Making Markets for Development Rights Work: What Determines Demand?
AbstractThis paper estimates developers’ demand for Transferable Development Rights (TDRs) in one of the few long-standing active TDR programs in the country, Calvert County, Maryland. We find that baseline zoning is a critical determinant of TDR use—demand is lower in the relatively high-density residential areas than in the low-density rural areas. Changes in baseline density limits have a larger effect on TDR use in rural areas than in residential and town center areas. We identify subdivision characteristics that are significant in explaining TDR use and discuss implications for other jurisdictions considering revisions to, or adoption of, TDR programs.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 84 (2008)
Issue (Month): 1 ()
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Web page: http://le.uwpress.org/
Other versions of this item:
- Walls, Margaret & McConnell, Virginia & Kopits, Elizabeth, 2005. "Making Markets for Development Rights Work: What Determines Demand," Discussion Papers dp-05-45, Resources For the Future.
- Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
- R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
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- McConnell, Virginia D. & Kopits, Elizabeth & Walls, Margaret, 2005. "Farmland Preservation and Residential Density: Can Development Rights Markets Affect Land Use?," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 34(2), October.
- Walls, Margaret, 2012. "Markets for Development Rights: Lessons Learned from Three Decades of a TDR Program," Discussion Papers dp-12-49, Resources For the Future.
- Kopits, Elizabeth & McConnell, Virginia & Miles, Daniel, 2009. "Lot Size, Zoning, and Household Preferences: Impediments to Smart Growth?," Discussion Papers dp-09-15, Resources For the Future.
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