High Vacancy Rates Research Articles

Flipping in the Housing Market

We add arbitraging middlemen -- investors who attempt to profit from buying low and selling high -- to a canonical housing market search model. Flipping tends to take place in sluggish and tight, but not in moderate, markets. To follow is the possibility of multiple equilibria. In one equilibrium, most, if not all, transactions are intermediated, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by middlemen. Turnover is slow, few houses are vacant, and prices are moderate. Moreover, flippers can enter and exit en masse in response to the smallest interest rate shock. The housing market can then be intrinsically unstable even when all flippers are akin to the arbitraging middlemen in classical finance theory. In speeding up turnover, the flipping that takes place in a sluggish and illiquid market tends to be socially beneficial. The flipping that takes place in a tight and liquid market can be wasteful as the efficiency gain from any faster turnover is unlikely to be large enough to offset the loss from more houses being left vacant in the hands of flippers. Based on our calibrated model, which matches several stylized facts of the U.S. housing market, we show that the housing price response to interest rate change is very non-linear, suggesting cautions to policy attempt to “stabilize” the housing market through monetary policy.

Flipping in the housing market

We add arbitraging middlemen – investors who attempt to profit from buying low and selling high – to a canonical housing market search model. Flipping tends to take place in sluggish and tight, but not in moderate, markets. To follow is the possibility of multiple equilibria. In one equilibrium, most, if not all, transactions are intermediated, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by middlemen. Turnover is slow, few houses are vacant, and prices are moderate. Moreover, flippers can enter and exit en masse in response to the smallest interest rate shock. The housing market can then be intrinsically unstable even when all flippers are akin to the arbitraging middlemen in classical finance theory. In speeding up turnover, the flipping that takes place in a sluggish and illiquid market tends to be socially beneficial. The flipping that takes place in a tight and liquid market can be wasteful as the efficiency gain from any faster turnover is unlikely to be large enough to offset the loss from more houses being left vacant in the hands of flippers.

Flipping the Housing Market

We add arbitraging middlemen -- investors who attempt to profit from buying low and selling high -- to a canonical housing market search model. Flipping tends to take place in sluggish and tight, but not in moderate, markets. There is the possibility of multiple equilibria. In one equilibrium, most, if not all, transactions are intermediated, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by middlemen. Turnover is slow, few houses are vacant, and prices are moderate. Moreover, flippers can enter and exit en masse in response to the smallest interest rate shock. The housing market can then be intrinsically unstable even when all flippers are akin to the arbitraging middlemen in classical finance theory. In speeding up turnover, the flipping that takes place in a sluggish and illiquid market tends to be socially beneficial. The flipping that takes place in a tight and liquid market can be wasteful as the efficiency gain from any faster turnover is unlikely to be large enough to offset the loss from more houses being left vacant in the hands of flippers. Based on our calibrated model, which matches several stylized facts of the U.S. housing market, we show that the housing price response to interest rate change is very non-linear, suggesting cautions to policy attempts to “stabilize” the housing market through monetary policy.

Human Resource Planning in an Unstable Economy: Challenges Faced. A Case of State Universities in Zimbabwe

In light of the economic environment prevailing in Zimbabwe, the study sought to explore the challenges posed by economic instability and the effect on human resource planning in state universities. The study was guided by the systems approach for human resource planning. Qualitative approach was used with a case study design. Purposive and convenient sampling was used to draw participants from the university. Data was collected using semi -structured interviews, closed and open-ended questionnaires as well as documentary analysis. Narrative format was used for data presentation while thematic analysis was used to analyse data. The study found out that HRP in state universities has been hampered by the country`s unstable economy as the deteriorating economic environment has caused reduced government revenue collection, high unemployment levels, financial illiquidity, low and costly business operation environment, high country debt compared to national income and financial budget cuts. This affected HRP as shown by salary and full time employment freeze, high brain drain, labour mobility, delayed salaries, low availed funds for staff development programmes, tenure, contact and sabbatical leave, high vacancy rates and low government financial support. The study concluded that HRP is complex in an unstable economy as most HRP strategies and decisions require financial resources. The study recommended state universities to review and integrate human resource planning policies to suit the unstable economy prevailing in the country. This can be done through merging University departments, engaging in part-time employment and outsourcing of non-core University functions.

