Housing Types and Prices

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Questions and Answers

Describe two characteristics of formal housing.

Formal housing is usually located on desirable land, is located near amenities, and features quality infrastructure.

Describe two differences between informal and formal housing.

Informal housing is usually found on undesirable land, is often located near landfills, and is illegally built, while formal housing is usually located on desirable land and is legally built.

What tends to happen to the price of informal housing if the price of formal housing increases?

The price of informal housing will also increase.

Define Housing Financial Support (HFS) and why is it important?

<p>Housing Financial Support can lower the cost of building houses. This can encourage developers to consider building more houses to reduce the housing shortage.</p> Signup and view all the answers

What factor significantly impacts where housing is located?

<p>Whether the housing is developed by a private or public developer affects the location.</p> Signup and view all the answers

Flashcards

Formal Housing

Housing built legally on desirable land, equipped with amenities and infrastructure.

Informal Housing

Illegally constructed houses usually found in undesirable locations, often near pollution sources.

Land Price Effect

High land prices lead to increased house prices, impacting affordability.

Housing Financial Support (HFS)

Assistance that lowers building costs and encourages house development to address shortages.

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Developer Impact

The type of developer (private or public) influences the location and quality of housing.

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Study Notes

Types of Housing

  • Formal Housing:

    • Typically located on desirable land
    • Features greenery, amenities, and is located away from pollution
    • Includes quality infrastructure like roads, piped water, electricity, and waste disposal
    • Housing is legally built

  • Informal Housing:

    • Usually found on undesirable land
    • Often near landfills, sewage treatment plants, and polluting industries
    • Housing is built illegally

Housing and Land Prices

  • Land prices influence housing prices

    • High land prices lead to higher housing costs
    • This may make housing unaffordable for some people
    • Government intervention, such as price regulation, could potentially address this issue.

  • Housing price correlation

    • Increase in formal housing prices
    • Decrease in informal housing prices

Housing Financial Support

  • Housing Financial Support (HFS) can help reduce construction costs, and motivate builders to increase housing stock.
    • This may help lessen housing shortages.
    • Private and public developers play a role in housing development

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