Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a “Repeat Income” Model
利用1985-2011年面板数据估计“重复收入”模型，发现租赁住房的实际年过滤率为2.5%，自有住房为0.5%，过滤率与收入弹性及房价通胀负相关，且随房龄增加而受产权转换影响，多数地区过滤机制稳健，支持住房券计划。
While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a “repeat income” model using 1985–2011 panel data. Real annual filtering rates are faster for rental housing (2.5 percent) than owner-occupied (0.5 percent), vary inversely with the income elasticity of demand and house price inflation, and are sensitive to tenure transitions as homes age. For most locations, filtering is robust which lends support for housing voucher programs.