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Residential Land-Use Controls and Land Values: Zoning and Covenant Interactions

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  • Carolyn A. Dehring
  • Melissa S. Lind
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    Abstract

    Residential land use in urban areas can be constrained by zoning or restrictive covenants. When covenants and zoning exist simultaneously, covenants can facilitate an efficient allocation of high-restriction and low-restriction residential land. However, covenants cannot remedy deadweight loss resulting from zoning that over-allocates land to high restriction use. We examine subdivided, vacant residential lot sales from two residential zones which differ in both minimum lot size and the minimum square feet of house. Our findings of a negative price effect from covenant use in the more restricted zone suggest that private restrictions are over-supplied in that zone.

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    File URL: http://le.uwpress.org/cgi/reprint/83/4/445
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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 83 (2007)
    Issue (Month): 4 ()
    Pages: 445-457

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    Handle: RePEc:uwp:landec:v:83:y:2007:i:4:p:445-457

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. William Rogers, 2010. "The Housing Price Impact of Covenant Restrictions and Other Subdivision Characteristics," The Journal of Real Estate Finance and Economics, Springer, vol. 40(2), pages 203-220, February.

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