The Political Economy of Urban Land Reform in Hawaii
AbstractIn the mid-1960s 26 percent of the single-family homes in Honolulu were on leased land. Dissatisfaction with leasehold led to reform legislation in 1967, allowing lessees to buy leased land. By 1991 only 3.6 percent of the homes were on leased land. We examine why landowners elected to lease rather than sell land and attribute the rise of leasehold to legal constraints on land sales by large estates and the federal tax code. Ideological forces initiated land reform in 1967, but rent-seeking forces captured the process in the mid-1970s. We conclude that Hawaii's experiment with leasehold was a failure due to the difficulties associated with specifying and enforcing long-term contracts in residential land.
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Bibliographic InfoPaper provided by University of Hawaii at Manoa, Department of Economics in its series Working Papers with number 199313-R.
Length: 38 pages
Date of creation: 1993
Date of revision:
Other versions of this item:
- Sumner J. La Croix & James Mak & Louis A. Rose, 1995. "The Political Economy of Urban Land Reform in Hawaii," Urban Studies, Urban Studies Journal Limited, Urban Studies Journal Limited, vol. 32(6), pages 999-1015, June.
- Sumner J. La Croix & James Mak & Louis A. Rose, 1995. "The Political Economy of Urban Land Reform in Hawaii," Working Papers, University of Hawaii at Manoa, Department of Economics 199506, University of Hawaii at Manoa, Department of Economics.
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- Sumner J. La Croix & Louis A. Rose, 1995. "Public Use, Just Compensation, and Land Reform in Hawaii," Working Papers, University of Hawaii at Manoa, Department of Economics 199507, University of Hawaii at Manoa, Department of Economics.
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- Fry, Maxwell J & Mak, James, 1984. "Is Land Leasing a Solution to Unaffordable Housing? An Answer from Fee Simple versus Leasehold Property Price Differentials in Hawaii," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 22(4), pages 529-49, October.
- Dongwoo Yoo & Richard H. Steckel, 2010. "Property Rights and Financial Development: The Legacy of Japanese Colonial Institutions," NBER Working Papers 16551, National Bureau of Economic Research, Inc.
- Shinichiro Iwata & Hisaki Yamaga, 2007.
"Land Tenure Security and Home Maintenance: Evidence from Japan,"
CIRJE-F-520, CIRJE, Faculty of Economics, University of Tokyo.
- Shinichiro Iwata & Hisaki Yamaga, 2009. "Land Tenure Security and Home Maintenance: Evidence from Japan," Land Economics, University of Wisconsin Press, vol. 85(3), pages 429-441.
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