The Myth of Zoning and Property Value

Old Urbanist argues that zoning has never effectively preserved property values, but has done exactly the opposite by not allowing more valuable uses to replace less valuable ones.
May 23, 2011, 6am PDT | Tim Halbur
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Zoning has often excluded the creation of dense apartment buildings from many neighborhoods, but apartment buildings often increase the value of the neighboring land rather than decreasing it:

"The new residents of the apartment building may sometimes be of lower economic status, on average, than the individual owner of the home that was replaced, but collectively, the economic productivity of the land (in the form of rental income and/or property taxes) has dramatically increased. Homeowners may object to the presence of the new building, or possibly the presence of its residents, but they are nonetheless the beneficiaries of the increased land values should they decide to sell."

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Published on Saturday, May 21, 2011 in Old Urbanist
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