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The Effects of Land Policy: Quantity as well as Quality is Important

Author

Listed:
  • Barrie Needham

    (School for Planning and Environmental Studies, University ofNijmegen, PO Box 9108, 6500 HK Nijmegen, The Netherlands, B.Needham@bw.kun.nl)

  • Roelof Verhage

    (School for Planning and Environmental Studies, University ofNijmegen, PO Box 9108, 6500 HK Nijmegen, The Netherlands, R.Verhage@bw.kun.nl)

Abstract

Most studies of land policy, in the abstract and when applied to a country and to comparisons between countries, use a theoretical framework which is derived, ultimately, from Ricardo's land price theory. This is used to predict the effects and the incidence of the costs and benefits which result from applying land policy instruments. This article begins by comparing land policy in Israel and the Netherlands in that way. Both countries have a highly sophisticated and integrated set of land policy instruments. However, some very important differences between the effects of applying those instruments in the two countries cannot be explained within that framework. In particular, in the Netherlands, the development value of land is low and development gains small-in stark contrast with Israel. A supplementary framework is needed, and this is given by the stock adjustment model applied to housing. With this, the difference between the two countries can be explained as being the result of differences in the way the instruments are applied to influence the amount of housing supplied. The Ricardian theory and the stock adjustment model can be combined into one framework that relates land policy to housing production. The key variable in this relationship is the type of land development process that dominates in a country. Whether this process is carried out by a private or a public body can affect the volume of production, and hence the price, of housing. This adds a new element to the discussion about the relationships between planning, land supply and house prices.

Suggested Citation

  • Barrie Needham & Roelof Verhage, 1998. "The Effects of Land Policy: Quantity as well as Quality is Important," Urban Studies, Urban Studies Journal Limited, vol. 35(1), pages 25-44, January.
    • Handle: RePEc:sae:urbstu:v:35:y:1998:i:1:p:25-44
    DOI: 10.1080/0042098985050
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    References listed on IDEAS

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    1. Gat, Daniel, 1994. "Risk and Return in Residential Spatial Markets: An Empiric and Theoretic Model," The Journal of Real Estate Finance and Economics, Springer, vol. 9(1), pages 51-67, July.
    2. van der Krabben, E., 1995. "Urban dynamics : A real estate perspective: An institutional analysis of the production of the built environment," Other publications TiSEM 0934260d-3fcc-4e5f-aa7c-5, Tilburg University, School of Economics and Management.
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    Cited by:

    1. Hugo Priemus & Erik Louw, 2002. "Recovery of land costs: a land policy instrument missing in the Netherlands?," European Journal of Housing Policy, Taylor and Francis Journals, vol. 2(2), pages 127-146.

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