Dissertations / Theses on the topic 'Housing market development and management'

Thesis (MEng)--Stellenbosch University, 2014.
ENGLISH ABSTRACT: It is well known that South Africa has a major housing backlog and that the population is growing every year. Consequently, more people are left homeless, without the finances to acquire a minimum standard house. The official backlog in 2012 was defined as 2.1 million units, of which 1.1 million households lived in informal settlements in South Africa. The purpose of this study is to develop a multi-criteria assessment tool that will help a developer to choose between housing systems that can be used in low cost housing developments. Essentially, the tool will aid a developer to allocate funding more appropriately and effectively to develop sustainable communities. The research followed a procedure of identifying challenges experienced in the low cost housing industry, identifying the important factors to consider when assessing low cost housing systems and finally selecting a multi-criteria decision-making model to select a system. The important factors that need to be considered for this study were gathered from literature and industry experience through using the interviewing technique for data collection. The factors identified will be assessed using the multi-criteria decision-making model, called the Evidential Reasoning Approach. This study focuses on housing systems as a whole. Specific attention is given to walling systems, but not to other elements such as the foundations and roofs. The primary factors identified are cost, time, quality, environmental performance, density, alteration capability, resource availability and additional features. These factors were then used to develop a userfriendly assessment tool for choosing between housing systems for the low cost housing market. In conclusion this assessment tool will be available to public and private role players who intend to develop a low cost housing settlement. However, this assessment tool has some imperfections. These are discussed at the end of this study and show how they influence this model.
AFRIKAANSE OPSOMMING: Dit is algemeen bekend dat Suid-Afrika „n groot behuisings agterstand het en dat die bevolking jaarlikse groei. Die amptelike behuisings agterstand in 2012 was gedefinieer as 2.1 miljoen eenhede, waarvan meer as 1.1 miljoen van hierdie huishoudings in informele nedersettings in Suid-Afrika geleë is. Die doel van hierdie studie is dus om „n mulit-kriteria assesserings instrument te ontwikkel wat „n ontwikkelaar sal help om tussen behuisings sisteme te kies, wat vir lae koste behuising ontwikkelings gebruik kan word. Gevolglik , sal hierdie instrument „n ontwikkelaar help om befondsing meer toepaslik toe te ken en om doeltreffende en volhoubare gemeenskappe te ontwikkel. Die navorsings prosedure het begin deur uidagings in die lae koste behuising bedryf te identifiseer, asook die belangrike faktore wat oorweeg moet word as behuisings stelsels beoordeel moet word. „n Multi-kriteria besluitnemings model is gekies wat toepaslik is op hierdie studie. Die belangrike faktore wat in ag geneem moet word, is geïdentifiseer deur literatuur, en industrie ondervinding, deur gebruik te maak van onderhoude om data in te samel. Die kriteria wat geïdentifiseer is sal beoordeel word met behulp van die multi-kriteria besluitnemings model, naamlik Evidential Reasoning Approach. Die kriteria wat gebuik is in hierdie studie het gefokus op die behuisings stelsel as ʼn geheel. Alhoewel spesifieke aandag gegee is aan die mure van die stelsels was ander elemente, soos die dakke en fondamente nie bespreek nie. Die primêre faktore wat geïdentifiseer is, is koste, tyd, kwaliteit, omgewings werkverrigting, digtheid, aanbouings vermoë, beskikbaarheid van hulpbronne en bykomende funksies. Hierdie faktore word gebruik om „n keuse te maak tussen behuisings stelsels vir die gebruik vin die lae koste behuising mark. Die faktore word voorgestel as „n gebruikers vriendelike assesserings instrument. Ten slotte behoort hierdie assesserings intrument beskikbaar te wees aan oopenbare en private belangstellendes wat beoog om „n lae kost behuising nedersetting te ontwikkel. Hierdie assesserings instrument het wel „n paar tekortkomming, wat aan die enide van die studie bespreek word, asook hoe hierdie terkortkomming die model kan beïnvloed.

