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Tender Mercies: Efficient and Equitable Land use Change

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  • Peter F. Colwell

Abstract

A two‐tiered, front‐end‐loaded tender offer system is shown to catalyze a market for partial property rights. This market would obviate any legitimate need for governmental zoning, and thus would put an end to zoning's inefficiency and inequity. The proposed system would facilitate development and redevelopment, cause nuisance producing zones to become more compact, stop the subversion of zoning for fiscal and exclusionary purposes, reduce the opportunities for corruption and end rent seeking as well as “not in my backyard” activities. The proposed tender offer system would fully compensate those who are injured by negative externalities, thereby eliminating adverse distributional effects.

Suggested Citation

  • Peter F. Colwell, 1997. "Tender Mercies: Efficient and Equitable Land use Change," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 25(4), pages 525-537, December.
    • Handle: RePEc:bla:reesec:v:25:y:1997:i:4:p:525-537
    DOI: 10.1111/1540-6229.00726
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    Cited by:

    1. Agarwal, Sumit & Satyanarain, Rengarajan & Sing, Tien Foo & Vollmer, Derek, 2016. "Effects of construction activities on residential electricity consumption: Evidence from Singapore's public housing estates," Energy Economics, Elsevier, vol. 55(C), pages 101-111.
    2. Patric H. Hendershott & Thomas G. Thibodeau & Halbert C. Smith, 2009. "Evolution of the American Real Estate and Urban Economics Association1," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(4), pages 559-598, December.
    3. Geoffrey Keogh & Eamonn D'Arcy, 1999. "Property Market Efficiency: An Institutional Economics Perspective," Urban Studies, Urban Studies Journal Limited, vol. 36(13), pages 2401-2414, December.

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