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Open AccessArticle

Efficiency versus Fairness in the Management of Public Housing Assets in Palermo (Italy)

1
Department of Architecture, University of Palermo, 90128 Palermo, Italy
2
Department of Civil Engineering and Architecture, University of Catania, 95125 Catania, Italy
*
Author to whom correspondence should be addressed.
Sustainability 2019, 11(4), 1199; https://doi.org/10.3390/su11041199
Received: 28 January 2019 / Revised: 16 February 2019 / Accepted: 19 February 2019 / Published: 24 February 2019
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
Public housing policy has been proposing plans of public housing (PH) stock alienation or, as an alternative, property enhancement plans, since administrative and financial commitments have become too heavy for municipalities. This paper deals with one of the current public housing management policy initiatives, undertaken by the Municipality of Palermo (Italy), which aimed at transferring a significant part of the public housing asset to the current tenants, according to some terms and conditions, and applying a politically fixed price. This policy is described in general, focusing on the amount of the assets involved, reporting the terms and conditions for transferring them at an affordable price, and analysing their concentration/distribution in the urban areas. The main aim of the paper is to provide a valuation pattern for defining the trade-off between the efficiency and fairness of such a tool, recognising the conditions for the consistency between the transfer price established by municipality, the merit of the public housing asset, and the market value. A detailed study on two representative neighbourhoods was carried out in order to measure the value of solidarity of this policy and to propose some corrective rules. View Full-Text
Keywords: public housing; politically fixed price; real estate market; alienation of property public housing; politically fixed price; real estate market; alienation of property
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Napoli, G.; Giuffrida, S.; Trovato, M.R. Efficiency versus Fairness in the Management of Public Housing Assets in Palermo (Italy). Sustainability 2019, 11, 1199.

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