The study investigates the underlying causal mechanisms behind the outcomes in the affordable housing market in South Africa. The rationale for this study is the persistence of unfavourable outcomes in terms of location, density, integration and affordability of affordable housing developments. The post-apartheid government adopted housing policies, supporting planning policies and directed financial investment towards the development of integrated affordable housing at appropriate locations and densities. However, more than 20 years after democracy, there is no evidence that affordable housing is integrated and being developed at higher densities and appropriate locations, despite the principles of densification, integration and the creative use of town planning tools bestowed in the housing policies. This study, using structure and agency theory, investigates how structural variables (planning system and policy framework, resources for housing development and ideological perspectives) influenced the agency of role players in producing the current outcomes in the affordable housing market. The study investigated two interrelated questions. Firstly, how have the ideals of planning incentives, densification and integration reflected in the housing policies influenced the post-apartheid planning systems? Secondly, how do the planning system and other structural variables impact on the property and housing market and how does this, in turn, produce the current outcomes regarding the location, density, integration and affordability of affordable housing. Corresponding to these questions were two hypotheses. The first was that the principles of planning incentives, densification and integration espoused in housing policy have not been sufficiently reflected in the planning system, leading to failure in stimulating the private sector to supply affordable housing. The second hypothesis was that the planning system fails to counteract the tendencies of private developers to locate housing at inappropriate densities and locations. Using the conceptual framework designed from structure-agency theory, this study adopted a comparative case study method to investigate how the interactions of role players with the structural variables led to the outcomes in terms of location, density, integration and affordability of five affordable housing developments in the City of Cape Town metropolitan area. The case studies of affordable housing developments were categorised in terms of the type of developers, tenure options and land ownership. The empirical data were collected using household surveys and semi-structured interviews. A household survey of 395 beneficiaries was conducted in the affordable housing developments. Semi-structured interviews were conducted with developers and planning consultants in the private sector, state policy makers and policy-implementers at the City of Cape Town and the provincial Department of Human Settlements, housing activists and housing policy specialists. The study finds that while the principles in housing policies are reflected in the planning system, there is no clear indication on the meaning and expected outcomes, leading to a disjuncture in policy intent, implementation, and failure to stimulate the private sector to supply affordable housing. Furthermore, the study finds that the planning system has lagged behind in providing adequate legislative and planning tools to support the development of affordable housing. The study finds that the planning system and policy framework has constrained the development of affordable housing and failed to successfully curb the tendencies of developers to develop at inappropriate locations and densities. The study finds that while the structural variables such as the resources for housing development and planning system and policy framework impacted on the location, density, integration and affordability of affordable housing; the ideological perspectives of role players have impacted on the roles and distribution of resources towards the development of affordable housing. The study concludes that while the housing policy has been progressive, it is not sufficient to address the challenges in the affordable housing market. It is recommended that policy interventions targeted at enhancing the location, density, integration and affordability be implemented through the three areas that constitute the structural environment, namely the planning and policy framework, resources for housing development, and ideological perspectives of role players in order to impact on the agency of role players to create an environment conducive to the development of integrated affordable housing at higher densities and appropriate locations.

