The role of government and financial institutions during a housing market crisis: a case study of the Netherlands

The generous mortgage tax relief enjoyed in the Netherlands and the possible existence of a house price bubble cannot explain the sharp decrease of house prices in the Netherlands in the period from 2011–2013. This sharp decline can, however, be explained by the rigorous adjustments to mortgage lending criteria after 2011. Key financial...

Strategic urban projects in Amsterdam and New York: Incomplete contracts and good faith in different legal systems

Contracts between local government and private investment agencies play an important role in strategic urban projects. Real estate cycles provide only a narrow window of opportunity within which to draft such contracts. A legal system should therefore not impede the possibility of reaching an agreement quickly; instead, it should facilitate...