De impact van leennormen op huurders, huizenbezitters en investeerders
Mortgage debt limits constrain the amount a household can borrow to purchase a home. When a household cannot buy a house, it might rent instead. As a result, investors purchase homes to let and houses shift into the rental sector. Based on a new model of the interaction between the owner-occupied and rental sectors of the housing market, we show that this distortion can be sizable.
Taxing rents or imposing a cap on the number of rentals can partially counteract the effects of mortgage debt limits on the number of rentals. However, such measures tend to also push households that prefer to rent into owner-occupation. Hence, they are counterproductive when taken too far.