EFFECTS OF THE IMPLEMENTATION OF SELECTED HOUSING POLICY INSTRUMENTS IN POLAND IN 2008-2023

Purpose: The article addresses the functioning of the housing market with particular attention to the effects of government housing programs supporting the demand side. Dynamic increases in housing prices, reduced credit availability as a result of high central bank interest rates, increasing pressure from the institutional sector and, finally, the increasingly popular recognition of housing as an investment asset negatively affect the situation in the housing market and the affordability of housing. Design/methodology/approach: For the purpose of the article, a review of literature related to the topic of the housing market and housing policy was conducted. A diagnosis of the housing situation was carried out based on current statistical data covering the effects of housing construction, demand for mortgages and housing, or housing price dynamics. A review of housing policy programs and instruments made it possible to identify present directions for supporting the population in meeting housing needs. The analytical part also included the calculation of indicators of housing affordability, thus showing the ambiguous effects of housing policy. Findings: Evaluation of government policies to support the population in meeting housing needs is ambiguous. On the one hand, the demand policy instruments used make it possible to purchase housing for households that do not have this ability. On the other hand, the increase in the amount of demand for housing results, in the long term, in an increase in the price of this good, which is confirmed by market data. However, the attempt to isolate the impact of specific factors is severely hampered by their multiplicity and often difficult-to-measure nature. Research limitations/implications: Assessing the impact of a specific factor on the real estate market situation, on the residential segment, is difficult due to the complex nature of this market and the multiplicity of players, connections and high dynamics of change in this area. An additional difficulty is the methodological diversity used by various authors and entities engaged in the analysis of this market. The possibilities of diagnosing the housing situation are also limited by the available data. Practical implications: The study presented in the article can be used both at the government level in terms of shaping housing policy, as well as commercial players in the area of matching supply to needs and preferences in the housing market.Social implications: Improving the housing situation of the population and the affordability of housing are currently some of the main social challenges. Attempting to solve this problem using instruments developed ad hoc often ends up generating negative side effects, in the form of price increases. That is why a well-thought-out approach to supporting the population in the field of housing is so important. Originality/value: The survey is part of a discussion on the implementation of housing policy instruments in the real estate market. The survey is aimed primarily at public authorities active in the residential rental market, policy makers and developers.