Policy research: how much does the development of affordable rental housing stimulate investment?

On December 6, the Political Bureau of the CPC Central Committee held a meeting and proposed to "promote the construction of affordable housing". Indemnificatory housing includes public rental housing, indemnificatory rental housing and housing with common property rights.

From this year's "14th five year plan", it is proposed to "expand the supply of indemnificatory rental housing"; In June, the national standing committee decided to accelerate the development of affordable rental housing to alleviate the housing difficulties of new citizens, young people and other groups; Then, the State Office issued document No. 22, which put forward specific opinions on accelerating the development of indemnificatory rental housing. The construction of indemnificatory rental housing is the key force point next year.

How to develop indemnificatory rental housing? Where do the houses and funds come from? How much does it pull investment? This paper discusses in detail.

The focus of housing policy is leasing, and the focus of leasing is the development of indemnificatory rental housing

Develop leasing and make up for the shortage of housing supply. From 2016 to 2021, the central government has repeatedly proposed to vigorously develop the leasing market; The 14th five year plan released in March 2021 pointed out that "accelerate the cultivation and development of housing rental market, effectively revitalize stock housing resources, and effectively and orderly expand the supply of urban rental housing".

The development of indemnificatory rental housing is the focus of rental policy. The 2021 government work report focuses on "effectively increasing the supply of affordable rental housing and housing with common property rights... Try our best to help new citizens and young people alleviate housing difficulties". In April, the Ministry of housing and urban rural development and the national development and Reform Commission issued a notice requiring 40 cities to make arrangements for the construction of affordable rental housing in 2021; In May, a symposium was held in 40 cities, and it is planned to raise 936000 sets during the year; In June, the State Council Office issued the opinions on accelerating the development of affordable rental housing, which was supported by the government in land, taxation, finance and other policies to promote the solution of the prominent housing problems in big cities. In December, the Politburo meeting analyzed and studied the economic work in 2022 and proposed to "promote the construction of indemnificatory housing".

Local governments responded positively and expanded the supply of affordable rental housing. Beijing began to build indemnificatory rental housing in the third batch of land supply this year; Shanghai, Guangzhou During the 14th Five Year Plan period, the newly added affordable rental housing in Shenzhen is 470000 units (rooms), 600000 units (rooms) and 400000 units (rooms), accounting for about 45% of the total new housing supply; Hefei plans to raise 150000 affordable rental housing during the 14th Five Year Plan period (rooms), accounting for more than 30% of the total new housing supply; Shandong, Gansu, Xiamen and other provinces have successively issued opinions on accelerating the development of indemnificatory rental housing.

 

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