Rent Increases Research Articles

How do Natural Resource Abundance and Agriculture Affect Economic Growth in Guinea?

This article investigates the asymmetric effects of both natural resource abundance and agriculture on economic growth in Guinea (also known as Guinea Conakry). Using the nonlinear autoregressive distributed lag (NARDL) approach on annual data from Guinea over the period 1986-2020, the findings tend to suggest that natural resource abundance has a negative effect on economic growth while agriculture promotes economic growth. More precisely, the results show that an increase in natural resource rents leads to a decrease in GDP per capita in both the short and long run while a decrease in natural resource rents increases economic growth in the long run. Concerning agriculture, the results reveal that a positive shock in agricultural added value increases economic growth in both the short and long run while a negative shock in agricultural added value leads to a decrease in economic growth in both the short and long run.

Mediating role of finance amidst resource and energy policies in carbon control: A sustainable development study of Saudi Arabia

This study examines how best to achieve inclusive sustainable development and meeting of carbon target in Saudi Arabia. With a track record of high economic performance due to its richness in natural resources, specifically oil resources, Saudi Arabia is characterized by heavy economic activities that are anchored on natural resources and excessive energy utilization. Two scientific approaches, non-linear autoregressive distributed lag (NARDL) and dynamic ordinary least square (DOLS), are adopted to analyze annual data spanning the period 1990–2019. Also, policy-based variables (financial development, renewable energy and natural resources) are selected for the analyses. Findings from NARDL show that carbon emission (CO2) is reduced by a positive shock to both financial development and renewable energy, and increased by an adverse shock to financial development and renewable energy. However, a positive shock to both economic growth and natural resources increases carbon emission, thereby impacting negatively on the environment. Quantitatively, for every 1% increase in natural resource rent, the environmental quality worsens by 0.093%. Additionally, the country's average CO2 emission level increases by 1.093% for every 1% increase in economic growth, thus lowering long-term environmental quality. Findings from DOLS align with the findings from NARDL, thereby supporting the moderating effects of financial development and renewable energy. The study findings suggest policies based on finance and renewable energy to aid sustainable development.

Analyzing the symmetric and asymmetric effects of disaggregate natural resources on the ecological footprint in Saudi Arabia: insights from the dynamic ARDL approach.

The present study examines the symmetric and asymmetric effects of natural resource exploitation on the ecological footprint in Saudi Arabia during the period 1981-2018. The analysis is performed for total natural resources and different types of natural resources, including oil, natural gas, and minerals. This research employs the dynamic Autoregressive Distributed Lag (DYNARDL) simulation approach. In addition to its statistical and computational superiority, the DYNARDL allows assessing the environmental repercussions of shocks that occurred on natural resources in both the short- and long-run. The findings suggest that total, oil, and natural gas rents have a positive symmetric association with the ecological footprint in the long run, while no significant impact is identified for mineral resources. When conducting the asymmetric analysis, the findings reveal that only increases in total, oil, and natural gas rents deteriorate the ecological footprint in the long run, while no effects are confirmed for decreases in natural resource rents. The shock analysis reveals that a 10% increase in total and oil rents leads to environmental degradation by 3% in the long run, while a similar upsurge in natural gas rents induces a 4% deterioration in environmental quality. These findings may help design effective resource-use policies to achieve environmental sustainability in Saudi Arabia.

The landlord-tenant dilemma: Distributional effects of carbon prices, redistribution and building modernisation policies in the German heating transition

A carbon price on heating fuels aims to reduce the use of fossil energy in the heating sector. However, it has a greater effect on tenants than on landlords. The heating transition requires adequate building insulation for efficient use of low-temperature technologies. To encourage this particular kind of investment, German landlords are given the option to apply a modernisation levy of up to 8% on top of rents. Similar to carbon pricing, rent increases cause distributional effects. The net effect of these measures on tenants has not been analysed so far. Using a micro-simulation integrating representative empirical data on tenant households in Germany from KOSMA and the detailed building database TABULA, we analyse direct distributional effects of a carbon price (€55/t and €250/t), a per-capita redistribution of carbon price revenues and the modernisation levy (8% and 2% rent increases). The analysis shows that carbon prices and modernisation levies have strong regressive effects. These can be mitigated by the per-capita redistribution. However, the effect on tenants within a given income decile varies largely due to the diversity of buildings. Thus, when designing and evaluating policies, looking at average effects is not sufficient to assess economic impacts for individual households.

