The fundamental explanation of homelessness has eluded governments that claim to operate with “evidence‐based policies.” The underlying cause of most homelessness is inherent in land markets, which are subject to wide swings of speculative manias followed by debilitating depressions. Rather than seeking to rectify the economic roots of homelessness by altering the tax treatment of real estate, governments focus on ameliorative strategies that are destined to fail. Cycles of boom and bust in land markets have persisted since the 19^th century. They exacerbate homelessness by pricing low‐income renters out of the market during the upswing, as land prices rise, and by generating massive foreclosures and evictions during the downswing. The most important action government could take to remedy the problem of homelessness is to devise policies to dampen the swings in land prices.

中文翻译：

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周期性住房市场与无家可归

无家可归的根本解释是声称声称采用“基于证据的政策”的政府。造成大多数无家可归者的根本原因是土地市场固有的问题，土地市场遭受投机性狂热的广泛波动，继而使萧条恶化。政府没有试图通过改变房地产的税收待遇来纠正无家可归者的经济根源，而是将重点放在注定要失败的改善策略上。自19土地市场的繁荣和萧条的周期已经持续^日世纪。随着土地价格的上涨，在上涨期间将低收入房客从市场上定价，并在下跌期间产生大量的止赎和驱逐令，加剧了无家可归者的无家可归现象。政府为解决无家可归问题可能采取的最重要的行动是制定政策以抑制土地价格的波动。