An antitrust framework for housing

IF 4.6 1区社会学 Q1 ENVIRONMENTAL STUDIES

Environment and Planning A-Economy and Space Pub Date : 2022-11-16 DOI:10.1177/0308518X221135612

Renee Tapp, R. Peiser

引用次数: 2

Abstract

This article contributes to debates within the financialization literature by examining the rise of monopolies in the US’ rental housing market. Drawing on a dataset of multifamily real estate transactions taken from the poorest census tracts in the US (so-called Opportunity Zones), we develop an antitrust framework and methodology for measuring market structure in housing using the Herfindahl-Hirschman Index. After detailing the geography of these market dynamics, we assess the specific strategies firms use to acquire market power and extract monopoly rents. This analysis reveals three critical aspects of real estate investors’ anticompetitive conduct: integration between housing subsectors, acquisition strategies that rapidly scale up ownership, and corporate forms that promote cooperation. The framework developed in this article and subsequent findings offer three directions policymakers, regulators, and activists can take to reform antitrust law and better ensure affordable housing.

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住房反垄断框架

本文通过研究美国租赁住房市场垄断的兴起，为金融化文献中的争论做出了贡献。利用来自美国最贫困人口普查区(所谓的机会区)的多户房地产交易数据集，我们开发了一个反垄断框架和方法，用于使用赫芬达尔-赫希曼指数衡量住房市场结构。在详细介绍了这些市场动态的地理位置之后，我们评估了企业用于获得市场力量和提取垄断租金的具体策略。这一分析揭示了房地产投资者反竞争行为的三个关键方面:住房子行业之间的整合、迅速扩大所有权的收购策略和促进合作的公司形式。本文开发的框架和随后的研究结果为政策制定者、监管者和活动家提供了三个方向，可以改革反垄断法，更好地确保经济适用房。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Environment and Planning A-Economy and Space Multiple-

CiteScore

9.50

自引率

9.50%

发文量

100

期刊介绍： Environment and Planning A: Economy and Space is a pluralist and heterodox journal of economic research, principally concerned with questions of urban and regional restructuring, globalization, inequality, and uneven development. International in outlook and interdisciplinary in spirit, the journal is positioned at the forefront of theoretical and methodological innovation, welcoming substantive and empirical contributions that probe and problematize significant issues of economic, social, and political concern, especially where these advance new approaches. The horizons of Economy and Space are wide, but themes of recurrent concern for the journal include: global production and consumption networks; urban policy and politics; race, gender, and class; economies of technology, information and knowledge; money, banking, and finance; migration and mobility; resource production and distribution; and land, housing, labor, and commodity markets. To these ends, Economy and Space values a diverse array of theories, methods, and approaches, especially where these engage with research traditions, evolving debates, and new directions in urban and regional studies, in human geography, and in allied fields such as socioeconomics and the various traditions of political economy.