Den demografiska utvecklingen i Sverige går mot en befolkningssammansättning med allt högre medelålder. Prognosen tyder på att nästan var fjärde svensk år 2025 kommer vara 65 år eller äldre. Många av dessa individer har en aktiv, frisk och relativt lång ålderdom framför sig. Studier har visat att morgondagens seniorer är en relativt välbeställd grupp med höga krav och stora förväntningar på ålderdomen och det framtida boendet. Allt detta innebär en utmaning för samhället där nödvändiga prioriteringar kan leda till att individen måste ta ett större ansvar och eget initiativ för boende och omvårdnadstjänster gentemot tidigare. I avhandlingen (”studien”) har seniorboendekonceptet med integrerade service-, vård- och omsorgstjänster studerats särskilt. Seniorboenden är ett marknadssegment med kraftig tillväxt under 2000-talet. Antalet seniorbostäder i Sverige har ökat från ca 10 000 år 2000 till ca 28 000 år 2007. Det som karaktäriserar konceptet är att boendet och de anslutande tjänsterna har anpassats och särskilt utformats för ett liv i åldrande. Studien rapporteras i form av en monografi bestående av två olika delstudier. Forskningsfrågan som varit vägledande för den första delstudien är ”Vad skapar en stark marknadsposition för en aktör på seniorbostadsmarknaden med integrerad service, vård och omsorg?”. Forskningsfrågan i den andra delstudien är ”Vilka produktionsstrategier och styrsystem går att identifiera hos några av de mest framgångsrika konceptbyggarna?”. Den andra delstudien utgår från den första delstudiens resultat. Forskningen, som har bedrivits som en explorativ fältstudie, har pågått under perioden 2002-2008. Mätinstrumentet har bestått av fasta intervjufrågor med öppna svarsalternativ. De underliggande intervjuerna har tillsammans med sekundärdata presenterats i ett antal fallbeskrivningar. I studien har ett antal framgångsrika, såväl svenska som nordamerikanska, aktörer medverkat. Den första delstudien har analyserats utifrån en föreställningsram som byggts upp kring begreppen omgivning, strategi, resurs, tjänstekoncept och konkurrenskraft. Resultaten har formulerats i ett antal strategiska vägval vilka sammanfattats i begreppen differentiering, fokus, integration, samverkan, kontroll, verksamhetsutveckling, kärnkompetens och resurser. Det har kunnat påvisas att framgångsrika aktörer följer den differentieringsstrategi om Porter (1980) definierat. Vidare har en affärsstrategisk typologi över aktörer på seniorboendemarknaden formulerats. Den första delstudiens slutsatser har formulerats i fyra strategiska idealtyper: förvaltare, konceptbyggare, entreprenörer och idealister. Utgångspunkten i den andra delstudien, som bl.a. hämtats i Nilssons och Rapps (2005) teoretiska ramverk, har varit idealtypen konceptbyggare. Med vissa kompletteringar har detta ramverk nyttjats och utvecklats för att beskriva och analysera orsakssambanden kring strategisk kongruens och integrerad styrning. Kompletteringar och justeringar har skett för att även omfatta strategier och styrsystem för bygg- och tjänsteproduktion. Föreställningsramen har, utifrån den erfarenhet som erhållits vid analysen av insamlad data, justerats. Justeringen har bestått i klassificeringsdimensionerna IT, organisationskultur och värdegrund. I studien, som bl.a. består av fallbeskrivning och analys av konceptbyggare, har framkommit att de konceptbyggare som nått framgång också har lyckats uppnå strategisk kongruens och integrerad styrning. Studien har bl.a. kunnat påvisa vad betydelsen av boendets fysiska planering innebär för möjligheten att bedriva tjänsteproduktion. Studien har bl.a. visat att nordamerikanska konceptbyggare har en hög grad av samstämmighet mellan strategi och styrsystem. Samstämmigheten kan sammanfattas i marknadskännedom, tydlig verksamhetsidé, branscherfarenhet, insikt om skalfördelar via klustring, organisatorisk småskalighet, känsla för värdeskapande, målinriktning, långtgående befogenheter och delegerat ansvar, värdestyrd verksamhet och en väl utvecklad organisationskultur. De nordamerikanska konceptbyggarna har definierat sina verksamheter som hotellverksamhet för seniorer vilket innebär att de boende blivit kunder och de äldre i allmänhet betraktas som en tillgång.
The demographic trend in Sweden features a population with a rising average age. According to forecasts, nearly one Swede out of four will be 65 or older by the year 2025. Many individuals in this category of older persons, or seniors, can look forward to an active, healthy and relatively long old age. Studies have shown that tomorrow’s seniors and retirees will be relatively well off as social groups. In addition, attitude and generation surveys have indicated that these groups have high demands and expectations for their old age, future housing and related services. Society will thus face a considerable challenge, which includes maintaining a basic commitment to continue guaranteeing the standard of quality in housing and services for the elderly that is presently taken for granted. Necessary societal priorities, however, may require individuals to take more initiative and assume greater financial responsibility than before in some of these areas. In the 2000’s a new market segment has been established and shown vigorous growth. That segment is the senior housing market, where various housing concepts are offered to the target group, seniors, or persons aged 55+. The number of senior housing units in Sweden has soared in the last few years, from about 10 000 in 2000 to some 28 000 in 2007. In this study, the concept of senior housing, with features of integrated service and care, has been of special interest. What characterizes this housing concept is that housing and related services have been adapted and specially designed for living as an aging individual. This dissertation (”the survey”) is reported in the form of a monograph consisting of two separate studies. The research question that has guided the first study is, “What creates a strong market position for a player on the senior-housing market with integrated service, health care and other forms of service and care?” The research question for the second study is, “What production strategies and control systems can be identified for some of the most successful concept-builders?” The two studies are related in that the latter is based on the results of the former. The studies were conducted over a period from 2002 to 2008. The research was done as an exploratory field study. The field-study approach has given priority to breadth and inclusion of many aspects. The instrument of measurement has consisted of set interview questions with open-ended alternative responses. The underlying interviews, together with secondary data, have been presented as a number of case studies. In the survey, a number of successful players have been selected on the basis of the criteria considered typical of successful actors on the senior housing market. Both Swedish and North American organizations have participated in the survey. The empirical material of the survey has been analyzed on the basis of the theoretical conceptual frameworks developed for the two respective studies. The first study has been analyzed with a framework based on the concepts of environment, strategy, resources, service and competitiveness. The results have been formulated in a number of strategic choices that are summarized in the concepts of differentiation, focus, integration, collaboration, control, business development, core competence and resources. In this connection, it has been possible to show that actors who operate a successful business follow largely what Porter (1980) has defined as a strategy of differentiation. Moreover, a business-strategy typology of actors on the senior housing market has also been constructed. Also, the tentative conclusions of the first study have been formulated in four strategic ideal types: administrators, concept-builders, entrepreneurs and idealists. The point of departure for the second study has been the ideal type referred to as the concept-builder. The conceptual framework has therefore been developed further, based in part on the theoretical framework of Nilsson and Rapp (2005). With certain additions, these foundations have been used to construct a detailed theoretical framework for the study. The conceptual framework has been designed to describe and analyze the causal relationships relating to strategic congruence and integrated control. In this regard, additions and adjustments have been made to include strategies and control systems for the construction of buildings and the production of services. The results of the second study include a case description and an analysis of successful concept-builders. One reason for their success is assumed to be their ability to achieve strategic congruence and integrated control. In light of the findings from the analysis of the data, the conceptual framework has been somewhat modified. This adjustment has consisted in classification along the dimensions of IT, organizational culture and fundamental values. In this connection it has been possible to demonstrate the importance of the physical planning of housing for the production of services. Emphasis has been placed on designing the physical facility and housing right from the beginning so as to facilitate the service-producing operation in a later stage of the life cycle. One finding of the survey is that with North American concept-builders there is a high degree of consistency between strategies and control systems. The factors underlying this consistency can be summarized as market knowledge, industry experience, understanding the economies of scale attainable through clustering, organization on a small scale, a clear concept of business, a sense of value creation, a focus on objectives, farreaching delegation of authority and responsibility to the operating level, skilled management, value-oriented operations and a well-developed organizational culture. Through the survey, a number of customer-controlled operations have been illustrated in the case studies. It is apparent that compared to the past, there has been a shift in industry attitude in North America, creating a situation that differs from Swedish conditions in some respects. The North American concept-builders have defined their businesses as hotel operations for seniors. This has automatically shifted the focus toward one where residents have become customers and older people in general are regarded as assets.

