The article argues that targeted cash transfers represent a feasible, scalable mechanism to end extreme poverty, noting that previous growth-based models have stalled since 2015. Evidence from existing evaluations demonstrates that unconditional cash transfers positively impact consumption, health, and education without discouraging labor force participation. To move beyond small pilots, the authors propose initiating a national-scale "proof-of-concept" program, funded by private capital and embedded within a government structure. This approach is crucial not only for immediate poverty reduction but also for generating the necessary evidence to build state capacity and enable global replication of the model.
A housing market on the precipice: New insights from the DMV Monitor
English Summary
The DMV region's housing market is experiencing demand weakness comparable to the COVID-19 pandemic, driven by federal job losses and policy uncertainty from the second Trump administration. Asking rents have declined 1-4% across all jurisdictions in the past year, with particularly steep declines in Washington D.C. (down 14.7% since 2019), while for-sale home prices in the District have fallen 25.2% since 2019, straining local government budgets dependent on property tax revenue growth. Rising building operating costs combined with falling rental income create a challenging environment for existing rental properties and new construction financing. The authors argue local governments should use this market window to increase housing supply through zoning reforms supporting "missing middle" housing, accelerate affordable housing preservation at below-peak costs, and restructure subsidy programs toward cost-effective operating subsidies. These policy changes are critical for regional economic stabilization, as housing costs remain a significant barrier to attracting talent despite recent price declines.
中文摘要
華盛頓首都圈(DMV地區)的房地產市場正經歷與COVID-19疫情相當的需求疲軟，這是由聯邦政府裁員和第二次川普政府帶來的政策不確定性驅動的。在過去一年內，所有司法管轄區的掛牌租金下降了1-4%，其中華盛頓特區的下降幅度尤其陡峭(自2019年以來下降14.7%)，而特區待售住房價格自2019年以來更是下跌了25.2%，對依賴房產稅收入增長的地方政府預算造成了壓力。建築運營成本上升與租金收入下降相結合，為現有出租房產和新建築融資營造了具有挑戰性的環境。作者主張地方政府應利用這一市場窗口，通過分區改革支持「缺失中層」住房來增加住房供應，以低於高峰的成本加快經濟適用房的保護，並將補貼計畫重組為成本有效的運營補貼。這些政策變化對區域經濟穩定至關重要，因為儘管最近房價下降，住房成本仍然是吸引人才的重大障礙。
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