FACTOID # 17: Though Rhode Island is the smallest state in total area, it has the longest official name: The State of Rhode Island and Providence Plantations.
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Encyclopedia > Home ownership

An owner-occupier is a person who lives in a house that he or she owns. Owner-occupancy is therefore also called home ownership. This category of housing tenure is economically important for two reasons. See also list of house types. ... Housing tenure refers to the financial arrangements under which someone has the right to live in a house or apartment. ...

  1. In owner-occupancy, the landlord - tenant relationship is short-circuited. Consider two people, A and B, each of whom owns property. If A lives in B's property, and B lives in A's, two financial transactions take place - each pays rent to the other. But if A and B are both owner occupiers, no money changes hands, even though the same economic relationships exists; there are still two owners and two occupiers, but the transactions between them no longer go through the market. The amount that would have changed hands had the owner and occupier been different persons is called the imputed rent. The effect of owner occupancy is therefore that
    • the imputed rents disappear from measures of national income and output, unless figures are added to take them into account.
    • Government loses the opportunity to tax the transaction. Sometimes governments have attempted to tax the imputed rent (Schedule A of the U.K. income tax used to do this), but this tends to be unpopular because most people do not understand the concept of imputed rent.
  2. In modern economies, variations in the rate of owner occupancy are a good index of the overall wealth of the nation, at least across time within a nation. Between nations, variations in traditions and in tax regimes make such comparisons hard to interpret.

It is widely believed by politicians that owner-occupiers are more likely to vote for parties of the right, and such parties therefore often take steps to encourage home ownership. A landlord is the owner of a house, apartment, condominium, or land which is rented or leased to an individual or business, who is called the tenant. ... A tenant (from the Latin tenere, to hold), in legal contexts, holds real property by some form of title from a landlord. ... Street markets such as this one in Rue Mouffetard, Paris are still common in France. ... Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. ... A tax is a compulsory charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... ... This article needs to be cleaned up to conform to a higher standard of quality. ... The Elections and Parties Series Democracy Representative democracy History of democracy Referenda Liberal democracy Representation Voting Voting systems Ideology Elections Elections by country Elections by calendar Electoral systems Politics Politics by country Political campaigns Political science Political philosophy Related topics Political parties Parties by country Parties by name Parties by... In politics, right-wing, the political right, or simply the Right, are terms which refer, with no particular precision, to the segment of the political spectrum in opposition to left-wing politics. ... A political party is a political organization subscribing to a certain ideology or formed around very special issues. ...

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