Reviewing the Impact of Liquidity on Real Estate: An International Comparative Study

After battling significant losses due to the global financial crisis of 2008 and the COVID-19 pandemic, the UAE real estate market has seen new highs in 2021 and 2022. The uptrend of this sector is likely to continue into the next few years, with the money of foreign investors pouring in and the persistent increase in oil prices. Innovative policies and initiatives have made the UAE a haven for investors while Europe and some other countries deal with a liquidity crunch. As per our observations, property purchase in the UAE seems to be a very sound long-term investment, which is probably one of the safest in the uncertain world we are living in today. This paper aims to study how liquidity affects the performance of the real estate market in the UAE and other countries. The findings reveal that the UAE is an ideal real estate investment destination in times when many countries are facing tightening financial conditions, with some on the brink of deep economic crisis. UAE Government policies like the Golden Visa Scheme and zero property taxation welcome more expats to invest in UAE properties and settle in the country. Foreigners are attracted by the country’s sound capital markets, excellent infrastructure, economic stability, and perceived absence of systemic corruption. The credit fundamentals of UAE banks are strong for the coming years, with high oil prices supporting liquidity. The findings also suggest that Dubai real estate will continue to thrive despite the fear of global recession. However, investors should be prepared for a possible increase in property prices and annual rents in the coming years as the UAE real estate market continues its upward trajectory in line with the rising oil prices and foreign direct investments.

ID Asks/Kenneth Werner

ID Asks/Kenneth Werner

Short-term rentals and long-term residence in Amsterdam and Barcelona: A comparative outlook

The aim of this study is to estimate the effects of tourism growth on residential stability in two cities: Amsterdam, The Netherlands, and Barcelona, Spain. Our focus is on short-term rentals advertised on Airbnb, which have been used to compute a measure of pressure on the available housing stock over a period of three years (2017–2019). The hypothesis was made that this measure would correlate with the average duration of residence in Amsterdam, and with the percentage of long-term residents in Barcelona, after controlling for rent and house prices, and demographic trends. Fixed effects panel regression models, with area and time-specific intercepts, are used to test the hypothesis. We found that negative externalities of Airbnb for residential stability are consistent in both cities, although these are mostly associated with a rent increase in Amsterdam, as opposed to rising property values in Barcelona. These results largely reflect the structural differences in tenure regimes and housing policies between the two case studies. More importantly, however, they point to a process of progressive social disinvestment in tourism destinations fuelled by the departure of long-term residents. The implications of our findings for urban policies in a post-pandemic scenario are discussed.

Recreational fishing and angling tournaments in the Yucatan coast (Campeche Bank, Mexico): Social and biological dimensions

A historical analysis of angling tournaments, recreational fishing (RF) surveys (demographic features, fishing preferences, and fish taxa reported), and catch data assessment from tournaments were conducted on the Yucatan coast. In addition, the reproductive season, average maturity, and optimal sizes of the main fish species reported were compared with the fishery temporality and tournament regulations. A total of 104 announcements of angling tournaments were analyzed, of which only 26.4% had rules aimed at minimal size limits. The Yucatan angler’s profile is similar to other regions, with high educational levels, with a mean age below 40 years. Fishing from rented motorboats (artisanal fishers and touristic companies) and onshore were the most popular modalities for RF. Furthermore, when tournaments are held, the motorboat’s rent increases, generating an important economic spill in coastal towns. However, in some tournaments, the prize is given to the maximum biomass caught without establishing a bag limit. The information previously mentioned is related to the local fishing sub-modality called ’bottom fishing’, which shows the major catch per unit effort (24.88 ± 11.51 kg/trip). Angling tournaments and the RF showed a spatial agglomeration in one specific area of the Yucatan coast, and the greatest activity (March to September) coincides with the spawning peak of 18 commercial fish species. Fourteen of 36 fish taxa represented most of the mentions (90.8%) of the fishers surveyed. However, only 11 of 46 associated species were protected on their maturity size, and 16 do not have any regulations. Therefore, management recommendations are herein presented to reduce the negative interactions with artisanal fishing and the exploitation of vulnerable fish species.