Flipping in the Housing Market

We add arbitraging middlemen -- investors who attempt to profit from buying low and selling high -- to a canonical housing market search model. Flipping tends to take place in sluggish and tight, but not in moderate, markets. To follow is the possibility of multiple equilibria. In one equilibrium, most, if not all, transactions are intermediated, resulting in rapid turnover, a high vacancy rate, and high housing prices. In another equilibrium, few houses are bought and sold by middlemen. Turnover is slow, few houses are vacant, and prices are moderate. Moreover, flippers can enter and exit en masse in response to the smallest interest rate shock. The housing market can then be intrinsically unstable even when all flippers are akin to the arbitraging middlemen in classical finance theory. In speeding up turnover, the flipping that takes place in a sluggish and illiquid market tends to be socially beneficial. The flipping that takes place in a tight and liquid market can be wasteful as the efficiency gain from any faster turnover is unlikely to be large enough to offset the loss from more houses being left vacant in the hands of flippers. Based on our calibrated model, which matches several stylized facts of the U.S. housing market, we show that the housing price response to interest rate change is very non-linear, suggesting cautions to policy attempt to “stabilize” the housing market through monetary policy.

Ghost city phenomenon along China's high-speed railway grid

A fresh urbanism era appears in China with the development of high-speed railway (HSR). Voluminous numbers of local governments are designing and erecting novel cities oriented to the HSR stations with the objective of gaining benefits from the HSR system. Nevertheless, a huge number of these freshly erected districts or cities entail a tremendously high vacancy rate, thereby resulting in 'ghost cities'. The present paper commences with an outline of the China's urban HSR growth and the phenomena of ghost cities. After a literature review on worldwide urban HSR development, the reasons behind the 'ghost city phenomenon' in China are analysed. In the end, the study is concluded by proposing several suggestions for HSR development.

Examining Changes in Long‐Term Neighborhood Housing Vacancy during The 2011 to 2014 U.S. National Recovery

ABSTRACTHigh levels of neighborhood housing vacancy—especially periods exceeding more than several months—have long been a concern to community developers and policymakers in the United States. During the foreclosure crisis, such concerns became more pronounced, exemplified by the adoption of three legislated rounds of the Neighborhood Stabilization Program from 2008 to 2011. Despite such concern, what we know about longer term neighborhood housing vacancy has been limited, in part by a lack of good data. This article utilizes data from the U.S. Postal Service to explore changes in vacancy over a critical period of broader housing market recovery. It identifies the extent to which neighborhood characteristics predict changes in long‐term vacancy from 2011 to 2014 for the 50 largest metropolitan areas. High neighborhood vacancy rates persisted in some neighborhoods during this period, and these tended to be high‐poverty neighborhoods. Neighborhoods with more Hispanic and Asian residents experienced larger declines in long‐term vacancy. However, poorer neighborhoods lagged significantly. If a neighborhood had a poverty rate that was one standard deviation above—and a median income that was one standard deviation below—an otherwise comparable neighborhood, it was expected to see 13% more vacancies at the end of the period.

A methodology to identify a network of industrial parks in the Ave valley, Portugal

ABSTRACTIn recent decades in Europe, municipalities have promoted many poorly qualified and widespread industrial parks. These policies have caused various problems such as oversupply of industrial land, obsolescence and high vacancy rates. The future of these sites is uncertain and has become a key issue in planning. Nowadays, policies are focused on upgrading these sites and on implementing regional coordinated practices. This paper describes a methodological approach to identifying a subregional network of industrial parks in the Ave valley, Portugal. The network is based on the parks’ attractiveness and has the purpose of supporting planning policies in terms of upgrading and providing new sites. The approach was based on a multi-criteria analysis whereby the parks were ranked according to their attractiveness considering their coverage in terms of infrastructures, services and accessibility. Results show that the majority of the existing and planned parks, even if upgraded, will not be very attractive and will be limited to a municipal scale due to structural problems related to their location and poor coverage. Moreover, the paper also discusses the challenges in implementing this planning approach at a subregional level. Despite the specificities of the case study, this methodology could be adopted in similar studies.

Re-visioning social work education: A nonexclusive challenge for the United Kingdom

The analyses of the contesting moment social work faces in the United Kingdom bring to discussion many claims that appear familiar to the context and performance of social work in Chile. This note compares the UK assessment of social work education and professional practice with Chilean social work, concluding that rising demand, high vacancy rates and reliance on agency staff, quality of recruits and training, and low status of the profession are issues shared by both countries, raising the question of how to improve international standards of the profession.