This thesis discusses the real price development on the Swedish housing market and the effects by qualitative variables. The housing market shows signs of being overpriced and this paper investigates if these qualitative values significantly effect the real price development. Valueguard Corporation has supplied Price development data. Focus magazine has supplied data regarding a large dataset for Swedish municipalizes which measures which state of quality of living prevailing in the investigated area. Empirical results show that qualitative variables and increased population have a positive effect on the real price development. Increased cost of interest rates has a significant negative effect on the price development. Increased amortizing rates and interest rates are assumed to slow down an unsustainable price development.

Considerable attention has been given to housing issues in the countryside over recent years. The 1980s and early 1990s have witnessed a whole host of academic publications, policy reports and media articles, with the focus predominantly on the issue of housing affordability. In many ways, the enquiry adds to this burgeoning literature on rural housing issues in conventional terms. In other ways, however, it attempts to provide a broader view of the rural housing market, by considering rural housing issues alongside wider processes of socio-economic restructuring within the Welsh countryside, and also by incorporating in the research methodology elements of housing theory developed predominantly outside the rural arena. Consideration is given to some key aspects of housing and socio-economic change within rural Wales generally and in two case study areas in particular. A detailed examination of the local housing market in each study area then follows based on a series of individual surveys and interviews. Attention is given to state intervention within the market and to the changing nature of social rented housing provision and allocation. In addition, the operations and interests of key agents involved in the supply and distribution of private housing are considered. Finally, the consumption of housing within each study area is investigated, based on a survey of 400 households. The linkages between the local housing market and population in- and out-movement, and the incidence and nature of housing need are examined, together with respondents' attitudes to further residential development and housing need within the community.

This dissertation includes three essays on growth, the housing market, and inequality. In the first essay, I analyze the effects of government consumption and government debt on long-run economic growth by considering the economic characteristics of the countries investigated. Linear regressions reveal that government consumption has a much bigger negative impact on long-run growth compared with the negative (and sometimes insignificant) effects of government debt. Nonlinear analyses further show that such effects are highly impacted by the economic characteristics of the countries investigated. In the second essay, I study time-series fluctuations in the United States housing market from 2010 to 2016 using the Gordon growth model. Using variance decomposition analysis, I find that the housing premium is the main driver of housing market fluctuations. Motivated by previous studies and using impulse response functions, I show how different components of the housing market respond over time to a shock in the interest rate in regions with different levels of income or demographics. My findings suggest that the impact of monetary policy is smaller (and less persistent) in the U.S. housing market when households have more females, more African Americans, or fewer well-educated members; a combination of these demographics and a lower income in households results in a smaller impact of monetary policy in the housing market, due to the necessity of housing for these families. In the third essay, I use Internal Revenue Service (IRS) annual data and Zillow median housing price data, to analyze the impact of income inequality on housing price to rent ratio from 2005 to 2015 for more than 12,700 zip codes. Employing various specifications, I find a consistent positive and significant relationship between the Gini coefficient and housing affordability index. My results are robust to different methods of estimating the Gini index. Moreover, the empirical results of this study suggest a larger impact of inequality in zip codes with higher levels of income.

Many business executives lack strategies to detect and eliminate tenant fraud in subsidized rental housing. The purpose of this multicase study was to explore strategies some business executives used to detect and eliminate tenant fraud in subsidized rental housing. The conceptual framework used to guide this study was the theory of planned behavior. Data were gathered using semistructured interviews with 6 purposively selected business executives of public housing authorities, supplemented with a review of policies and procedures that business executives used. Yin's 5-step analysis, which entails examining, categorizing, tabulating, creating a data display, and testing the data, guided the process of coding participants' responses. Member checking validated that emerging themes were in alignment with participant experiences. The 4 major themes of the study were: perception of tenant fraud, detection and minimization of fraud, the effect of fraudulent behavior on tenant attitudes and belief systems, and verification procedures. The results of the study might support positive social change by providing leaders with insights related to fraud-reducing fragmentation, duplication, and overlapping of programs, which may result in federal funds being available for federal government public services. The findings of this study might add to the body of knowledge and further contribute to social change through a coalition of housing agencies working together to share their knowledge of combating tenant fraud in subsidized rental housing and restoring the integrity of the Housing Choice Voucher Program.

Earlier studies examining house pricing have mainly focused on the secondary market and have often overlooked the primary market and newly produced housing units. This paper studies the pricing strategies in the primary housing market, as that segment differs from the secondary market. By using data from one newly produced housing project, we are able to exclude a number of project-specific factors, as they are nearly identical for all observations. This allows us to focus on factors that are directly observable and require very little assessment or evaluation in our estimations of list prices, selling prices and selling times. The empirical results exhibit a close relationship between list- and selling prices, but a few factors differ significantly between the two. Such differences could indicate a misinterpretation of the market by the seller. The time-on-market model shows that a number of factors affect selling times as well. The results indicate a relationship between "mispriced" factors and their impact on the selling times, where "over-priced" factors seem to prolong the time-on-market and "under-priced" factors seem to shorten the time-on-market. By dividing the units into different price ranges, it becomes clear that high-priced housing is more difficult to price and take longer to sell. This relationship is strengthened by a degree-of-overpricing variable, which exhibits a positive sign in the time-on-market model. The effect is the strongest in low-priced units and not significant for higher-priced units. Other factors that affect pricing strategies require a broader discussion. Analogies from similar consumer good markets indicate that pricing strategies are dependent on the types of customers in the target groups as well as the stage in the project life-cycle.

Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2013.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 44-45).
This paper seeks to answer a question that real estate developers have wrestled with for years: apartment or condo? Given that the two types of residential units typically occupy similar buildings and structures, the goal of this research is to determine if condo prices follow rents. If a correlation is found it could have significant impact on the development of residential housing. To answer these questions historical housing prices from 1996 to 2012 for 44 of the largest metropolitan statistical areas in the U.S. will be studied. Linear regression analysis will be utilized at the metro level to understand how condo prices are influenced by apartment rents, single family home prices, the housing price index (HPI) and the yield on the 10-year U.S. treasury. The results of the analysis tell us that condo prices have followed and acted very much like single family home prices during the last 16 years. The easy credit and cheap lending that was available during the housing boom separated the single family and condo markets from the rental market by turning renters into owners. During this time rental prices remained relatively flat whereas condo and single family prices moved together and were correspondingly hit harder as a result of the financial crisis. The main implication of these findings is that it appears the type of tenure associated with a housing product has a measurable effect on the price. The physical similarity between condominium units and apartment units in large metropolitan markets does not necessarily signal a relationship in price and thus, apartment rents typically do not represent the present discounted value of condo prices.
by James D. Hughes.
S.M.in Real Estate Development

Thesis (M.C.P.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2008.
Includes bibliographical references (p. 70-72).
Market-rate and resettlement coexisting housing compound (MRCHC) is a special model of mixed-income neighborhood merging with the dilapidated housing renewal in the major cities of China. The provision and management of estate-level facilities and amenities are not performed well enough to serve the neighborhoods' daily needs for recreation, services and utilities. Moreover, sharing estate-level facilities have resulted in discord and separation between the market-rate and the resettlement sections. This thesis aims to identify the factors that lead to the problems and to explore the potential improvements for the future developments. After an introduction to the dilapidated housing renewal and the relocation, four cases located in the inner city of Beijing are evaluated and compared in terms of quality of facility provision, quality of facility maintenance and the degree of discord between the market-rate and the relocated residents. Previous mixed-income housing practices in U.S. and Canada are studied to explore potential improvements for the current problems. This thesis finally concludes that, first, public subsidies should serve as the major source to bridge the gap in the capability to pay maintenance fees between the market-rate and the resettlement residents, while commercial leasing income and inter-neighborhood cross-subsidies can serve as the subsidiary sources. Second, the management structure in MRCHCs should be improved by establishing competent homeowner committee board, involving governmental and non-profit sectors and strictly enforcing the community rules. Keywords: Market-rate and resettlement coexisting housing compound, Estate-level common facility, Provision, Management, Social interaction, China, Beijing, Urban, Mixed-income.
by Jie Bai.
M.C.P.

The development of ‘Affordable housing’ has become an urgent and important topic of discussion in China. Unlike in western countries where the social welfare system has been set up for many years and the public housing system also is mature, in most of Asian countries, the social welfare systems are still weak in relation to their large amount of low-income populations. The gap between rich and poor is considerable large, and is still increasing; many people with low-income could not afford their own houses since the minimum down-payment and the entry-requirement of real estate market are both increasingly high; the ‘Affordable housing’ is therefore very difficult to be developed appropriately under this circumstances. The thesis provides an overview of the development of ‘affordable housing’ around the world, and a brief introduction of the relevant situation in China, in order to find out some applicable policy suggestions for the development of Guangzhou city’s affordable housing market from such previous experiences. Public housing system in U.S. and Sweden has a strength foundation for many decades, while China is a developing country with the largest population in the world, in order to solve the housing problem, Chinese government start to implement public housing policies and establish the ‘public housing system with Chinese style’. The Guangzhou affordable housing policies are based on the Chinese style public housing system, given the similar culture background and economy foundation, Singapore and Hong Kong’s public housing development process has more value for Guangzhou City Government to learn from. Results from questionnaire and analysis are shown for the current housing statu in Guangzhou City, which reflect some realistic housing problems and it takes a long term for householder to achieve down payment and ‘full house ownership’.

This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2020
Cataloged from student-submitted PDF of thesis.
Includes bibliographical references (pages 39-40).
This paper examines the housing market in Beirut between the beginning of 2005 to the end of 2018, focusing in particular on the slowdown in the early to late 2010s. It will be shown that this slowdown is partly attributable to a mismatch in the supply that private developers have introduced to the market and the actual demand from potential homeowners. The analysis reveals that the most at-risk assets are opportunistic developments targeting high-income buyers and that despite political and economic instability, property owners have continued to realize returns on real estate. At the time of writing this paper, there are no formal metrics to track the movement of real estate prices in Beirut. Two indices are constructed using transaction data to address this using the hedonic and repeat sales models. Finally, the different factors that have affected the real estate market are explored, including slow wage growth that has prevented homeowners from keeping up with housing prices, massive public debt that has paralyzed subsidization programs, and a high cost of debt that has made it difficult and unattractive to finance both new construction and homeownership.
by Abdulrahman Hammoud.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

