Forced development and urban land prices

Research output: Contribution to journalArticle

2 Scopus citations

Abstract

This paper examines the distortions in property markets resulting from government actions to alleviate externalities associated with vacant lots. Using an equilibrium based real option model, the analysis indicates that announcement of a program of forced development may actually delay market-based development. By incorporating externalities associated with vacant lots into the model, the analysis indicates that owners of neighboring developed property benefit suggesting such programs will be politically popular.

Original languageEnglish (US)
Pages (from-to)245-265
Number of pages21
JournalJournal of Real Estate Finance and Economics
Volume30
Issue number3
DOIs
StatePublished - May 1 2005

All Science Journal Classification (ASJC) codes

  • Accounting
  • Finance
  • Economics and Econometrics
  • Urban Studies

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