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住房矛盾激化,保障房亟待启动,但资金从何而来?现在的办法还是有些问题:中央政府下达部分资金,地方政府配套剩余资金。但地方政府的资金多来自土地出售,羊毛出在羊身上,最终,保障房的建设还要靠更高的商品房价格来支撑,这显然不是“保障”的初衷。可资借鉴的,是美国为改善中低收入家庭住房而推动的“证券化模式”。虽然次贷危机让其饱受置疑,但证券化本身并不可怕,只要资本拨备充足,它将是把财政资金与民间资本结合的最有效手段。
The intensification of housing contradictions and protection of housing needs to start urgently, but where do the funds come from? The solution is still some problems: the central government has issued some funds and the local government has allocated the remaining funds. However, local government funds mostly come from the land for sale and the wool comes from the sheep. Ultimately, the construction of social security housing should be supported by higher commercial housing prices. This obviously is not the original intention of “guaranteeing”. What we can learn from is the “securitization model” promoted by the United States to improve the housing for low- and middle-income families. Although the subprime mortgage crisis has made it questionable, securitization itself is not terrible. It will be the most effective means of combining fiscal funds with private capital as long as sufficient capital reserves are available.