Nonprofit organizations often work in partnership with government agencies to empower low income people in the housing market through government subsidized mortgage loans. In spite of this assistance, homelessness and substandard housing is pervasive among low income households because this population primarily relies on the rental housing market, leaving a gap in practice and knowledge related to how nonprofits provide assistance to the overwhelming majority of low income consumers in need of housing. The purpose of this case study was to use social justice theory to explore how the nonprofit sector, as an economic force, provides assistance to and empowers low income consumers in acquiring federally subsidized housing in the Louisville housing market. Data were collected from documents from nonprofit housing organizations and 5 interviews with directors of nonprofit organizations whose principal mission is to assist low income people acquire housing. Data were inductively coded and organized around key themes and ideas. Key findings of this study indicated that these 5 leaders perceived a certain degree of empowerment among low income individuals; they also perceived that rental subsidies and public housing were viewed by consumers as entitlements. However, the organizations' housing units were not being managed as landed capital asset that could be occupied on various negotiable lease terms, as in the housing market, for empowering low income people to ensure social justice. These findings suggest that positive social change may be encouraged if nonprofit housing organizations engage in social entrepreneurial leaseholds to complement the public policy and empower low-income households.

Thesis (MPA (School of Public Management and Planning))--University of Stellenbosch, 2005.
One of the problems with development planning is a lack of community participation. This is due to the top-down approach that dominates development planning. To improve chances of sustainable development there is a need to shift from a top-down approach towards a bottom-up approach. The bottom-up approach promotes people-centred development. People-centred development focuses on people and enhances their capacity to influence the direction and implementation of the development process. Communities can only influence the development process through their participation. International bodies such as the United Nations and the World Bank support the concept of community participation in development planning. The South African policy framework also provides for community participation. The change agents should utilise this opportunity by sharing knowledge and by learning from the indigenous knowledge of the community. This knowledge exchange between the community and the change agents creates a platform for social learning, capacity building and empowerment. It is through this platform that sustainable development could be achieved. This kind of development process accommodates the building blocks of development. This study examines the level of community participation in a housing development project at the Boystown informal settlement. It was found that there is a lack of community participation in this project and that the project could be a success if there is a higher level of participation by the beneficiaries.

The “Great Recession” of 2007 created havoc in the homebuilding industry, more than any other previous economic down cycle. Countless seasoned local homebuilders across the country did not survive. The impact of their failure on the economy, community, employment, lenders, suppliers, and subcontractors was devastating. While previous studies have sought to identify the symptoms and causes of business failure, very little research has been done on home builder business failure due to acts, omissions, characteristics, or other events which are non-financial. Specifically, those that are attributable to the failed entities' top management and leadership during the housing crisis and the Great Recession. Therefore, the purpose of this qualitative inquiry is to uncover those nonfinancial factors and help to fill the gap in the literature Additionally, we seek to find specific strategies that could be incorporated into the business models of local homebuilders which allow them to anticipate and navigate turbulent economic times. The ultimate goal of such strategies, however, is to shield the organizations of those builders from the negative effects of recessions and allow them to thrive in the aftermath.

Namibia has been praised for having rigorous policy frameworks that address various national development challenges. Over the years, the country has introduced various policy initiatives to address the housing challenge in the country. However, implementation of such policies and programmes faced various challenges resulting in suboptimal outcomes and consequently, a situation where such programmes are abandoned, and new ones are introduced with little learning from past experiences. This paper, analysed the role of governance on effective programme management using a case study of Namibia’s Mass Housing Development Programme. The findings highlight governance challenges, as one of the key contributing factors to failing programmes. A qualitative approach was employed in gathering data using face to face in-depth interviews with the informants who represented the target population in the study. The paper contributes to the body of knowledge on the importance of governance which public policy and programme makers can draw lessons from for effective programme implementation.

