Zoning and Industrial Land Values: The Case of Philadelphia
AbstractThis paper examines the market effects of zoning. Using the hedonic framework, we perform an empirical analysis that shows that lots zoned for industrial use in our study area are associated with a 58% price discount. The paper highlights the outcome of static zoning policies in a dynamic world. As the demand for industrial land in Philadelphia declined (resulting in vacancies), prices fell, but zoning was slow to adjust, therefore land conversion did not occur to re-equilibrate. Copyright American Real Estate and Urban Economics Association.
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 19 (1991)
Issue (Month): 2 ()
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- Jyh-Fa Tsai & Shin-Kun Peng & Fu-Chuan Lai, 2006. "Spatial duopoly with zoning," The Annals of Regional Science, Springer, vol. 40(3), pages 515-530, August.
- Landers, Jim, 2006. "Why Don't Enterprise Zones Work? Estimates of the Extent that EZ Benefits are Capitalized into Property Values," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 36(1).
- Peter F. Colwell & Tim F. Scheu, 1994. "A History of Site Valuation Rules: Functions and Empirical Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 353-368.
- Bob Thompson & Sotiris Tsolacos, 2001. "Industrial Land Values — A Guide to Future Markets?," Journal of Real Estate Research, American Real Estate Society, vol. 21(1/2), pages 55-76.
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