To alleviate the burden of high residential costs for the younger population, the Korean government has recently implemented a public rental housing program for those who are vulnerable in their residential conditions and endure low quality of life. This program is not yet fully effective in achieving its policy aim because of lengthy construction periods and consistent vacancies (despite high demand). To address this issue, policy guidelines are sought. This study comprehensively models supply and demand of public rental housing and analyzes the effects of diverse policies on the rental housing system behaviour. To represent the rental housing system, system dynamics is applied which consists of continuous simulation based on causal relationships among variables encompassing their time-lagged effects (and in which system variables are highly interdependent). By testing the effects of policy variables of public rental housing delivery strategies upon the system, the developed model provides an in-depth understanding of policy impacts towards achieving a desired policy objective (in this case to accommodate more public rental housing demands by minimizing vacancy rates). The results provide guidelines for developing detailed policies for more efficient public rental housing project delivery, which can contribute to alleviating the residential problems of the younger population.
|Number of pages||10|
|Journal||Journal of Asian Architecture and Building Engineering|
|State||Published - 2019|
Bibliographical noteFunding Information:
This work was supported by the National Research Foundation of Korea (NRF) [NRF-2018R1D1A1A09083708]. This research was supported by Basic Science Research Program through the National Research Foundation of Korea (NRF) funded by the Ministry of Education (NRF-2018R1D1A1A09083708).
© 2019, © 2019 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group on behalf of the Architectural Institute of Japan, Architectural Institute of Korea and Architectural Society of China.
- Public rental housing
- housing market
- housing policy
- policy impacts
- system dynamics