Long-term vacant housing in the United States

Long-term vacancy—defined as nonseasonal housing units that have been vacant for an unusually long period of time—is a useful measure of excess supply in the housing market. In fact, long-term vacancy is more strongly correlated with indicators of housing market distress than standard measures of vacancy. At the national level, long-term vacancy is relatively uncommon. However, the stock of long-term vacant housing is concentrated in a small number of neighborhoods with high long-term vacancy rates. Some of these neighborhoods have characteristics suggestive of overbuilding during the housing boom, while others have characteristics symptomatic of persistently weak housing demand.

Heritage amid an urban crisis: Historic preservation in Cleveland, Ohio's Slavic Village neighborhood

Cleveland, Ohio's Slavic Village is a shrinking neighborhood within a shrinking city that, in recent years, garnered national attention as an epicenter of the foreclosure crisis. High vacancy rates, deferred maintenance, vandalism, and low market-values present challenges to neighborhood leaders and policymakers. While demolition has dominated policy discourses in shrinking cities, Slavic Village's built environment is the tangible manifestation of the community's rich working-class and immigrant heritage. Thus, this research asks: In an era of urban shrinkage, what role do heritage and historic preservation play in stabilizing or revitalizing shrinking neighborhoods? Drawing on a qualitative case study of Slavic Village, the findings show that neighborhood leaders value heritage, yet historic fabric is in peril as traditional preservation regulations and incentives are insufficient given the scale of devastation. For historic preservation to retain relevance in places like Slavic Village, the profession needs to consider new, creative, even radical approaches that respond to the challenges of urban shrinkage.

No vacancy: holdover capacity and the continued staffing of major commissions

AbstractAlthough the United States (US) federal bureaucracy is plagued by high vacancy rates generally, quorum requirements and small board sizes make vacancies particularly problematic within major independent regulatory commissions. Not all vacancies, however, are created equal. By statute, some major boards allow members to continue serving beyond their original term in the absence of a confirmed replacement. The difference between an empty seat and a holdover official is important as it can determine whether a board is functional or inoperable. In this article, we examine how the presence of holdover provisions within such commissions alters confirmation dynamics and vacancy rates. Evidence suggests that holdover provisions lead to quicker confirmation on nominations as well as fewer complete vacancies. Such structures thus help mitigate the short-term problems stemming from staffing independent regulatory boards, especially given the tendency towards obstruction in the US Senate.

Policy failure or success? Detecting market failure in China's housing market

Due to a high vacancy rate of residential homes, housing prices remain sticky in most urban areas of China, which causes higher searching and bargaining costs. With an inefficient outcome, deadweight loss and market failure arises. To assess the Chinese government's housing policies in 2010, we develop a dynamic equilibrium model, in which we demonstrate how the sticky price results in market failure. We apply a multiple-factor panel data model to show that a high degree of market failure is associated with a high ratio of persistent components in the gap between price and equilibrium. As the persistent components will cause the market's instability, we can use the ratio between persistent and mean reverting components as an indicator to supervise the status of the housing market.We investigate the new and second-hand markets in 19 major cities, including 4 municipalities and 15 vice-provincial cities. Through our multiple-factor model, we explore the situation for each city. The results indicate these policies did improve the housing market's efficiency. It is therefore useful for the Chinese government to extend these policies to other areas to include not only big cities, but entire provinces which can improve its economic system efficiency and fairness even when its economic growth is slowing down.

Analysis of Company Human Capital Network Based on the Cellular Automation

In the age of knowledge economy, human resource is among the most important resources for enterprises, in that it forms the unique value of human resources which plays an indispensable role in the production and operating activities. Well managed human resources can effectively promote efficiency and thus create more social values. Therefore, it has aroused wide attention in academia. The thesis first establish the human capital value model and the human cost value model, based on which the thesis established the basic framework of enterprise human capital network. Then, simulation calculation from three aspects of human resource network were carried out with the cellular automation model. Firstly, we simulated the dynamic process of the change of personnel and got the evaluation model of the human cost in the future two years of a company, which can provide reference for company cost control. Secondly, the simulation mainly focused on checking whether under high staff churn rate, a company can still maintain certain number of employees. Thirdly, we simulated the healthy status of the human resource network under certain situations. Finally, We concluded that higher staff churn rate can lead to higher vacancy rate, which will lower the efficiency of companies .The thesis also explored with the model sensitivity analysis the benefit effect over human resource network by increasing recruits, indicating that increasing recruits can decrease the vacancy rate and improve the health status of the human capital network and based on the reality, we put forward the improvement direction of the model in indicator system aspect.