Consumer misestimations of small recurring changes vs. a single large lump sum.

Various decision contexts require the calculation of smaller recurring changes accumulated over time and their comparison to larger one-time changes (e.g., $100 periodic increase in monthly rent every year vs. a $1000 increase in rent at the end of 5years). In both hypothetical and incentivized studies, we demonstrate an inaccuracy of estimations involving total cumulations of smaller recurring changes and single lump sums. We document this effect when individuals process increasing or decreasing changes in gains or losses (e.g., raises in wages or rent, discounts in membership fees). Importantly, these biases occur even when the changes are provided to the consumers as clear absolute dollar values as opposed to complex percentages. We discuss the theoretical contributions of our study as well as its implications for consumers, managers, and policy makers.

Operational behaviours of multinational corporations, renewable energy transition, and environmental sustainability in Africa: Does the level of natural resource rents matter?

The pollution haven hypothesis postulates a transfer of unsustainable production practices by multinational corporations (MNCs) to their operational bases in developing economies with lax environmental regulations. However, little is known about the role of natural resource rents in this relationship. To this end, the study empirically investigates the interaction effects of the operational behaviours of multinational corporations (MNCs) through foreign direct investment (FDI) and natural resource rents on environmental sustainability in 34 African countries over the period 1990 to 2017. Identifying two main pathways through which this can occur, we specify two models with CO2 emissions and renewable energy as separate response variables. Employing both the System Generalized Method of Moments (SYS-GMM) and Method of Moments Quantile regression (MM-QR) estimation techniques, the empirical results suggest that natural resource rents play a vital moderating role in determining how the operational behaviours of MNCs affect environmental sustainability. The interaction term of foreign investment and natural resource rents correlates negatively and positively with environmental pollution and renewable energy transition respectively. This suggests that at a certain level of natural resource rents, the strength of the operational behaviours of MNCs to increase environmental degradation is reduced. Furthermore, in countries with lower levels of natural resource rents, an increase in foreign investment deteriorates the environment, while in countries with lower levels of foreign investment, an increase in resource rents degrades the environment. The dynamics follow the reverse direction when renewable energy is the response variable. These findings, therefore, have policy implications for achieving Africa's goal of carbon neutrality.

An assessment of entrepreneurial activities done around mererani tanzanite mines, determinants and challenges

An establishment of Tanzanite mining activity in Mererani has made the area significant for entrepreneurial activities as a result of migration of people from different parts of Tanzania and East Africa who came to work in the mining or to offer services to miners surround the area. Entrepreneurial activities around mines sites has number of advantages such as providing necessary requirements to the people who works in mining pits like, food, clothes, communications equipment, medications and other important services. These activities also are sources of local government revenue as it collects revenue and tariffs from products and services rendered. A study was conducted purposely to understand the nature of entrepreneurial activities done by community surroundings mines, determinants factors influencing the choices of doing entrepreneurial activities around mines and the challenges facing entrepreneurial activities in Mrererani Tanzanite mining sites. A sample of 128 respondents (surrounding communities) were sampled for the study from the sampling frame of 693 community members in Mererani township authority area. Both quantitative and qualitative information were gathered by using interview, observations and review of available documents related to the subject matter. Data were analyzed using descriptive statistics. Findings show that major entrepreneurial activities in the study area is gemstones brokering, followed by restaurants operations. The study also noted that the major challenge was unavailability of minerals which leads to inadequate purchasing power among customers. Other challenges are frequent increase of house rent, and payment of tax. Therefore, the study concludes that entrepreneurial activities in the study area depend on availability of minerals, when there are minerals even the other economic activities increase. This study recommends that the government have to reduce tax from Mererani mines surrounding communities who conduct entrepreneurial activities such as bars and restaurants operations. Also, the government has to give a transitional time for example 3 years for business owners before starting collecting tax.

