A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Land banking and housing prices: A comment
Conclusions It was not the intent of this note to argue the question of the efficiency of a municipal land bank compared with a private land market nor the even more difficult question of the desirability of a land bank. Rather, the focus was on the impact that a municipal land bank, operated in a variety of ways, could have on housing prices. A land banking program could effectively reduce the price of housing below that which would prevail under a competitively organized, private land market. In order to achieve this result, the municipal authority would have to provide lots as demanded and systematically sell them below the price that would prevail in a private market. A land bank which provided lots as demanded, at the private market price, would produce results in the housing market identical with those obtained under a private land market. A land bank that limited the number of lots made available would actually force the market price of housing above that which would prevail given an unconstrained private land market, regardless of the price charged for lots. This analysis was conducted in a short-run context. Extension to the long-run would affect the position of the supply schedule for new houses and thus THS, but should not alter the general conclusions.
Land banking and housing prices: A comment
Conclusions It was not the intent of this note to argue the question of the efficiency of a municipal land bank compared with a private land market nor the even more difficult question of the desirability of a land bank. Rather, the focus was on the impact that a municipal land bank, operated in a variety of ways, could have on housing prices. A land banking program could effectively reduce the price of housing below that which would prevail under a competitively organized, private land market. In order to achieve this result, the municipal authority would have to provide lots as demanded and systematically sell them below the price that would prevail in a private market. A land bank which provided lots as demanded, at the private market price, would produce results in the housing market identical with those obtained under a private land market. A land bank that limited the number of lots made available would actually force the market price of housing above that which would prevail given an unconstrained private land market, regardless of the price charged for lots. This analysis was conducted in a short-run context. Extension to the long-run would affect the position of the supply schedule for new houses and thus THS, but should not alter the general conclusions.
Land banking and housing prices: A comment
Stabler, Jack C. (author)
1977
Article (Journal)
English
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