A Case Study Of Enlightenment On China's Financial Support For Government Subsidized Housing From American Long-term Rental Apartment Market

This paper takes the financial support of government subsidized housing and the long-rent apartment market in the United States as the research object.At present,the research on government subsidized housing is rich,but the research on financial support methods for government subsidized housing is rare.There are few studies on improving the domestic government subsidized housing finance by using the financial support methods of long-term rental apartments in the United States.To make up for this shortcoming,learn from the long-term rental apartment in the United States and combine the status quo of China's government subsidized housing construction.The research in this paper is divided into three aspects.The first aspect is the theoretical analysis of government subsidized housing finance,analyzing the reasons why government subsidized housing requires government support and social capital participation.The second aspect is a case study of the development of the long-term rental apartment market in the United States,analyzing the operational mechanism and policy support of the real estate investment trust model.The third aspect is based on the three-party perspective of the government,low-income families and investors to conduct empirical research on real estate investment trust transformation of existing government subsidized housing projects.This paper uses the R&F Jinshazhou project as the data basis to analyze whether it is possible to satisfy the interests of the three parties in the case of government subsidies,commercial support,tax incentives,etc.,to test the feasibility of the model transformation.The theoretical analysis of this paper finds that government subsidized housing as a quasi-public product requires government support,but the introduction of social capital through innovative financial support models can improve the efficiency of government subsidized housing supply.Through case analysis and empirical analysis,this paper finds that,firstly,based on the investor's perspective,when the project cash flow source is only the rent of the tenant,the project income is similar to the interest income of the national debt,and the project is unattractive;when the government subsidy is added,the project income can basically reach Investors' minimum expectations;Finally,when the project gradually adds commercial support and tax incentives,the project's rate of return increases,the range of acceptable rent fluctuations also expands,and the project can attract social capital.Secondly,based on the perspective of low-and middle-income families,it is a practice to satisfy their actual interests by being able to rent a relatively mature and well-functioning property at a price below the market.Finally,based on the government's perspective,the governmentprovides subsidies for renting houses for low-and middle-income families,as well as tax incentives for projects.In general,the reform of government subsidized housing investment trusts can alleviate the government's financial pressure and release on the basis of ensuring the effectiveness of safeguards.The quota can cover a wider range of low-and middle-income families,so model transformation is feasible.Finally,based on the results of theoretical and empirical tests,this paper proposes to enhance the understanding of the properties of quasi-public goods in government subsidized housing,strengthen the integration of government and social capital,accelerate the introduction of relevant laws on public real estate investment trusts,promote the implementation of tax incentives,and accelerate the relevant Suggestions for talent development.