Effects of Infrastructural Facilities on Residential Properties Rental Values in Abeokuta, Ogun State, Nigeria

This paper aims at examining the influence of infrastructures on rental values of properties in Kemta Housing Estate, Abeokuta, Ogun State. Infrastructure is key in the assessment of the status of any urban area. Real Estate is the physical and appurtenances affixed to land while Real Property which denotes ownership includes all interest, benefits and rights inherent in the ownership of physical real estate., the value of Property is affected by factors such as environmental, accessibility, neighborhoods and property characteristics. Questionnaires were given to the Residents of Kemta Housing Estate, out of 155 questionnaires administered, only 105(67%) were retrieved and used for the analysis. Frequency tables alongside percentages were employed in analyzing the information retrieved while level of importance of the infrastructure facilities was analyzed with Relative Importance Index. It was revealed that majority of the Residents are tenants (61%) and infrastructural facilities (73%) was a major influence on the value of properties in the estate, others include water, good roads and provision of security. Major findings of this study are that availability of Medical Facilities (RII=2.72), well maintained roads with RII=3.12, improved Electricity supply and Drainage systems with RII of 2.75 where the most important facilities that the Residents of Kemta Housing Estate loves so much. Continuous maintenance of the available facilities had great influence on the rental values of the properties in the Estate and there has been an annual increase of rent in the Estate. To enhance the livability of residents within the estate, proper maintenance of the available facilities and construction/purchase of more facilities is hereby recommended.

상가임대차 분쟁조정 요인분석을 통한 개선방안 연구

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this study is to provide the measures and implications to increase the adjustment establishment rate by identifying the status of commercial real estate lease disputes and deriving the factors affecting the establishment of adjustment in Seoul Metropolitan. (2) RESEARCH METHOD The analysis method used binary logistic regression analysis that can be used when the dependent variable has binary characteristics among regression analysis, and the analysis tool used SPSS statistics 21 (3) RESEARCH FINDINGS As a result of using the binary logistic regression analysis method with the ultimate goal of dispute settlement as a dependent variable, six variables, 'Applicant Age', 'Applicant Gender', 'Processing Period', 'Rental Increase or Decrease', and 'Contract Renewal', were found to affect the establishment of adjustment. 2. RESULTS If we derive implications, the rate of mediation application was high in the order of disputes related to maintenance and repair following the increase or decrease in rent, so disputes related to maintenance can be prevented in advance and on-site mediation or insurance using expert members considering the urgency. In order to reduce the dismissal rate for each type of mediation case and increase the mediation establishment rate, it is necessary to find a pilot introduction of mediation preposition by specifying mediation cases, and the use of face-to-face meetings using the advantages of mediation is expected to play a positive role in mediation.

새로운 임대인의 실거주를 이유로 한 갱신거절권(수원지방법원 2022. 4. 22. 선고 2021나89299 항소심 판결)

