3. Electronic Theses and Dissertations (ETDs) - All submissions
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Item Effects of mixed income housing on neighourhood house prices and investment guidelines for future inclusive developments in South Africa(2019) Simbanegavi, PriscaWhile Mixed Income Housing (MIH) enables inclusivity in the globalized world, opposition known as NIMBY (‘Not In My Back Yard’) seem to counter such change in land-use as it is purported to increase home ownership ‘risks’ for reasons associated with loss of value to property, increased crime, and overcrowding on services and amenities. The courts delay the approval processes for such change in land-use, which becomes cumbersome and risky for investors and reduces the much needed investment funds into housing. The study provides five key direct investment guidelines to reduce the high NIMBY opposition levels in future MIH developments, which are perhaps not entirely justified, given the ‘minimal’ effect (0.41%) found for Cosmo City MIH. The first guideline is that policy development into law is not necessary, as linking bulk infrastructure and land cost to affordable housing units acts as a negotiation tool sufficient to enforce reasonable amounts of low-income housing units into MIH developments. The second guideline is that, a privately oriented collaboration between government and private sector enables MIH developments to attract the much needed funding towards housing. This enables the private sector to build better quality housing that maintains investment value in the future and yields a financial return required in the private investment performance benchmarks. The third guideline is that self-serving developments with well-developed infrastructure, transport linkages, and social amenities on greenfield sites, enable long-term focus on investment returns, value capture, continuity, and sustainability within residential markets. The fourth investment guideline is that an MIH development should focus on mixing households according to income levels through different typologies rather than race, religion or culture in the form of ‘silo’ mixing. The fifth investment guideline requires asset and property management strategy orientation to the private sector as this enables competitive resource allocation, green building technology, and better revenue collection methods as a basis for successful future MIH developmentsItem The impact of the Integrated Residential Development Programme on surrounding property values : Fleurhof, Johannesburg(2018) Mnisi, Nontokozo BadzandzaSouth Africa is challenged with an increased backlog of adequate subsidised affordable housing in well-located areas that provide access to urban amenities and places of employment. However, the perception of subsidised affordable housing developments built in close proximity to bonded properties is significantly negative (Edmiston, 2011). Although, many countries including South Africa have a great need for subsidised affordable housing many a time honoured property owners fear that such developments located in close proximity to their homes may decrease their property’s value and their neighbourhoods will lose their unique personality (ibid, 2011). Questions continually arise about whether the sales and prices of their mortgage bonded properties are going to be affected by the close locality of subsidised affordable housing developments (Nguyen, 2005). Property value is significantly important as rising values in a neighbourhood suggests that the neighbourhood is moving in positive direction, therefore increasing the attractiveness of that neighbourhood to potential buyers. A high property value on one’s property acts as a measure of the quality of life they which is essentially difficult to assess numerically as this value reflects the types of amenities neighbourhoods are able to provide (McArthur and McArthur, undated). Location theory states that the more accessible or attractive a location is, the greater its profit potential and therefore its property value (Jordaan, Drost and Makgata, 2004). However, the relationship between subsidised affordable housing and the property value of mortgage bonded properties is multifaceted. As neighbourhoods are different and are characterised by their complex interrelated attributes which together determine the neighbourhood’s character (Nguyen, 2005). This study seeks to assess whether subsidised affordable housing provided through South Africa’s Integrated Residential Development Programme (IRDP) looking at the case study of the housing development of Fleurhof located in Johannesburg impacts the property value of neighbouring bonded properties. The study considers the study area of Fleurhof as it was developed using IRDP and is located in close proximity to bonded properties. This study will use a quantitative methodology, employing the hedonic price modelling analysis. This model is used as it considers all the characteristics of a property from its physical attributes to the locational amenities that are located in proximity to each property and the characteristics found in the neighbourhood to which the property is located which in turn are reflected in the property’s price (Barton and Madsen, undated).Item Mitigation of displacement through rent control policy(2018) Tyekela, Yelanda NontyatyamboThe focus of the study was to explore the use of rent control to mitigate displacement in the Johannesburg inner city which forms part of Region 8 and consists of the Central Business District, commonly called Johannesburg CBD. Johannesburg's Central Business District (CBD) was in a state of decay and in an attempt to rehabilitate it the City of Joburg implemented urban regeneration. The efforts have however, have resulted in the displacement of low income residents. The rejuvenation of the residential buildings attracted the middle and upper income population into the inner city and landlords responded to their influx by increasing their rents. The low income residents who have been residing in the inner city are as such no longer able to afford the rent and thus forcing them to find accommodation elsewhere. The research asked the following question: Can rent control be used as a method to reduce the displacement of low income residents in the Johannesburg CBD? Establishing whether rent control can be used as a means to mitigate displacement in the inner city is imperative and the research sought to uncover factors that would encourage property investors and developers in the Johannesburg CBD to adopt rent control. Understanding how rent control could be used to mitigate the challenges of displacement caused by urban regeneration in the Johannesburg inner city becomes fundamental. This helps to assist in finding a balance in the dynamic nature of gentrification and displacement in the City of Joburg and the enforcement of rent control to protect the low income residents. This research was conducted using the quantitative approach to explore rent control as one of the methods used to minimize displacement and the marginalization of residents as a result of gentrification and rehabilitation of the inner city from data gathered. The sample groups were 60 property investors and developers from the Johannesburg CBD. Data was collected through the use of closed-ended questions with multiple choice answer options and these were explored using quantitative methods. The results indicate that the monitoring and lowering of expenses associated with rates and taxes could influence the adoption of rent control. The data further revealed that the relaxation of tax could be another motivating factor for the adoption of the implementation of rent control. Investors and policy makers should therefore strive for development that is affordable and equitable and for all parties. The data further revealed the potential of rent control as a means of mitigating displacement in the Johannesburg CBD. It is the researcher’s hope that recommendations made by this study, if implemented will improve the dynamic nature of gentrification and displacement.