A Geo-Aware Taxi Carrying Management System by Using Location Based Services and Zone Queuing Techniques on Internet of Things

Taxi plays a crucial role in the transportation system because of the characteristic that can be hailed conveniently. Most of the taxi drivers obtain passengers by hunting on the road or waiting in a fixed taxi queuing point; however these methods have poor performance, high vacancy rate, and several critical problems such as air pollution and foul up traffic. This study proposed a taxi carrying management system by using location based services and zone queuing techniques on Internet of things. The proposed system allows drivers to both hunt on the road and wait in a queuing zone. A queuing table is used in the control center and neighbor tables are used in RSUs for zone queuing establishment. Joining and leaving mechanisms are developed for zone queuing management. To enhance service efficiency and quality, we present a scheme to prevent the ping-pong effect which is based on the location based services, a hunting rate calculation scheme, and a path planning service for taxi drivers according to the history carrying record. PRISM is used to simulate the proposed system, and the results indicated that our scheme outperforms the waiting and hunting models in terms of number of customers, vacancy rate, and profit.

Getting home care right.

❛Even if they are not in regular contact with many of those receiving home care, community nurses can help support the knowledge needs of home care workers.❜ At last, the National Institute for Health and Care Excellence (NICE) with the support of the Social Care Institute for Excellence (SCIE) has published guidance (NICE, 2015) setting out the principles for high-quality home care together with the essential elements of acceptable home-care delivery, including the use of telecare. The guidance also recommends close joint working between health-care staff and those delivering home care, with particular reference to medications and other aspects of health support, so that home care workers are able to provide the necessary high-quality, person-centred support to maximise the health and wellbeing of their clients. The growing need for and expansion of home-care services is inevitable as the population ages. Yet, there are major concerns about the sustainability of the current levels of recruitment and retention across the UK, in part reflecting the rising expectations of the workforce (Hussein et al, 2015). Hussein et al’s study, using a national dataset 2008–2010 and comprising 2964 employers, found that although vacancy rates had fallen slightly, the workforce was characterised by high turnover with variability across individual employers. They particularly noted that the home-care workforce had lower stability and higher vacancy rates than those working in care homes, which bodes ill for meeting the future needs of the growing population of older people living in their own homes. The NICE (2015) guidance emphasises the importance of person-centred care, which supports the preferences and aspirations of those receiving care while recognising the higher risk of unmet social care needs of people with cognitive impairments or among those living alone. The importance of respectful care with the involvement of clients and their carers in decision making is stressed, together with the agreement of mutual expectations regarding care delivery. A major challenge for care providers is continuity of care when there are multiple visits each day, but it is the basis for relational trust; moreover, for many, the face-to-face contact is crucial for their psychological wellbeing. For the first time, a minimum visit time of 30 minutes is recommended, but visits may need to be longer where the care visits comprise many activities, including supporting a client’s eating and drinking. Community nurses are also important contributors to supporting people in their homes. Even if they are not in regular contact with many of those receiving home care, community nurses can help support the knowledge needs of home-care workers with regard to medications, pain management, and skin care, in addition to the health conditions of their clients, such as heart failure; diabetes mellitus; neurological conditions; physical disabilities; and mental health problems such as anxiety, depression, cognitive impairment, and dementia. They may also help to undertake the risk assessment and contribute to the risk plan. The NICE (2015) guidance also makes clear that telecare should not replace human contact, but it may be used as an adjunct offering reassurance to the client and/or their carer between visits or other social contacts. Indeed, a recent, large longitudinal study (Teo et al, 2015), involving 11 065 people aged 50 years and over, found that the probability of depressive symptoms increase as face-to-face contacts of children, other family members, and friends decrease. They also found that telephone, written, and email contacts had no benefit in preventing depressive symptoms, and are therefore not a substitute for face-to-face contact with older people. With the Christmas–New Year period approaching, community nurses should be especially watchful of their older clients who have few or no contacts with their family members or friends. BJCN

A qualitative study of factors influencing retention of doctors and nurses at rural healthcare facilities in Bangladesh.

