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Band 83
Jan Philip WeberThe Regulation of Private Tenancies - A Multi-Country Analysis
Schriften zu Immobilienökonomie und ImmobilienrechtHerausgeber: IREIBS International Real Estate Business SchoolProf. Dr. Sven BienertProf. Dr. Stephan Bone-WinkelProf. Dr. Kristof DascherProf. Dr. Dr. Herbert GrziwotzProf. Dr. Tobias JustProf. Gabriel Lee, Ph. D.Prof. Dr. Kurt KleinProf. Dr. Jürgen Kühling, LL.M.Prof. Dr. Gerrit ManssenProf. Dr. Dr. h.c. Joachim MöllerProf. Dr. Karl-Werner Schulte HonRICS Prof. Dr. Wolfgang SchäfersProf. Dr. Steffen SebastianProf. Dr. Wolfgang ServatiusProf. Dr. Frank StellmannProf. Dr. Martin Wentz
Jan Philip Weber
The Regulation of Private Tenancies
–
A Multi-Country Analysis
Die Deutsche Bibliothek – CIP Einheitsaufnahme Jan Philip Weber The Regulation of Private Tenancies – A Multi-Country Analysis Regensburg: Universitätsbibliothek Regensburg 2017 (Schriften zu Immobilienökonomie und Immobilienrecht; Bd. 83) Zugl.: Regensburg, Univ. Regensburg, Diss., 2017 ISBN 978-3-88246-373-6 ISBN 978-3-88246-373-6 © IRE|BS International Real Estate Business School, Universität Regensburg Verlag: Universitätsbibliothek Regensburg, Regensburg 2017 Zugleich: Dissertation zur Erlangung des Grades eines Doktors der Wirtschaftswissenschaften, eingereicht an der Fakultät für Wirtschaftswissenschaften der Universität Regensburg Tag der mündlichen Prüfung: 05.Juli 2017 Berichterstatter: Professor Gabriel Lee (Ph.D.)
Prof. Dr. Steffen Sebastian
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13
14
supply (long run)
supply (short run)
demandfixed rent
𝑡 < 𝑡 < 𝑡 < ⋯ < 𝑡
+ + [ ] + … + [ ]𝑡−
𝑣 = { + + [ ] + … + [ ]𝑡 − + 𝑡 𝑣 }
< 𝑣 > 𝑣
𝑣 = ∑ ( 𝑝∑ 𝑝𝑛= ) { + + [ ] + … + [ ]𝑡 − + 𝑡 𝑣 }=
< 𝑣 > 𝑣
𝑇 − 𝑁𝑇 = 𝐷 𝑣𝑣
𝑉 = 𝐷𝑣𝑛
𝑉 = { 𝑉 = 𝑣 𝑣𝑉 = 𝑣 𝑣 < 𝐷/𝑣𝑉 = 𝑣 𝑣 < 𝐷/𝑣𝑉 = 𝑣 𝑣 < 𝐷/𝑣𝑉 = 𝑣 < }
= C
𝑣 𝑣 𝑣 𝑣 𝑣 𝑣 𝑣 = 𝑣
D/𝑣 𝐷/𝑣 D/𝑣 D/𝑣
𝑣 , + < 𝑣 ,
Real Rent Growth Rate2nd generation rent control regime D Real Rent Growth RateFree rent regime
𝑡 = 𝑡 + 𝑣 𝑣 = 𝑣𝑣 > 𝑣𝑣 = + + + ⋯+ 𝑡 − + 𝑡 𝑣𝑡 = 𝑡 + 𝑣 − 𝑣 = 𝑡 𝑣 − 𝑡 − 𝑡 + 𝑣𝑣 − 𝑣 = 𝑡 [ − 𝑣 − 𝑡 ]
𝑣 − 𝑣 = − 𝑡 [𝑣 − 𝑡− ]𝑣 > 𝛽𝑡−𝛿𝑣 [ , , , … , 𝑡 , , , , … , 𝑡 , , … ][ 𝑡 , 𝑡 , … ]𝑣 > 𝛽𝑡−𝛿 𝑣 > 𝑣𝑣 > 𝑣 − ∀ lim→∞ 𝑣 = 𝑣 𝑣 > 𝑣
𝑣 = + + + ⋯+ 𝑡 − + 𝑡 𝑣− 𝑣 = + + + ⋯+ 𝑡 −
𝑣 = ∑ 𝑝∑ 𝑝= − 𝑡 𝑣=− ∑ 𝑝∑ 𝑝== 𝑡
𝑣 = ∑ 𝑝 − 𝑡 𝑣=∑ 𝑝= − ∑ 𝑝 𝑡=𝑣 𝑣 𝑣𝑣 𝑣 𝑣𝑣 − 𝑣 𝑣 𝑣 𝑣𝑣 𝑣
𝑣 = { + + + ⋯+ 𝑡 − + 𝑡 𝑣 }
𝑣 = − 𝑡− − 𝑡 = −
𝑣 = −
− 𝑇 + 𝑁𝑇
𝜃 𝜃𝜃 = −+ + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + ⋯
𝑣 = { + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + 𝑡 𝑣 }
𝑣 = − [ + 𝜃 ]𝑡[ − + 𝜃 − 𝑡 ]
If i < j then 𝑣 > 𝑣 𝑡 𝑡 +𝑣 𝑣 > 𝑣
𝑣 = + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + 𝑡 𝑣𝑡 = 𝑡 +𝑣 − 𝑣 = − 𝑡 𝑣 − + 𝜃 𝑡+
+ 𝜃 𝑡− < 𝑣𝑣 > 𝑣 𝑣 > 𝑣 𝑣 > 𝑣 −
→∞𝑣 = 𝑣𝑣
𝑣 = ∑ 𝑝∑ 𝑝== ( + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 −+ + 𝜃 𝑡 𝑣 )
𝑣 = ∑ 𝑝 − 𝑡 𝑣=∑ 𝑝= − ∑ 𝑝 𝑡=
𝐼 < 𝑡ℎ 𝑣 > 𝑣𝑣
𝑣 = + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + 𝑡 𝑣
− 𝑡 𝑣 = + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 −
𝑣
𝑣 = ∑ 𝑝∑ 𝑝= [ + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − ]= − ∑ 𝑝∑ 𝑝== 𝑡
𝑣 = ∑ 𝑝∑ 𝑝= − 𝑡 𝑣=− ∑ 𝑝∑ 𝑝== 𝑡
𝑣 = ∑ 𝑝 − 𝑡 𝑣=∑ 𝑝= − ∑ 𝑝 𝑡=𝑣 𝑣 , 𝑣 + , … , 𝑣 𝑣 𝑣
𝑣 > 𝑣 𝑣 > 𝑣𝑇 − 𝑁𝑇 = 𝐷 > 𝑣
𝑣 , + − 𝑣 , = ∑ 𝑝 ( − )𝑣+=∑ 𝑝+= − − ∑ 𝑝 ( − )𝑣=∑ 𝑝= −
𝑣 , + − 𝑣 ,= ∑ 𝑝 ( − )𝑣 ∑ 𝑝 ( − )𝑣=∑ 𝑝= − − ∑ 𝑝 ( − )+=∑ 𝑝+= −= + 𝑝 + − + 𝑣 +∑ 𝑝+= −
𝑣 , + − 𝑣 , = 𝑝 + ( − )𝑣 ∑ 𝑝 ( − )𝑣=∑ 𝑝= − − ∑ 𝑝 ( − )+=∑ 𝑝+= −∑ 𝑝+= − <
Universität RegensburgIREIBS Institut für ImmobilienwirtschaftFakultät für Wirtschaftswissenschaften