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The Effect Of A Forest Conservation Regulation On The Value Of Subdivisions In Maryland

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  • Hardie, Ian W.
  • Nickerson, Cynthia J.
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    Abstract

    Profit-maximizing land developers are hypothesized to configure subdivisions to minimize the effects of a conservation regulation on developed land values, subject to their expectations about the demand for developed building lots. This hypothesis allows development of a hedonic price model that takes account of production adjustments. The model is applied to the Maryland Forest Conservation Act, which requires developers to retain or plant trees on part of the developed land. Being exempt from the Act allows developers to gain more for the subdivisions they develop: the cost to regulated developers is about six percent of the per-acre price of developed land. The Act has significantly lowered per-acre developed land values in subdivisions with a mixture of townhouses and single-family dwellings. Costs of the Act are reduced by provisions that allow developers to plant trees offsite or to pay fees in lieu of planting.

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    File URL: http://purl.umn.edu/28575
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    Bibliographic Info

    Paper provided by University of Maryland, Department of Agricultural and Resource Economics in its series Working Papers with number 28575.

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    Date of creation: 2003
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    Handle: RePEc:ags:umdrwp:28575

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    Keywords: Resource /Energy Economics and Policy;

    References

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    1. Smith, V. Kerry & Poulos, Christine & Kim, Hyun, 2002. "Treating open space as an urban amenity," Resource and Energy Economics, Elsevier, vol. 24(1-2), pages 107-129, February.
    2. Wheaton, William C., 1982. "Urban residential growth under perfect foresight," Journal of Urban Economics, Elsevier, vol. 12(1), pages 1-21, July.
    3. Colwell, Peter F. & Scheu, Tim, 1989. "Optimal lot size and configuration," Journal of Urban Economics, Elsevier, vol. 26(1), pages 90-109, July.
    4. McMillen, Daniel P. & McDonald, John F., 1991. "A Markov Chain model of zoning change," Journal of Urban Economics, Elsevier, vol. 30(2), pages 257-270, September.
    5. Wallace, Nancy E., 1988. "The market effects of zoning undeveloped land: Does zoning follow the market?," Journal of Urban Economics, Elsevier, vol. 23(3), pages 307-326, May.
    6. Fujita, Masahisa, 1982. "Spatial patterns of residential development," Journal of Urban Economics, Elsevier, vol. 12(1), pages 22-52, July.
    7. James M. Holway & Raymond J. Burby, 1990. "The Effects of Floodplain Development Controls on Residential Land Values," Land Economics, University of Wisconsin Press, vol. 66(3), pages 259-271.
    8. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
    9. Raymond B. Palmquist, 1989. "Land as a Differentiated Factor of Production: A Hedonic Model and Its Implications for Welfare Measurement," Land Economics, University of Wisconsin Press, vol. 65(1), pages 23-28.
    10. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
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    Cited by:
    1. Rahman, Shaikh Mahfuzur & Hardie, Ian W., 2006. "Subdivision Specific Amenities and Residential Property Values," Working Papers 28596, University of Maryland, Department of Agricultural and Resource Economics.
    2. Rahman, Shaikh Mahfuzur & Hardie, Ian W., 2004. "Subdivision Specific Amenities And Residential Property Values," 2004 Annual meeting, August 1-4, Denver, CO 20270, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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