MODULE 8. Definition : Filtering Down (Up) is a decline (increase) in real value of a a quality-adjusted unit of housing. Filtering Model. 1.) For each Household i, Y i = Real Income 2.) For each Dwelling j, QL j = Quality Measure
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2.) For each Dwelling j, QLj = Quality Measure
3.) For each Dwelling j, Vj = Real Value
4.) Housing Market is assumed to be in
Filtering Model Assumptions
(B) Limits to Filtering-Down
Limits to Filtering Up/Down
Removal of Slums
Supply of Slums
Does the Filtering Model Work?
(2.) Profitability Bias
(3.) Social Costs
Sub-optimality of Housing Slums