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Zoning Policy Changes and the Urban Fringe Land Market

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  • James A. Thorson
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    Abstract

    This paper examines the effect of a zoning change on the land market in McHenry County, Illinois. One question addressed is whether zoning "follows the market." It is found that, for agricultural land, zoning does tend to follow the market. In addition, the effect of land prices on land use is examined. The results here, however, are mixed. In the initial years after the zoning change, a high relative price of residential land increases the probability that a parcel will be zoned residential. However, several years later, a high relative price of residential land decreases the probability that a parcel is zoned residential. This result suggests that it may take some time for a zoning change to have a significant impact on the local land market. Copyright American Real Estate and Urban Economics Association.

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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 22 (1994)
    Issue (Month): 3 ()
    Pages: 527-538

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    Handle: RePEc:bla:reesec:v:22:y:1994:i:3:p:527-538

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    Cited by:
    1. Jonathan Levine & Lawrence Frank, 2007. "Transportation and land-use preferences and residents’ neighborhood choices: the sufficiency of compact development in the Atlanta region," Transportation, Springer, Springer, vol. 34(2), pages 255-274, March.
    2. Christopher J. Mayer & C. Tsuriel Somerville, . "Land Use Regulation and New Construction," Zell/Lurie Center Working Papers 331, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
    3. John Clapp & Mauricio Rodriguez, 1998. "Using a GIS for Real Estate Market Analysis: The Problem of Spatially Aggregated Data," Journal of Real Estate Research, American Real Estate Society, American Real Estate Society, vol. 16(1), pages 35-56.
    4. Fu, Yuming & Somerville, C. Tsuriel, 2001. "Site Density Restrictions: Measurement and Empirical Analysis," Journal of Urban Economics, Elsevier, vol. 49(2), pages 404-423, March.

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