The essay attempts to fill the gaps found in knowledge and practice for conceptualizing local housing marketplaces in public policy administration. Dichotomous conceptualization in terms of homeownership and rental housing led to inefficient local housing marketplaces and affordability issues. The rationally evolving economic concept of local housing marketplaces is to financially leverage every family and stimulate investing in landed properties for decent homes. Hence, the Housing Act of 1949 reasonably envisaged every American family having access to a decent home as the great equalizer. Social change to rational conceptualization of local housing marketplace would help resolve affordability issues. Then, complementary civic engagement through community-based nonprofit real estate management programs highlighted could ensure social justice.
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