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Fixing Inequality in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2017

Print ISBN-13: 9789888390625

Published to Hong Kong Scholarship Online: January 2018

DOI: 10.5790/hongkong/9789888390625.001.0001

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The High Cost of Regulating Development

The High Cost of Regulating Development

Chapter:
(p.186) 25 The High Cost of Regulating Development
Source:
Fixing Inequality in Hong Kong
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888390625.003.0025

Housing prices have risen in the United States and Hong Kong mostly because of the high regulation costs of development. In each of the developed countries, a very large array of complex regulations has made development difficult and effectively prevented housing supply from responding to demand. The problem is not market competition, but government regulations that prevent markets from functioning properly. The rising ratio of capital to income is almost entirely due to the rise of housing. What begins initially as inequality in housing wealth gets transmitted into the next generation and is transformed into other forms of inequality, in particular inequality in opportunities, with other distributional consequences.

Keywords:   Thomas Piketty, Regulation, Housing capital, Inequality of income and wealth

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