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The Investment Incentive Effects of Land Use Regulations

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  • Geoffrey Turnbull

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    Abstract

    This paper provides an overview and synthesis of the results from recent studies of how different types of land use regulations affect land development incentives. The presentation is nontechnical and focuses on uncovering general principles for the dynamic effects of such policies. It explains why the risk of regulation leads to faster development of unregulated land and how the effect on structural densities reflects the underlying pattern of growth in the demand for land by competing uses. It also discusses how the general pattern of timing and density responses for regulated property reflect the same growth patterns in demand. Copyright Springer Science + Business Media, Inc. 2005

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    File URL: http://hdl.handle.net/10.1007/s11146-005-3288-y
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    Bibliographic Info

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

    Volume (Year): 31 (2005)
    Issue (Month): 4 (December)
    Pages: 357-395

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    Handle: RePEc:kap:jrefec:v:31:y:2005:i:4:p:357-395

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

    Related research

    Keywords: land development; land use regulation; regulatory risk; takings;

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    1. Fujita, Masahisa, 1982. "Spatial patterns of residential development," Journal of Urban Economics, Elsevier, vol. 12(1), pages 22-52, July.
    2. Sinn, Hans-Werner, 1986. "Vacant land and the role of government intervention," Munich Reprints in Economics 19877, University of Munich, Department of Economics.
    3. Geltner, David & Riddiough, Timothy & Stojanovic, Srdjan, 1996. "Insights on the Effect of Land Use Choice: The Perpetual Option on the Best of Two Underlying Assets," Journal of Urban Economics, Elsevier, vol. 39(1), pages 20-50, January.
    4. Richard Arnott & Frank D. Lewis, 1977. "The Transition of Land to Urban Use," Working Papers 267, Queen's University, Department of Economics.
    5. Geoffrey K. Turnbull, 2002. "Land Development under the Threat of Taking," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 290-308, October.
    6. Riddiough, Timothy J., 1997. "The Economic Consequences of Regulatory Taking Risk on Land Value and Development Activity," Journal of Urban Economics, Elsevier, vol. 41(1), pages 56-77, January.
    7. Bohn, Henning & Deacon, Robert, 1997. "Ownership Risk, Investment, and the Use of Natural Resources," Discussion Papers dp-97-20, Resources For the Future.
    8. Blume, Lawrence & Rubinfeld, Daniel L & Shapiro, Perry, 1984. "The Taking of Land: When Should Compensation Be Paid?," The Quarterly Journal of Economics, MIT Press, vol. 99(1), pages 71-92, February.
    9. Ellson, Richard & McDermott, John, 1987. "Zoning uncertainty and the urban land development firm," Journal of Urban Economics, Elsevier, vol. 22(2), pages 209-222, September.
    10. Wheaton, William C., 1982. "Urban residential growth under perfect foresight," Journal of Urban Economics, Elsevier, vol. 12(1), pages 1-21, July.
    11. Anderson, John E., 1986. "Property taxes and the timing of urban land development," Regional Science and Urban Economics, Elsevier, vol. 16(4), pages 483-492, November.
    12. Turnbull, Geoffrey K., 1991. "A comparative dynamic analysis of zoning in a growing city," Journal of Urban Economics, Elsevier, vol. 29(2), pages 235-248, March.
    13. Kanemoto, Yoshitsugu, 1985. "Housing as an asset and the effects of property taxation on the residential development process," Journal of Urban Economics, Elsevier, vol. 17(2), pages 145-166, March.
    14. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-37, October.
    15. Brueckner, Jan K., 1997. "Infrastructure financing and urban development:: The economics of impact fees," Journal of Public Economics, Elsevier, vol. 66(3), pages 383-407, December.
    16. Mills, David E., 2001. "Land value taxation," Regional Science and Urban Economics, Elsevier, vol. 31(6), pages 765-770, November.
    17. Alchian, Armen A. & Demsetz, Harold, 1973. "The Property Right Paradigm," The Journal of Economic History, Cambridge University Press, vol. 33(01), pages 16-27, March.
    18. Turnbull, Geoffrey K., 2004. "Urban growth controls: transitional dynamics of development fees and growth boundaries," Journal of Urban Economics, Elsevier, vol. 55(2), pages 215-237, March.
    19. Matthew Baker & Thomas Miceli & C. F. Sirmans & Geoffrey K. Turnbull, 2001. "Property Rights by Squatting: Land Ownership Risk and Adverse Possession Statutes," Land Economics, University of Wisconsin Press, vol. 77(3), pages 360-370.
    20. Miceli, Thomas J. & Sirmans, C. F. & Turnbull, Geoffrey K., 2000. "The Dynamic Effects of Land Title Systems," Journal of Urban Economics, Elsevier, vol. 47(3), pages 370-389, May.
    21. Thomas J Miceli & C. F Sirmans & Geoffrey K Turnbull, 2003. "Land Ownership Risk and Urban Development," Journal of Regional Science, Wiley Blackwell, vol. 43(1), pages 73-94.
    22. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-14, June.
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    Citations

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    Cited by:
    1. Miceli, Thomas J. & Sirmans, C.F., 2007. "The holdout problem, urban sprawl, and eminent domain," Journal of Housing Economics, Elsevier, vol. 16(3-4), pages 309-319, November.
    2. John M. Quigley & Aaron M. Swoboda, 2010. "Land use regulation with durable capital," Journal of Economic Geography, Oxford University Press, vol. 10(1), pages 9-26, January.
    3. Jou, Jyh-Bang, 2012. "Efficient growth boundaries in the presence of population externalities and stochastic rents," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(4), pages 349-357.
    4. Maria A. Cunha-e-Sa & Sofia F. Franco, 2012. "Urban Containment: An Effective Tool for Environmental Protection?," FEUNL Working Paper Series wp563, Universidade Nova de Lisboa, Faculdade de Economia.
    5. Teemu Lyytikäinen, 2007. "The Effect of Three-rate Property Taxation on Housing Construction," Discussion Papers 419, Government Institute for Economic Research Finland (VATT).
    6. Lee, Tan & Jou, Jyh-Bang, 2007. "The regulation of optimal development density," Journal of Housing Economics, Elsevier, vol. 16(1), pages 21-36, March.
    7. A. Navarro, Ignacio & Turnbull, Geoffrey K., 2010. "The Legacy Effect of Squatter Settlements on Urban Redevelopment," Working Paper Series UNU-WIDER Working Paper W, World Institute for Development Economic Research (UNU-WIDER).
    8. Asaf Friedman Arch, 2014. "Sustainable Urban Renewal: The Tel Aviv Dilemma," Sustainability, MDPI, Open Access Journal, vol. 6(5), pages 2527-2537, April.
    9. Ignacio Navarro & Geoffrey Turnbull, 2014. "Property Rights and Urban Development: Initial Title Quality Matters Even When it No Longer Matters," The Journal of Real Estate Finance and Economics, Springer, vol. 49(1), pages 1-22, July.
    10. Nishihara, Michi, 2012. "Real option valuation of abandoned farmland," Review of Financial Economics, Elsevier, vol. 21(4), pages 188-192.
    11. Tan Lee & Jyh-Bang Jou, 2010. "Urban Spatial Development: a Real Options Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 161-187, February.
    12. Jyh-Bang Jou & Tan (Charlene) Lee, 2009. "How Does a Development Moratorium Affect Development Timing Choices and Land Values?," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 301-315, October.

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