BackgroundBangladesh is a highly populous country with three-quarters rural population. Pressing national shortages in health professionals has resulted in high vacancy rates in rural areas. These are compounded by excessive absenteeism and low retention among nurses and doctors posted to rural locations. This study attempts to ascertain reasons for providers’ reluctance to work in rural and remote areas and to identify ways in which these barriers to appropriate staffing might be resolved.MethodsThis is a qualitative study based on in-depth interviews with healthcare providers (n = 15) and facility managers (n = 4) posted in rural areas, and key informant interviews with health policymakers at the national level (n = 2). Interview guides were written in English and translated and administered in Bengali. The collected data were re-translated and analyzed in English. Braun and Clarke’s thematic analysis approach (data familiarization, coding, identifying and reviewing themes, and producing a final report) was used.ResultsParticipants reported poor living conditions in rural areas (e.g., poor housing facilities and unsafe drinking water); overwhelming workloads with poor safety and insufficient equipment; and a lack of opportunities for career development, and skill enhancement. They reported insufficient wages and inadequate opportunities for private practice in rural areas. Managers described their lack of sufficient authority to undertake disciplinary measures for absenteeism. They also pointed at the lack of fairness in promotion practices of the providers. Policymakers acknowledged unavailability or insufficient allowances for rural postings. There is also a lack of national policy on rural retention.ConclusionsThe findings revealed a complex interplay of factors influencing doctors’ and nurses’ availability in rural and remote public health facilities from the perspective of different players in the healthcare delivery system of Bangladesh. In addition, the study generated several possibilities for improvement, including increased allowances and incentives for rural posting; a transparent and fair promotion system for serving in rural areas; enhanced authority of the local managers for reducing worker absenteeism; and improved national policies on rural retention.

Restructuring Cities with Support of Public Policies: The Case of Eastern Germany

The aim of this paper is to look at the ‘Stadtumbau Ost’ policy as an example of a complex urban restructuring strategy. Initiated in 2002 as a reaction to high housing vacancy rates, which resulted from strong population shrinkage, the policy has been aimed at strengthening the residential attractiveness of cities and towns in eastern Germany. That should be achieved by means of a two-fold strategy that included reductions of the vacant housing stock on the one hand, and upgrading projects on the other. In our analysis we demonstrate that the actual priorities have in fact undergone several changes over time. Then, in the discussion section specifically two issues are being addressed. Firstly, we ask whether some ‘new hopes’ emerge for prefabricated housing estates that were particularly affected by this policy. Secondly, we discuss the relationship between Stadtumbau Ost and demographic processes in east German cities.

Nursing curriculum development in remote southwest Uganda.

To describe an intercollaborative outreach between the USA and a school of nursing in Uganda. Ugandan nurses are essential providers of health care in remote regions. High vacancy rates in health centers impacts care in rural areas. A 112-bed health center in southwest Uganda supports village health teams that visit remote villages and provides medical, surgical, and maternal-child services to a population of 250,000. A new Ugandan school of nursing has aligned with the hospital to prepare graduates to provide primary care in remote villages. A team from the USA visited the school and hospital to assess the curriculum and offer educational strategies and support to the school's leadership. Provision of primary health care in the developing world is a longstanding global priority. Nurses are at the center of primary care in remote regions. Educational support for advanced nursing and strategic international relationships can positively impact nursing education in both high and low-income countries. The USA team took part in assessments, teaching, simulation, and remote village outreach. Educational strategies and modalities were shared. The Ugandan nursing school is established and affiliated with another Ugandan university. Standardized curriculum is in place, however continued collaboration is needed for program adaptation to accommodate the unique border region environment. Intercollaborative sharing of information and resources between schools of nursing can have a direct impact on global health initiatives in both high-income and low-income countries.

Comparing Shoppers’ Perception in Image Dimensions: A Retail Case Study

In the highly competitive retail industry, an understanding on the perceptions of shoppers is important in attracting and retaining loyal customers. This study compares the shoppers’ perceptions on various image dimensions using KSL City and Plaza Pelangi in Johor Bahru, Malaysia as case studies. Plaza Pelangi is more established but faces high vacancy rate and competition from KSL City. The latter is relatively new and needs to capture the shoppers market from Plaza Pelangi. A total 200 questionnaires were distributed using random sampling. Wilcoxon Signed Ranks Test, Paired-Samples T Test, Chi Square Test, One Way ANOVA were used. There was no significant difference between the overall preferences towards both shopping centers. However, there were significant differences according to demographic groups (race, age and marital status). Majority of the image dimension attributes were rated higher in KSL City compared to Plaza Pelangi. KSL City needs to improve the ease in locating merchandise and appoint higher quality tenants. KSL should strive for more inclusive shopper demographic groups. Plaza Pelangi needs to improve its physical dimension in terms of layout and facility dimension by undergoing upgrading works. Plaza Pelangi also needs to recruit more food and beverage outlets as well as entertainment outlets.