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1 – 10 of over 6000The purpose of this article is to explore the possibility of people living in manufactured housing parks in Australia to collectively buy the property at fair market value and…
Abstract
Purpose
The purpose of this article is to explore the possibility of people living in manufactured housing parks in Australia to collectively buy the property at fair market value and convert it into a resident owned community co-operative.
Design/methodology/approach
The methodological approach is based on 20 interviews with occupants of resident owned communities (ROCs) and key informants in the USA state of New Hampshire. Residents' interviews provide an understanding of the motivations to want to own and self-manage the property.
Findings
The findings suggest that, based on USA experience and the availability of enabling financial structures, Australian residential park residents could be keen buyers of manufactured housing park properties.
Research limitations/implications
A limitation of this research was the small number of interviewees who were mainly people in ROC leadership positions and advocates. Another limitation was that no specific investigation was made to gauge manufactured housing park (MHP) residents' level of demand for ROCs in Australia. Although there was some evidence of support, further Australia-wide enquiry is needed.
Practical implications
The sale of MHPs to resident co-operatives could become a new component of the property market in Australia and residents entering the market as buyers may cause a shift in market forces.
Social implications
ROCs would offer greater diversity of housing choice and might further inform decision-makers of seniors and retirees' future intentions. Downsizers moving to ROCs could potentially increase the savings nest egg through the sale of the family home which will also free-up conventional housing for better utilisation by younger cohorts.
Originality/value
Owners of residential parks are unlikely to have considered the tenants as potential buyers of the property, but, envisaging, ROCs could become a new type of tenure for Australians aged over 50 years.
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It was not until the late 1960s that housing attracted much attention from academic social scientists. Since that time the literature has expanded widely and diversified…
Abstract
It was not until the late 1960s that housing attracted much attention from academic social scientists. Since that time the literature has expanded widely and diversified, establishing housing with a specialised status in economics, sociology, politics, and in related subjects. As we would expect, the new literature covers a technical, statistical, theoretical, ideological, and historical range. Housing studies have not been conceived and interpreted in a monolithic way, with generally accepted concepts and principles, or with uniformly fixed and precise methodological approaches. Instead, some studies have been derived selectively from diverse bases in conventional theories in economics or sociology, or politics. Others have their origins in less conventional social theory, including neo‐Marxist theory which has had a wider intellectual following in the modern democracies since the mid‐1970s. With all this diversity, and in a context where ideological positions compete, housing studies have consequently left in their wake some significant controversies and some gaps in evaluative perspective. In short, the new housing intellectuals have written from personal commitments to particular cognitive, theoretical, ideological, and national positions and experiences. This present piece of writing takes up the two main themes which have emerged in the recent literature. These themes are first, questions relating to building and developing housing theory, and, second, the issue of how we are to conceptualise housing and relate it to policy studies. We shall be arguing that the two themes are closely related: in order to create a useful housing theory we must have awareness and understanding of housing practice and the nature of housing.
This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and…
Abstract
This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.
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This study aims to propose a new housing affordability solution by combining the Islamic finance concept of Musharakah Mutanaqisah (diminishing partnership) with a cooperative and…
Abstract
Purpose
This study aims to propose a new housing affordability solution by combining the Islamic finance concept of Musharakah Mutanaqisah (diminishing partnership) with a cooperative and crowdfunding model. The proposed alternative housing loan model is presented to experts in financing and real estate business, whose views and comments were solicited to evaluate the applicability of the proposed model in real world.
Design/methodology/approach
This is a qualitative study that uses semi-structured interviews to determine the initial thoughts of various stakeholders regarding the adoption and implementation of the proposed model.
Findings
The majority of experts (interviewees) agreed with and appreciated the model’s original ideas but expressed concern over the absence of community culture and trust in China, which could represent a serious threat to the model’s viability. It is anticipated that the suggested model will be implemented as pilot projects by the local government in places where Islamic culture and faith are more widespread, hence possibly impacting the model’s effective implementation.
Research limitations/implications
As there are insufficient Islamic financial specialists in China, the limitation of this qualitative study is the small sample size. If certain policymakers could participate, the outcomes would be more hierarchical and trustworthy.
Originality/value
This is, to the best of the authors’ knowledge, the first study of its kind to examine the viability of this innovative Islamic cooperative housing finance scheme within the context of a specific housing issue in China.
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Sampa Chisumbe, Clinton Ohis Aigbavboa, Erastus Mwanaumo and Wellington Didibhuku Thwala
Resmiye Alpar Atun and Hifsiye Pulhan
This study attempts to assess housing developments on the island of Cyprus by referring to the various actions taken and policies implemented during different periods as a result…
Abstract
This study attempts to assess housing developments on the island of Cyprus by referring to the various actions taken and policies implemented during different periods as a result of changing socio-economic and political dynamics. From this perspective, the methodology of the study is based on an assessment of housing developments throughout periods which coincide with certain socio-political thresholds in the history of the island, such as the year 1974, which resulted in the division of the island into two as Northern and Southern parts, and the year 2004, in which the overall setting is changed as Southern part of the island became member of EU. The overall developments and transformations in housing developments are considered as a mirror image of the actors, actions and associations in building activity throughout the periods referred to in this paper. Nicosia as the capital city of the island, has experienced different spatial transformations, and is comprised of a diversity of housing schemes ranging from the low cost housing units of urban workers, located next to the centers of traditional employment, to the large refugee housing estates and to the institutionalized social housing settlements. In this regard, the study aims to understand, interpret and learn from past experiences in the field of housing developments in order to provide lessons which will serve to support future sustainable living environments, since the current situation is at a critical point, and is currently requiring the interest and attention of the responsible authorities.
