[20190906]IF11305_为什么要补贴购房？对基本原理的回顾.pdf

https:/crsreports.congress.gov September 6, 2019Why Subsidize Homeownership? A Review of the RationalesHomeownership is frequently argued to produce a number of benefits for individuals and society. As a result, subsidies for homeownershiptens of billions of dollars annuallyare popular among policymakers and the general public. This In Focus reviews three main rationales for subsidizing homeownership and discusses the difficulties economists have encountered attempting to establish their existence. Rationale #1: Homeownership and Positive Externalities Homeownership subsidies are most often rationalized on the basis that homeownership generates positive externalities, also known as spillover benefits. An example of a positive externality is the positive effect homeownership is believed to have on property values. The theory is that a homeowner is more likely than a renter to make investments in their home that, in turn, raise the property values of their neighbors. For example, a homeowner may be more inclined than a renter to paint the exterior of his or her home, fix a hanging gutter, or remove street debris outside his or her house. Although the owner may only be seeking to imp