.
/ 2001
/ Promoting the supply of low income rental housing
/ Urban Policy and Research
19(4)
: 425~440
[book]
Zedlewski, S. R.
/ 2002
/ The Importance of Housing Benefits to Welfare Success
/ Brookings Institution