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Ka Shing Cheung and Siu Kei Wong
Shared equity homeownership is a form of subsidised, resale-restricted housing through which lower-income households can sustain their affordability. This paper aims to…
Abstract
Purpose
Shared equity homeownership is a form of subsidised, resale-restricted housing through which lower-income households can sustain their affordability. This paper aims to distinguish two types of affordability within shared equity homeownership: “entry affordability” indicates how affordable subsidised housing is when a household first becomes a subsidised owner; while “exit affordability” means how affordable private housing is after a household has enjoyed subsidised homeownership for a period of time.
Design/methodology/approach
Using price-to-income ratios, this study compares the entry and exit affordability of shared equity homeownership programs in Australia, Mainland China, Hong Kong, Norway, the UK and the USA. Based on these international comparisons, this study generalises two distinct types of shared equity homeownership models, namely, the models of “share-to-buy” and “share forever”. A new model, “follow-as-you-go”, is further suggested to increase the elasticity of potential affordable housing supply by providing incentives for existing subsidised homeowners to move.
Findings
A key finding of this study is that while shared equity homeownership programs can improve entry affordability, homeowners’ exit affordability is weak when subsidised homeowners have to share their capital gain with the government. While many housing policy discussions around the world that support shared equity homeownership focus only on the improvement of entry affordability, these discussions usually ignore the importance of exit affordability. This study attempts to fill the void in the understanding of these two types of affordability.
Originality/value
Shared equity homeownership policy is not only about offering low-income households but also an affordable housing option. It is also about facilitating well-off subsidised homeowners to move up the housing ladder so that the affordable housing option can be freed up for others in need. In a word, it is not only entry affordability but also exit affordability that matters.
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Norbaizurah Abdul Jabar, Razli Ramli and Sazali Abidin
In Malaysia, both Islamic financial institutions (IFIs) and Islamic co-operatives (ICs) provide mushārakah mutanāqiṣah (diminishing partnership) (MM) financing. It was initially a…
Abstract
Purpose
In Malaysia, both Islamic financial institutions (IFIs) and Islamic co-operatives (ICs) provide mushārakah mutanāqiṣah (diminishing partnership) (MM) financing. It was initially a preferred contract as it is deemed to be more Sharīʿah-compliant and free from the element of ribā (interest) in comparison to other Sharīʿah-compliant sale contracts. Nevertheless, MM is now considered less appealing to IFIs due to its existing challenges. This paper aims to emphasise on MM as practiced by ICs which will highlight approaches to default, pricing of rental rates, profit sharing method and early settlement which differ to the practice of MM by IFIs.
Design/methodology/approach
This study focuses on Koperasi Pembiayaan Syariah Angkasa (KOPSYA), an IC based in Malaysia, which the authors concurred as being an ideal organisation to study on the matter due to its strong stance in promoting Sharīʿah-compliant financing products.
Findings
The research highlights the flexibility of MM implementation in KOPSYA to provide some insights on the rationale behind MM operations in KOPSYA.
Originality/value
The authors are hopeful that this paper will aspire further interest by giving the readers better understanding on the implementation of MM in KOPSYA and how it will benefit the customers.
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Edib Smolo and M. Kabir Hassan
The main purpose of this paper is to provide a comprehensive review of mushārakah mutanāqisah (MM; diminishing partnership) technique and its potentials for Islamic financial…
Abstract
Purpose
The main purpose of this paper is to provide a comprehensive review of mushārakah mutanāqisah (MM; diminishing partnership) technique and its potentials for Islamic financial institutions.
Design/methodology/approach
Based on an extensive literature review, this paper aims to highlight, explain and discuss the basic principles underlying implementation of MM and its distinctive features when compared to other modes of finance.
Findings
Islamic banks, throughout the years, developed several modes of finance which are more or less similar to their conventional counterparts. In fact, al‐Bayc bithaman al‐ājil (BBA) and murābahah are the two instruments most commonly used by Islamic banks and financial institutions. Investment and financing through the profit and loss sharing instruments is almost nonexistent within the Islamic financial system. MM technique is an alternative financial instrument available for Islamic banks. It is a relatively new and very little used product available for Islamic banks. The paper claims that MM is more in line with Shari'ah teachings and as such should be used more by Islamic financial institutions. The study indicates that MM possibly has a comparative advantage for both financier and the customer when compared with conventional loans and BBA.
Research limitations/implications
As a relatively new and untested mode of finance, the paper offers a theoretical overview only. Further studies should discuss more practical issues that keep banks away from utilizing MM more efficiently.
Originality/value
The comprehensive overview of the MM and underlying issue discussed in this paper is a very good foundation for further studies on the topic. It gives a clear theoretical base for practical implementation of MM.
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Examines work investigating the impact of the crisis on social welfare policies two Asian countries — Hong Kong and Korea, and argues that these two states were not prepared for…
Abstract
Examines work investigating the impact of the crisis on social welfare policies two Asian countries — Hong Kong and Korea, and argues that these two states were not prepared for the crisis. States that Hong Kong is adopting a neoliberal approach to social welfare, contrasting this with Korea taking unprecedented steps to restructure the social security system, after its economy nearly collapsed, taking a more developmental approach to social policy. Posits that only time will tell whether Korea’s momentum of change can be sustained, while in Hong Kong social security policy will still be dictated by a neoliberal agenda in the near future.
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