THE EFFECTIVENESS OF THE HOUSING POLICY IN POLAND: THE IMPACT OF PUBLIC INTERVENTIONS IN A MACROECONOMIC CONTEXT
THE EFFECTIVENESS OF THE HOUSING POLICY IN POLAND: THE IMPACT OF PUBLIC INTERVENTIONS IN A MACROECONOMIC CONTEXT

Summary/Abstract: Aim: This article aims to assess the impact of the housing policy implemented in Poland between 2007and 2023 on housing affordability – in particular, the effectiveness of selected government programs is evaluatedin terms of their influence on both the demand and supply sides of the housing market. Methods: A comparativeanalysis was conducted of key housing policy instruments such as ‘Family on Its Own’ (Rodzina na Swoim),‘Housing for the Young’ (Mieszkanie dla Młodych), and the ‘Safe Credit 2%’ (Bezpieczny Kredyt 2%), takinginto account their implementation under varying macroeconomic conditions. The study utilizes statistical dataand indicators related to price and wage dynamics. Results: It is demonstrated that the effectiveness of hous-ing support programs is linked to the phase of the business cycle and structural supply constraints. Althoughdemand-side programs temporarily improve access to financing, they may lead to price increases when supplyis inelastic, as observed in the case of the ‘Safe Credit 2%’. In the long term, policies based solely on stimulatingdemand prove insufficient. Conclusions: An effective housing policy should balance demand- and supply-sideinterventions and support the development of alternative forms of saving and investment. Adapting policy toolsto current economic conditions and accounting for the growing role of investment demand are key to sustainablyimproving housing affordability in Poland.

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