Band 83

Jan Philip WeberThe Regulation of Private Tenancies - A Multi-Country Analysis

Schriften zu Immobilienökonomie und ImmobilienrechtHerausgeber: IREIBS International Real Estate Business SchoolProf. Dr. Sven BienertProf. Dr. Stephan Bone-WinkelProf. Dr. Kristof DascherProf. Dr. Dr. Herbert GrziwotzProf. Dr. Tobias JustProf. Gabriel Lee, Ph. D.Prof. Dr. Kurt KleinProf. Dr. Jürgen Kühling, LL.M.Prof. Dr. Gerrit ManssenProf. Dr. Dr. h.c. Joachim MöllerProf. Dr. Karl-Werner Schulte HonRICS Prof. Dr. Wolfgang SchäfersProf. Dr. Steffen SebastianProf. Dr. Wolfgang ServatiusProf. Dr. Frank StellmannProf. Dr. Martin Wentz

Jan Philip Weber

The Regulation of Private Tenancies

–

A Multi-Country Analysis

Die Deutsche Bibliothek – CIP Einheitsaufnahme Jan Philip Weber The Regulation of Private Tenancies – A Multi-Country Analysis Regensburg: Universitätsbibliothek Regensburg 2017 (Schriften zu Immobilienökonomie und Immobilienrecht; Bd. 83) Zugl.: Regensburg, Univ. Regensburg, Diss., 2017 ISBN 978-3-88246-373-6 ISBN 978-3-88246-373-6 © IRE|BS International Real Estate Business School, Universität Regensburg Verlag: Universitätsbibliothek Regensburg, Regensburg 2017 Zugleich: Dissertation zur Erlangung des Grades eines Doktors der Wirtschaftswissenschaften, eingereicht an der Fakultät für Wirtschaftswissenschaften der Universität Regensburg Tag der mündlichen Prüfung: 05.Juli 2017 Berichterstatter: Professor Gabriel Lee (Ph.D.)

Prof. Dr. Steffen Sebastian

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http://www.tenlaw.uni-bremen.de/introduction.html

13

14

supply (long run)

supply (short run)

demandfixed rent

𝑡 < 𝑡 < 𝑡 < ⋯ < 𝑡

+ + [ ] + … + [ ]𝑡−

𝑣 = { + + [ ] + … + [ ]𝑡 − + 𝑡 𝑣 }

< 𝑣 > 𝑣

𝑣 = ∑ ( 𝑝∑ 𝑝𝑛= ) { + + [ ] + … + [ ]𝑡 − + 𝑡 𝑣 }=

< 𝑣 > 𝑣

𝑇 − 𝑁𝑇 = 𝐷 𝑣𝑣

𝑉 = 𝐷𝑣𝑛

𝑉 = { 𝑉 = 𝑣 𝑣𝑉 = 𝑣 𝑣 < 𝐷/𝑣𝑉 = 𝑣 𝑣 < 𝐷/𝑣𝑉 = 𝑣 𝑣 < 𝐷/𝑣𝑉 = 𝑣 < }

= C

𝑣 𝑣 𝑣 𝑣 𝑣 𝑣 𝑣 = 𝑣

D/𝑣 𝐷/𝑣 D/𝑣 D/𝑣

𝑣 , + < 𝑣 ,

Real Rent Growth Rate2nd generation rent control regime D Real Rent Growth RateFree rent regime

𝑡 = 𝑡 + 𝑣 𝑣 = 𝑣𝑣 > 𝑣𝑣 = + + + ⋯+ 𝑡 − + 𝑡 𝑣𝑡 = 𝑡 + 𝑣 − 𝑣 = 𝑡 𝑣 − 𝑡 − 𝑡 + 𝑣𝑣 − 𝑣 = 𝑡 [ − 𝑣 − 𝑡 ]