By examining the driving forces behind the recent housing market development in Hong Kong, this thesis offers an explanation for the effects of the ―Capital Investment Entrant Scheme‖ and the movements in the exchange rate between HKD and RMB on the housing prices of the overall market and two sub-markets. Induced by record-low mortgage rates and decreasing amount of new dwelling units completion, housing prices in Hong Kong surged to a record high level recently. To test the equilibrium price of housing, cointegration tests will be used to identify whether there is overvaluation in recent property market. At the end of 2010, result shows that there is no overvaluation of the overall market and two sub-markets. Besides, by using the vector error-correction model, result suggests that the ―Capital Investment Entrant Scheme‖ and appreciation of RMB against HKD have positive impact on the overall market and smaller units only. The last section will discuss current policies to curb speculation and to check housing price inflation. The discussion will focus on effectiveness of the special stamp duty and whether housing prices index futures would be a good alternative to the special stamp duty to curb speculation.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009.
ENGLISH ABSTRACT: Section 26 of the Constitution of South Africa states that all South Africans should have the basic right of access to adequate housing. The task of housing the people of South Africa is the responsibility of the state, who is empowered to utilize all legislative and economic resources at its disposal, in order to achieve this right to housing in all forms. Though the state has mobilised resources and manpower to achieve these objectives, many challenges remain in the facilitation and provision of adequate affordable housing. These challenges relate to the understanding of the complex legislative systems and mechanisms governing the delivery of housing in this country. The functions of various tiers of government and the interventions designed to alleviate the housing backlog are increasingly becoming less effective. The involvement of the private sector in the delivery of sustainable integrated affordable housing is therefore crucial as this enormous challenge cannot be achieved by the government alone. These challenges are numerous and diverse and this study highlights the main structural issues to which both the public and private sectors are exposed to. This relates to availability of land, affordability, subsidy constraints, access to funding and the limitations of development planning. The aim of this study is to determine how this range of challenges is affecting the delivery of sustainable integrated affordable housing. A survey of leading developers in the Western Cape has been conducted to determine the main factors which are retarding and hampering progress. The findings of the study reveals that government interventions in the housing sector though marginally progressive, are not conducive to alleviating the structural problems in this environment. As a result the ability of private sector developers to perform in this market is eroded due to the unsustainable and complex problems associated with this environment. As the need for housing grows, a greater awareness and understanding of the problems and challenges associated with the delivery of sustainable integrated affordable housing is needed to provide a platform for the creation of adequate housing in this country. AFRIKAANSE OPSOMMING: Artikel 26 van die Grondwet van Suid-Afrika stel dat alle Suid-Afrikaners die reg op toegang tot geskikte behuising het. Die taak van die behuising van die mense van Suid-Afrika is die verantwoordelikheid van die staat, wat toegerus is om alle wetgewende en ekonomiese hulpbronne tot sy beskikking te gebruik om hierdie reg tot behuising in al sy vorme te verwesenlik. Alhoewel die staat hulpbronne en mannekrag gemobiliseer het om hierdie doelwitte te bereik, bestaan daar steeds vele uitdagings in die fasilitering en verskaffing van geskikte en bekostigbare behuising. Hierdie uitdagings het betrekking op die begrip van die komplekse wetgewende stelsels en meganismes wat die lewering van behuising in hierdie land beheer. Die funksies van verskeie vlakke van regering en die intervensies wat ontwerp is om die behuisingsagterstand te verlig, raak al hoe minder effektief. Die betrokkenheid van die privaatsektor in die lewering van volhoubare, geïntegreerde en bekostigbare behuising is kritiek omdat die regering nie hierdie enorme uitdaging alleen kan verrig nie. Die uitdagings is talryk en divers, en hierdie studie werp lig op die vernaamste strukturele kwessies waaraan beide die openbare en privaatsektore blootgestel word. Dit het betrekking op die beskikbaarheid van grond, bekostigbaarheid, subsidiebeperkings, toegang tot befondsing en die tekortkominge van ontwikkelingsbeplanning. Die doel van hierdie studie is om vas te stel hoe hierdie reeks uitdagings die lewering van volhoubare, geïntegreerde en bekostigbare behuising affekteer. ’n Opname van toonaangewende ontwikkelaars in die Wes-Kaap is gemaak om vas te stel wat die hooffaktore is wat vordering vertraag en belemmer. Die bevindinge van die studie onthul dat regeringsintervensies in die behuisingsektor, hoewel marginaal progressief, nie bevorderlik is vir die verligting van strukturele probleme in hierdie omgewing nie. Gevolglik word die vermoë van die privaatsektor-ontwikkelaars om in hierdie mark te slaag, verweer weens die onvolhoubaarheid en komplekse probleme wat met hierdie omgewing gepaard gaan. Soos die behoefte aan behuising groei, word ’n groter bewustheid en beter begrip van die probleme en uitdagings, wat gepaard gaan met die lewering van volhoubare, geïntegreerde behuising, benodig om ’n platform daar te stel vir die skepping van geskikte behuising in hierdie land.

The deregulation of the financial markets that started over two decades ago in the developed countries has led to increased house prices and loan to value ratios. Home owners in western countries have over the last two decades steadily decreased their savings and at the same time increased the size of their mortgages and the amount of leverage used to purchase their homes. This development has increased the financial risk for homeowners which recently became clear in the United States when prices on homes started to fall rapidly in 2007. Due to this development Finansinspektionen in Sweden has enforced new regulation on mortgage lending making it more expensive for home owners to use high leverage ratios. Finansinspektionen is responsible for consumer protection in terms of financial products and the new regulation aims to protect mortgage borrowers. Finansinspektionen suggests that an insurance that protects the borrower from loss could be used as an alternative to the regulation restricting the amount of leverage. Finansinspektionen also mentions the Canadian mortgage market as an example where compulsory mortgage insurances are enforced today. In Canada the borrower must take out a mortgage insurance when the mortgage exceeds 80 percent of the house value. However, we find that the Canadian mortgage insurance system would not fulfil the aim of Finansinspektionen’s regulation. The Canadian mortgage insurances are constructed to protect the lender against default and there purpose was initially to increase lending. When examining the basic structure of mortgage and home value insurance products we find that such products and systems are complicated to construct to match the Finansinspektionen requirements and purpose due to issues such as moral hazard, adverse selection, price, willingness to pay and systemic risk.

