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Rent De-Control

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The Impact on the Commercial Sector of Amman's Downtown

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Rent De-Control

  1. 1. Rent De-ControlThe Impact on the Commercial Sector of Amman’s DowntownJune 2010
  2. 2. Outline Introduction & Background  About the Project  Background  Why the Downtown  Various Rent Decontrol Systems Study Objectives Methodology: Data Collection  Secondary Recourses  Survey  Impacts to be accounted for Results  Data Collection Results  Survey Results  Computer Aided Mass Appraisal Model Results
  3. 3. Outline Analysis and conclusions  Implications  Disputes  Data Analysis Policies & Recommendations  Property Taxes & Rent De-Controls  Policies for Balance  Policies: Incentives to Owners  Policies: Incentives to Renters  International Experiences Conclusions
  4. 4. Introduction & BackgroundWhat is the problem? Why Downtown?
  5. 5. About the project..Brief Description This project is concerned with the effects of the elimination of rent stabilization on the commercial sector in Downtown Amman
  6. 6. BackgroundThe Rent Control Regime in Jordan Dates back to 1941 Amendments followed in 1982 allowing rent increases In 2000, the new law suggested a blanket lifting of rent protection in 2010 Anticipation of a major social and housing crisis called for action The 2009 new law aims at phasing in the rent deregulation process
  7. 7. BackgroundFor Commercial Contracts Signed prior to 1/1/1980, the contract is terminated in 31/12/2011 Signed in the period between 1/1/1980 till 31/12/1989, the contract is terminated in 31/12/2012 Signed in the period between 1/1/1990 till 31/12/1994, the contract is terminated in 31/12/2013 Signed in the period between 1/1/1995 till 31/12/2000, the contract is terminated in 31/12/2014
  8. 8. BackgroundDifferent PerspectivesRenters I cannot be evacuated, I am too old to look for a new job – Retail Store I dont have other source of income only this shop – Jewelry Store I am well known in the area and I am famous and I have a large number of costumers, but the landowner will raise the rent more than I can bear – Restaurant OwnerOwners I haven’t renovated my building in years, its just not worth it – Retail Owner I have one tenant paying 20 times what his neighbor is just because of the rent controls – Renting to Jewelry Stores
  9. 9. Why Downtown?Commercial Profiling of Downtown Amman Commercial Downtown Amman is home to at Tourism and travel- least 4,402 businesses (active related services licenses) of which 68% is in the commercial sector Social, Business and Finance Services The Professional & Downtown Amman is considered Personal Services sector one of the main price-controlled areas (Only 20% of businesses Crafts-related industries licensed after 2000) Warehouses Construction and Real Estate
  10. 10. Why Downtown? 80 Low rents reduce the incentive to invest resulting in deteriorating 70 property conditions 60 50 Nearly half of buildings are built 40 in the 40s, 50s, and 60s. New 30 buildings (post 2000) constitute 8% 20 of the total licenses buildings in downtown. 10 0 40s 50s 60s 70s 80s 90s 2000s Number of Buildings on Commercial Designation, 2009