Residential land-use controls and land values: Zoning and covenant interactions

被引:12
作者
Dehring, Carolyn A. [1 ]
Lind, Melissa S. [2 ]
机构
[1] Univ Georgia, Dept Insurance Legal Studies & Real Estate, Athens, GA 30602 USA
[2] Univ Texas Arlington, Dept Finance & Real Estate, Arlington, TX 76019 USA
关键词
D O I
10.3368/le.83.4.445
中图分类号
F [经济];
学科分类号
02 ;
摘要
Residential land use in urban areas can be constrained by zoning or restrictive covenants. When covenants and zoning exist simultaneously, covenants can facilitate an efficient allocation of high-restriction and low-restriction residential land. However, covenants cannot remedy deadweight loss resulting from zoning that over-allocates land to high restriction use. We examine subdivided, vacant residential lot sales from two residential zones which differ in both minimum lot size and the minimum square feet of house. Out-findings of a negative price effect from covenant use in the more restricted zone suggest that private restrictions are over-supplied in that zone.
引用
收藏
页码:445 / 457
页数:13
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