Forced development and urban land prices

Brent W. Ambrose

doi:10.1007/s11146-005-6406-y

Forced development and urban land prices

Brent W. Ambrose

Risk Management

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3 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 language	English (US)
Pages (from-to)	245-265
Number of pages	21
Journal	Journal of Real Estate Finance and Economics
Volume	30
Issue number	3
DOIs	https://doi.org/10.1007/s11146-005-6406-y
State	Published - May 2005

All Science Journal Classification (ASJC) codes

Accounting
Finance
Economics and Econometrics
Urban Studies

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10.1007/s11146-005-6406-y

Cite this

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AB - 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.

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Forced development and urban land prices

Abstract

All Science Journal Classification (ASJC) codes

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