As housing costs rise and the housing market becomes unstable, there is an accelerated transition from Chonse to monthly rent, causing housing instability and increasing the burden of housing costs on lessees. By ensuring the lessee's right to renew the lease, the lease guarantee period has been increased from two years to four years. Increases in rent or security deposits upon contract renewal are limited to 1/20 of the agreed amount. Consequently, the lessor has a great deal of complaints.
 In the lessee's situation, Chonse is hard to find, and the Chonse price increases sharply. The lessor also finds it difficult to raise the lease fee. Moreover, even after the lessor purchases the house, the lessor has difficulty moving in due to the lessee's application for contract renewal.
 The lessor also suffers greatly. The timely sale of a home as needed, the completion of residence requirements that are exempt from transfer taxes, and the retroactive application of two rental laws (the 「Housing Lease Protection Act」 and Real Estate Transaction Reporting Act). Therefore, the lessor's property rights are being violated. Both parties express concern about tax burden due to actual transaction report of Chonse and monthly fee.
 It may not be possible for the assignee to reside in their newly acquired home if the lessee residing there applies to renew their lease to the lessor (a seller) prior to registration of ownership transfer.
 In accordance with current law, the transfer of ownership takes effect only after registration, and the assignee inherits the status of the lessor. Due to this, the assignee of the leased house had the right to refuse contract renewals.
 The lessor's right to refuse renewal does not expire, even if ownership of the leased object changes after the application right to renewal is exercised. The lessor can also refuse to renew the lease. Consequently, the lessor is legally and effectively entitled to refuse renewal within the period stipulated by law. The lessor can also exercise the renewal refusal right of the previous lessor. The lease contract will thus be terminated in the non-renewal state during the original contract expiry period.
 The amended 「Housing Lease Protection Act」 led to many disputes over the rights of lessees to renew their leases. A typical situation is when a lessee exercises their right to renew their lease where the new lessor acquires ownership of the house from the previous lessor, and on the basis of the actual residence, the new lessor rejects the lessee's renewal application.
 Although the purpose of the amendment of the 「Housing Lease Protection Act」 was to protect the lessee, the only effect was to increase the pain of the lessee as the Chonse price increased at once for four years. The amended 「Housing Lease Protection Act」 has only been enacted recently, and a number of lower court decisions have been issued, but This was first Supreme Court ruling. If there is a legitimate reason under the「Housing Lease Protection Act」After exercising the Application right of contract renewal, within the renewal refusal period of the old lessor the transferee who has succeeded to the leasehold status must be able to exercise the right of refusal of contract renewal for the purpose of Actually Reside.
 A full review of the 「Housing Lease Protection Act」 is also necessary in the future, as well as a discussion about the need for a 「Housing Lease Protection Act」

Rent Control, Market Segmentation, and Misallocation: Causal Evidence from a Large-Scale Policy Intervention

This paper studies market segmentation that arises from the introduction of rent control. When a part of the market remains unregulated, theory predicts an increase of free-market rents due to the misallocation of households to dwellings. To document this mechanism empirically, we study a large-scale policy intervention in the German housing market. We isolate the misallocation mechanism by exploiting temporal variation in treatment dates in an event study design. We find a robust positive spillover effect of rent control on free-market rents. Moreover, mobility of renters living in rent-controlled units decreased. [91 words]

Determinants of poverty in the US state of Virginia: an examination of the impact of rent (the neglected variable)

ABSTRACT This study provides new insight into factors that influence the poverty rate by testing the following hypothesis: the percentage of the population in poverty is positively related to rent levels. Rent levels constitute an issue effectively overlooked in the poverty determinants literature. The present study estimates a panel data set inclusive of control variables for the US state of Virginia, which provided all the data needed for the analysis. Panel least squares (PLS) estimations using county fixed effects and period fixed effects for the period 2008–17 find poverty inversely related to median income and the percentage of the population with at least a high-school diploma. Poverty also is found to be positively related to the percentage of the population employed in mining; the percentage of the population classified as obese; and the unemployment rate. Finally, poverty in Virginia is, as hypothesized here, an increasing function of rent. Higher monthly rental levels on one-bedroom apartments increase the percentage of the population in poverty; indeed, a US$100 per month increase in rent would elevate the overall poverty rate in the state by 1.20–1.35%.

