From Today's City to Tomorrow's City: An Empirical Investigation of Urban Land Assembly

• 成果类型: Article
• 署名作者: Brooks, Leah; Lutz, Byron
• 署名单位: George Washington University; Federal Reserve System - USA
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20130399
• 发表日期: 2016
• 页码: 69-105
• 关键词: holdout problem; vintage model; PROPERTY; anticommons; returns; sprawl; scale

摘要

Because cities are constrained by the boundaries of land ownership, fundamental urban modifications require land delineation changes. We evaluate whether there is enough land assembly-the joining together of two or more parcels of land-to put land to its highest value use. We hypothesize that in the absence of market frictions such as holdouts, the price of land sold for assembly should not exceed the price of land sold for other uses. Empirically, we find that to-be-assembled land in Los Angeles trades at a 15 to 40 percent premium and conclude that significant frictions prevent assembly.