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Land Development under the Threat of Taking

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  • Geoffrey K. Turnbull

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    (Department of Economics, Georgia State University)

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    Abstract

    This paper presents a model of the land developer's response to the threat of regulatory taking. It shows that the threat of regulation affects development timing and density differently than the regulation imposed with certainty. Planned development proceeds at a more rapid pace under the taking threat, whereas the development density varies systematically by location in a spatial land market. Further, property on which regulations are actually imposed will be developed later than planned when the demanded density is falling over time. Regulated property, however, may be developed even more quickly than planned when the demanded density is rising over time.

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    Bibliographic Info

    Article provided by Southern Economic Association in its journal Southern Economic Journal.

    Volume (Year): 69 (2002)
    Issue (Month): 2 (October)
    Pages: 290-308

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    Handle: RePEc:sej:ancoec:v:69:2:y:2002:p:290-308

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    Web page: http://www.southerneconomic.org/
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    Cited by:
    1. Noonan, Douglas S. & Krupka, Douglas J., 2008. "Determinants of Historic and Cultural Landmark Designation: Why We Preserve What We Preserve," IZA Discussion Papers 3777, Institute for the Study of Labor (IZA).
    2. 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.
    3. 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.
    4. Lee, Tan & Jou, Jyh-Bang, 2007. "The regulation of optimal development density," Journal of Housing Economics, Elsevier, vol. 16(1), pages 21-36, March.
    5. 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.
    6. Teemu Lyytikäinen, 2007. "The Effect of Three-rate Property Taxation on Housing Construction," Discussion Papers 419, Government Institute for Economic Research Finland (VATT).
    7. Geoffrey Turnbull, 2005. "The Investment Incentive Effects of Land Use Regulations," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 357-395, December.
    8. Thomas J. Miceli & Kathleen Segerson, 2011. "Regulatory Takings," Working papers 2011-16, University of Connecticut, Department of Economics.
    9. Turnbull, Geoffrey K., 2004. "Development moratoria," Journal of Housing Economics, Elsevier, vol. 13(3), pages 155-169, September.
    10. Winfree, Jason A. & McCluskey, Jill J., 2007. "Takings of development rights with asymmetric information and an endogenous probability of an externality," Journal of Housing Economics, Elsevier, vol. 16(3-4), pages 320-333, November.
    11. Turnbull, Geoffrey K., 2010. "Irreversible development and eminent domain: Compensation rules, land use and efficiency," Journal of Housing Economics, Elsevier, vol. 19(4), pages 243-254, December.

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