The effect of natural resources extraction and public debt on environmental sustainability

PurposeThe rise in public debt and the increased extraction of natural resources in Ghana at a time that environmental degradation is escalating, especially with carbon dioxide emission, is worrying. This seems to cast doubt on the country's ability to meet the goals of the Paris agreement for climate change and ensuring sustainable development. Consequently, in this study, the effect of natural resources extraction and government debt on carbon dioxide emission is investigated.Design/methodology/approachThe Environmental Kuznets Curve (EKC) hypothesis was adopted for this study. The Fully Modified Ordinary Least Square Model was used for assessing the data. An annual data from 1971 to 2018 was used for the analysis.FindingsThe long-run results based on the Fully Modified Ordinary Least Square analysis reveal that natural resources extraction increases carbon dioxide emissions. Moreover, the joint effect of post-oil production in commercial quantities and natural resources rent increases carbon dioxide emission. Further, the findings document that the initial stage of government debt improves environmental quality up to a point, beyond which an increase in debt hurts the environment. On the environmental degrading effect of economic growth, the findings validate the Environmental Kuznets Curve hypothesis. It is also observed that urbanization degrades environmental quality.Practical implicationsThe study offers appropriate recommendations policymakers need to embrace towards the attainment of lower carbon emissions from the loans and natural resources rent to achieve environmental sustainability.Originality/valueThe effect of debt on carbon dioxide emission is assessed for the Ghanaian economy. It also contributes to studies on the natural resources-carbon emission nexus.

Unfolding touristification in retail landscapes: Evidence from rent gaps on high street retail

Touristification is an emerging concept used to enable the understanding of how various stakeholders interfere and transform a neighbourhood through tourist activities. This study develops a touristification rent gap theory to examine how an influx of tourists causes an increase in retail rents. We hypothesise that ceteris paribus, a higher tourist-concentrated area, will have higher demands for tourist-specific goods and services that increase retail rent gaps. To test the hypothesis, we conduct both time series and cross-sectional data analyses. The time series analysis confirms a strong association between tourists’ spending and retail rents. In the cross-sectional analysis, we use a neighbourhood clustering method to endogenise the demarcation of retail habitats. The result suggests that touristification is not merely a subset of gentrification and that the two phenomena should be investigated as distinct but simultaneous processes. The finding also reveals that areas with more tourists will make the retail rent gaps of small shops higher. Destination management should be aware of significant touristification effects that threaten the original retail markets of local neighbourhoods.

New York City Story

This comic strip is my response to hearing that mayor Eric Adams has called for an 6% rent increase for New York Cities’ rent stabilized tenants. The rent stabilization laws protect a large number of NYC tenants by limiting the size of rent increases a landlord can charge on the renewal of a lease. In recent years those increases were about 1% or 2%, but the new mayor has proposed 6%, a significant escalation.Many justifications have been advanced for this increase. The rising cost of gas. The fact that the previous administration kept rent increases to a minimum. The two-year moratorium on evictions during COVID. I felt that the only way to explain how devastating this reversal in policy was going to be, was to present the overall trajectory of the housing situation in NYC, not over years, but decades.When I came to NYC in the 1970s it was pretty easy to find an affordable place to live, even if you were poor. It was a city where someone could start at the bottom and work their way up. This is not true anymore. Many longtime residents have been forced to leave, and many young people, starting out, are locked out of this city.This transition did not happen easily. It involved violent clashes, evictions, demolitions and riots. I have often compared this to a war. This was a traumatic and injurious process. To increase rents further at the end of such a process, is to ‘add insult to injury. to “pour salt in our wounds”. At a time when people really need healing and compensation for their losses, they are instead suffering further abuse. I think that, when viewed in the proper historical context, the policies of the Adams administration appear to be quite reactionary and at odds with the lived experience of many New Yorkers. We should not stand for this. We deserve better.

Oil dependence and entrepreneurship: Non-linear evidence

This study examines the empirical nature of the oil dependence-entrepreneurship nexus, building on recent research that extends the “resource curse” beyond its effects on economic growth. For the period from 2006 to 2018, the sample includes 115 countries at various stages of economic development. Using panel threshold methods, we discover an inverted U-shaped relationship, indicating that even small increases in oil rents increase entrepreneurship below the threshold. Globally, oil rents above a threshold of 77 % stifle entrepreneurship. Regional differences and institutional vulnerability act as moderators.