Russian housing market in transition

For generations, regulation had almost completely replaced formal market relations in the production and allocation of housing, although informal, implicit market relations had some role. In mid-1991, the USSR, and later the Russian Federation, began the daunting task of reorienting the house sector to market principles. This paper inventories accomplishments to April 1993 in the housing reform program. They are formidable, and certainly compare favorably with any country in Eastern Europe. To illustrate the magnitude of these accomplishments, the paper briefly reviews conditions at the beginning of the transition, discusses reform legislation and policies, and examines developments in housing construction, rental housing, and housing finance. (Author abstract)