The authors of this book propose the development of new markets, called Partnership Markets, that would allow households to use equity finance to buy their homes. With these new markets, a household would be able to finance housing not only with a mortgage, but also with an institutional investor who would provide part of the equity capital for the house in exchange for a share of the ultimate selling price.
This is the first collection of readings in the economics of state and local public finance in almost thirty years. The scope of the thirty pieces is broad, including both classic and current articles. The articles fall into three broad categories: public choice and fiscal federalism, revenue sources and the fiscal condition of cities.