𝑣 − 𝑣 = − 𝑡 [𝑣 − 𝑡− ]𝑣 > 𝛽𝑡−𝛿𝑣 [ , , , … , 𝑡 , , , , … , 𝑡 , , … ][ 𝑡 , 𝑡 , … ]𝑣 > 𝛽𝑡−𝛿 𝑣 > 𝑣𝑣 > 𝑣 − ∀ lim→∞ 𝑣 = 𝑣 𝑣 > 𝑣

𝑣 = + + + ⋯+ 𝑡 − + 𝑡 𝑣− 𝑣 = + + + ⋯+ 𝑡 −

𝑣 = ∑ 𝑝∑ 𝑝= − 𝑡 𝑣=− ∑ 𝑝∑ 𝑝== 𝑡

𝑣 = ∑ 𝑝 − 𝑡 𝑣=∑ 𝑝= − ∑ 𝑝 𝑡=𝑣 𝑣 𝑣𝑣 𝑣 𝑣𝑣 − 𝑣 𝑣 𝑣 𝑣𝑣 𝑣

𝑣 = { + + + ⋯+ 𝑡 − + 𝑡 𝑣 }

𝑣 = − 𝑡− − 𝑡 = −

𝑣 = −

− 𝑇 + 𝑁𝑇

𝜃 𝜃𝜃 = −+ + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + ⋯

𝑣 = { + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + 𝑡 𝑣 }

𝑣 = − [ + 𝜃 ]𝑡[ − + 𝜃 − 𝑡 ]

If i < j then 𝑣 > 𝑣 𝑡 𝑡 +𝑣 𝑣 > 𝑣

𝑣 = + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + 𝑡 𝑣𝑡 = 𝑡 +𝑣 − 𝑣 = − 𝑡 𝑣 − + 𝜃 𝑡+

+ 𝜃 𝑡− < 𝑣𝑣 > 𝑣 𝑣 > 𝑣 𝑣 > 𝑣 −

→∞𝑣 = 𝑣𝑣

𝑣 = ∑ 𝑝∑ 𝑝== ( + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 −+ + 𝜃 𝑡 𝑣 )

𝑣 = ∑ 𝑝 − 𝑡 𝑣=∑ 𝑝= − ∑ 𝑝 𝑡=

𝐼 < 𝑡ℎ 𝑣 > 𝑣𝑣

𝑣 = + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − + 𝑡 𝑣

− 𝑡 𝑣 = + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 −

𝑣

𝑣 = ∑ 𝑝∑ 𝑝= [ + + 𝜃 + + 𝜃 + ⋯+ + 𝜃 𝑡 − ]= − ∑ 𝑝∑ 𝑝== 𝑡

𝑣 = ∑ 𝑝∑ 𝑝= − 𝑡 𝑣=− ∑ 𝑝∑ 𝑝== 𝑡

𝑣 = ∑ 𝑝 − 𝑡 𝑣=∑ 𝑝= − ∑ 𝑝 𝑡=𝑣 𝑣 , 𝑣 + , … , 𝑣 𝑣 𝑣

𝑣 > 𝑣 𝑣 > 𝑣𝑇 − 𝑁𝑇 = 𝐷 > 𝑣

𝑣 , + − 𝑣 , = ∑ 𝑝 ( − )𝑣+=∑ 𝑝+= − − ∑ 𝑝 ( − )𝑣=∑ 𝑝= −

𝑣 , + − 𝑣 ,= ∑ 𝑝 ( − )𝑣 ∑ 𝑝 ( − )𝑣=∑ 𝑝= − − ∑ 𝑝 ( − )+=∑ 𝑝+= −= + 𝑝 + − + 𝑣 +∑ 𝑝+= −

𝑣 , + − 𝑣 , = 𝑝 + ( − )𝑣 ∑ 𝑝 ( − )𝑣=∑ 𝑝= − − ∑ 𝑝 ( − )+=∑ 𝑝+= −∑ 𝑝+= − <

Universität RegensburgIREIBS Institut für ImmobilienwirtschaftFakultät für Wirtschaftswissenschaften