As China's economy continues to grow, the problem of meeting urban residents' diverse housing requirements has become more and more important for government, housing developers, and architects. In western countries, especially in European countries and Japan, the "open building" concept is increasingly recognized as an alternative to the conventional approach in the housing sector, and many projects have been built. This thesis asks whether changing the housing process in the market-based urban housing production system in China can provide new and profitable opportunities for those business types which already set the stage for open building implementation in selected parts of the Chinese urban housing market.The thesis first studies China's urban housing development history and the current housing market. The changing roles of housing consumers and the characteristics of the market-based urban housing production system indicate that the open building process might be useful at least in some parts of the Chinese housing market.The second focus of this thesis is a study of a townhouse, one of four popular housing types in China. A townhouse in the market is chosen as a reference to demonstrate the principles of the open building process, showing the design and technical possibilities for this method in that context.The third focus is the study of an existing decoration company with successful experience in residential projects and an attempt to show that the open building approach is a possible outgrowth of an already operating process.In conclusion, the thesis seeks to demonstrate that open building will not only benefit companies and housing consumers in China's urban housing sector, but also promote the development of sustainability in the residential sector.
Department of Architecture

Thesis (Ph. D.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology, Management, and Policy Program, 2003.
Includes bibliographical references (leaves 181-191).
Engineering companies frequently face product development challenges. Competitive pressures, industrial or societal innovations, and government regulations are some of the many factors that drive the need for new or better products. Companies respond to these drivers and changing needs by developing new products and employing product development processes (PDPs) to coherently manage the risks inherent in their development. Well-designed PDPs reduce development time, create better products, generate profit, and increase market share. In contrast, poorly-designed PDPs can severely harm both product lines and the companies that manufacture them. Many companies seek guidance in making important PDP design decisions. This thesis introduces PDPs as risk management frameworks. The research investigates the relationship between PDPs and risk management and seeks to help companies improve PDP design. It begins by discussing the drivers and risks of product development and then describes different PDPs. The traditional stage gate process is compared with the modified waterfall process, evolutionary prototyping, evolutionary delivery, design to schedule/budget process, the spiral process, and several other PDP variations. The research then proposes several iteration- and review-based metrics by which PDPs can be more effectively identified and compared. Ten company case studies exemplify a wide variety of actual PDPs, demonstrate the utility of iteration and review metrics in distinguishing PDPs, and illustrate how different processes manage different risks. Case study findings indicate that software development companies face rapidly-changing markets, generally perform quick integrations and tests, and are likely to employ flexible PDPs.
(cont.) In contrast, manufacturing companies that face greater integration difficulties and technical risks are likely to employ more rigid PDPs. Integration and risk are both instrumental in determining the applicability of different PDPs. The research employs case study lessons to propose a method for improved PDP design based on risk and integration. To demonstrate the method, it is applied to one company. The thesis concludes that PDPs vary more than previously documented; that the proposed metrics are useful in distinguishing PDPs, their different integrations, and their different risk management methods; and that companies facing different risks can more thoughtfully tailor their PDP designs to suit their own unique circumstances.
by Darian W. Unger.
Ph.D.

Thesis (MPhil)--Stellenbosch University, 2012.
ENGLISH ABSTRACT: Die Suid-Afrikaanse regering en sy organisasies en instellings, net soos ander internasionale state, word gekonfronteer met uitdagings om hul bates te bestuur, soos onder andere data, inligting, kennis, mense en prosesse. Hierdie uitdagings tel onder die faktore wat dienslewering negatief beinvloed. Alhoewel die Departement van Behuising ongeveer twee miljoen en sewe honderd duisend huise gelewer het, sedert 1994 was daar nog steeds uitdagings. Gepaardgaande met swak dienslewering, het die Departement ook gesukkel om bates soos inligting, kennis, inligtingstegnologie en menslike hulpbronne te bestuur. Alhoewel dit uitgebreide beleggings gemaak het in inligting tegnologie, veral in die ondersteuningsdienste, het die departement nog nie die tegnologie ten volle benut nie. Die tesis poog om die positiewe aspekte te ontdek wat deur die toepassing van kennisbestuur binne die behuisingsektor oor al drie regeringsvlakke teweeggebring kan word. ‘n Vraelys is versprei onder beamptes wat die bestaande behuisingsinformasie-sisteme gebruik in die areas van behuisingsubsidie administrasie, monitering en evaluering en projekbestuur afdelings in die behuisingsektor. Gebaseer op die bevindinge van die vraelys word ‘n kennisbestuursmodel vir die behuisingsektor voorgestel wat dienslewering kan bevorder.
AFRIKAANSE OPSOMMING: Die Suid-Afrikaanse regering en sy organisasies en instellings, net soos ander internasionale state, word gekonfronteer met uitdagings om hul bates te bestuur, soos onder andere data, inligting, kennis, mense en prosesse. Hierdie uitdagings tel onder die faktore wat dienslewering negatief beinvloed. Alhoewel die Departement van Behuising ongeveer twee miljoen en sewe honderd duisend huise gelewer het, sedert 1994 was daar nog steeds uitdagings. Gepaardgaande met swak dienslewering, het die Departement ook gesukkel om bates soos inligting, kennis, inligtingstegnologie en menslike hulpbronne te bestuur. Alhoewel dit uitgebreide beleggings gemaak het in inligting tegnologie, veral in die ondersteuningsdienste, het die departement nog nie die tegnologie ten volle benut nie. Die tesis poog om die positiewe aspekte te ontdek wat deur die toepassing van kennisbestuur binne die behuisingsektor oor al drie regeringsvlakke teweeggebring kan word. ‘n Vraelys is versprei onder beamptes wat die bestaande behuisingsinformasie-sisteme gebruik in die areas van behuisingsubsidie administrasie, monitering en evaluering en projekbestuur afdelings in die behuisingsektor. Gebaseer op die bevindinge van die vraelys word ‘n kennisbestuursmodel vir die behuisingsektor voorgestel wat dienslewering kan bevorder.