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Restrictive Land Covenants

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  • Hughes, William T, Jr
  • Turnbull, Geoffrey K
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    Abstract

    Even though land-use convenants are a pervasive feature in residential land markets, they are typically subsumed into the economist's picture of zoning and related land-use regulation. In contrast to the traditional approach, the premise of this study is that land covenants differ from zoning in important respects. This study examines the characteristics of covenants as an institution and why it exists as a distinct method of private control in land markets. The approach taken here emphasizes the role of credible commitment in explaining why covenants differ from both zoning and private contracts among individuals. The paper also examines why covenants tend to vary spatially within urban areas, presenting two theories to evaluate the evidence from an urban housing market. Copyright 1996 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 12 (1996)
    Issue (Month): 1 (January)
    Pages: 9-21

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    Handle: RePEc:kap:jrefec:v:12:y:1996:i:1:p:9-21

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
    2. Charles Carter & Zhenguo Lin & Marcus Allen & William Haloupek, 2013. "Another Look at Effects of “Adults-Only” Age Restrictions on Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 115-130, January.

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