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Economics and Tax Policy
January 1986, English
This clear and concise explanation of the basic principles of microeconomic theory shows the implications of property tax policy for individual enterprises. The first section introduces the basic notions of supply, demand and market allocation, as well as the criteria of economic efficiency, equity and growth. The second section discusses household and firm behavior in competitive markets. The third section looks at markets critically and suggests that tax policy can be used to correct for market imperfections and to redistribute income and wealth.
January 1986, English
This clear and concise explanation of the basic principles of microeconomic theory shows the implications of property tax policy for individual enterprises. The first section introduces the basic notions of supply, demand and market allocation, as well as the criteria of economic efficiency, equity and growth. The second section discusses household and firm behavior in competitive markets. The third section looks at markets critically and suggests that tax policy can be used to correct for market imperfections and to redistribute income and wealth.
The Zoning Game Revisited
May 1985, English
May 1985, English
January 1979, English
Targeted Equity Investments are Legal and Essential to Reach Many Underserved Markets
In the statute establishing Duty to Serve (“DTS”) in 2009, Congress identified “grants and investments” as one of four explicit criteria that the Federal Housing Finance Agency must use in evaluating Enterprise DTS performance, along with outreach, loan product development, and loan purchases. By including investments as one of four statutory DTS evaluation factors, Congress has clearly affirmed that the Enterprises have the authority to make targeted DTS equity investments (12 U.S.C. § 4565(d)(2)(D) 2020). Nevertheless, our understanding is that under the current reading of the statute by FHFA’s general counsel, the Enterprises are prohibited from making targeted equity investments (TEIs). We believe FHFA has the authority to also permit TEIs as part of an Equitable Housing Finance Plan.
In the statute establishing Duty to Serve (“DTS”) in 2009, Congress identified “grants and investments” as one of four explicit criteria that the Federal Housing Finance Agency must use in evaluating Enterprise DTS performance, along with outreach, loan product development, and loan purchases. By including investments as one of four statutory DTS evaluation factors, Congress has clearly affirmed that the Enterprises have the authority to make targeted DTS equity investments (12 U.S.C. § 4565(d)(2)(D) 2020). Nevertheless, our understanding is that under the current reading of the statute by FHFA’s general counsel, the Enterprises are prohibited from making targeted equity investments (TEIs). We believe FHFA has the authority to also permit TEIs as part of an Equitable Housing Finance Plan.
