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Land Values, Land Use, and the First Chicago Zoning Ordinance

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  • McDonald, John F
  • McMillen, Daniel P

Abstract

This article examines whether the pattern of urban land use should have been regulated by local government in the 1920s, the decade in which many cities adopted their first zoning ordinances. The study is based on the assumption that land values are influenced by the mix of land use on the block. Conditions for land-value maximization are derived, and the circumstances under which land-use zoning can increase land values are discussed. Empirical land-value and land-use functions are estimated for Chicago in 1921, two years before the first Chicago zoning ordinance was adopted. The empirical results for land values imply that the land-use zoning system adopted in 1923 could not have brought about a general increase in land values. The empirical results for land use document the regularities in the use of land prior to the introduction of zoning. Copyright 1998 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): 16 (1998)
Issue (Month): 2 (March)
Pages: 135-50

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Handle: RePEc:kap:jrefec:v:16:y:1998:i:2:p:135-50

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

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Cited by:
  1. Jeremy Groves & Eric Helland, . "Zoning and the Distribution of Locational Rents: An Empirical Analysis of Harris County Texas," Claremont Colleges Working Papers 2000-15, Claremont Colleges.
  2. Stavins, Robert & Plantinga, Andrew & Lubowski, Ruben, 2002. "The Effects of Potential Land Development on Agricultural Land Prices," Discussion Papers dp-02-11-, Resources For the Future.
  3. Cho, Seong-Hoon & Wu, JunJie, 2001. "Measuring Interactions Among Urban Development, Land Use Regulations, And Public Finance," 2001 Annual meeting, August 5-8, Chicago, IL 20774, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Christafore, David & Leguizamon, Susane, 2012. "Spatial spillovers of land use regulation in the United States," MPRA Paper 45072, University Library of Munich, Germany.

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