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Housing policy: the Dutch case

Housing policy: the Dutch case. Coping with crisis. Marja Elsinga, OTB Research Institute for the Built Environment / TU Delft. Home ownership Social housing. Development of housing tenures in the Netherlands. Encourage home ownership: encourage debt. Mortgage interest deduction:

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Housing policy: the Dutch case

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  1. Housing policy: the Dutch case Coping with crisis Marja Elsinga, OTB Research Institute for the Built Environment / TU Delft

  2. Home ownership • Social housing

  3. Development of housing tenures in the Netherlands

  4. Encourage home ownership: encourage debt • Mortgage interest deduction: • 100% deductable at marginal rate • 14 billion a year • Mortgage guarantee • (up to loans of 350), • 80% of current market

  5. House prices nominal Netherlands (* €1.000), NVM

  6. Number of new dwellings sold, quarterly, Monitor nieuwe woningen, 2012

  7. Consumer confidence, vereniging eigen huis, 2012

  8. Response to the crisis • Early response 2008-2010 • Mortgage interest deduction: Extend period of double deduction from 2 to 3 years • Mortgage guarantee: Increase maximum loan from 265 to 350.000 Euro • Later response 2011- last week • Right to buy for social rental housing: 75% of social stock for sale • Reform mortgage interest deduction: make it less generous, proposal of last week, majority in parliament

  9. Home ownership • Social housing

  10. housing policy, Osaka Source: CECODHAS European Social Housing Observatory (2008)

  11. Development of housing tenures in the Netherlands

  12. The Dutch model of social housing • The Dutch model: • Social (not public!!) landlords that provide housing at below market rents and allocate to need • Key features: • No subsidies • Broad target group • Access to loans • Tied to government

  13. Social Housing Governance • Housing Act • BBSH (Social Rented Sector Management Order): performance fields • Performance agreements on the local level • Two key institutions: • Social Fund (CFV) • Guarantee Fund (WSW)

  14. Mergers lead to fewer but larger housing associations (HAs) number of HAs average size

  15. Revolving Fund Principle New affordable housing Rent income Housing refurbishment Housing sale revenues Community investments

  16. Current issues • National government • More rent increase, new tax for all land lords, 2013 (760 million per year) to finance housing allowance • EU competition policy: end of the broad social model • Survey by parliament • Housing associations • Less investment • Intermediate tenures • Scandal of Vestia

  17. System changes • Forced by financial markets: lower LTV’s and thus less access to home ownership • Reconsidering social housing, what is the key aim: • Housing the most vulnerable • Urban renewal investment • Housing a broad group • Safeguard affordability by housing allowance

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