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

Brooks, Leah; Lutz, Byron F.

doi:10.1257/pol.20130399

Cited by 51 publications

(59 citation statements)

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“…Kitchens (2014) finds a 5 percent increase in final prices for individuals who holdout, but defines holdouts as individuals who go to court to contest initial price offers. Cunningham (2013) and Brooks and Lutz (2016), who study private developments, find developers pay premiums for land that is meant to be assembled for a future project (an environment where holdouts are likely to emerge) ranging from 18 to 40 percent. The average holdout in this paper earns 7.5 percent more by holding out.…”

Section: Resultsmentioning

confidence: 99%

“…Until recently, it has been difficult to study holdouts using field data. Notable exceptions include Brooks and Lutz () and Cunningham (), where the authors attempt to identify the holdout effect by examining whether land meant for assembly trades at a premium, relative to land that was not . Both studies find qualitatively similar results: land meant for assembly trades at a premium.…”

Section: Introductionmentioning

confidence: 99%

“…In particular, when parcel boundaries merge. To deal with possibility that the parcels being aggregated are inherently more valuable, Brooks and Lutz () use geographic fixed effects (census track indicators or census block group indicators) and control for other amenities (like distance to the nearest major highway, road, etc.). They also make use of a repeat sale estimation approach.…”

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confidence: 99%

“…Cunningham (2013) uses data from King County in Washington State, and Brooks and Lutz () use data from Los Angeles County, California. Cunningham (2013) finds that land meant for assembly trades at a premium of approximately 18 percent, while Brooks and Lutz (2013) find that land meant for assembly trades at a premium of up to 40 percent.…”

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confidence: 99%

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The impact of bargaining delays under the threat of eminent domain

Portillo

2017

Journal of Regional Science

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Developers seeking to assemble complementary parcels of land will likely encounter strategic behavior by landowners. Using a property‐level data set from Florida's Department of Transportation covering the period January 2000 to July 2014, I test whether bargaining delays lead to higher final transaction prices. Given the nature of the data, I can compare properties within the same roadway project to estimate the effect of delayed negotiations. My empirical estimates indicate that bargaining delays lead to increased final transaction prices. The magnitude of this effect is approximately 7 percent for the average holdout, however, the effect is nonlinear and diminishes over time.

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Section: Resultsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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confidence: 99%

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confidence: 99%

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The impact of bargaining delays under the threat of eminent domain

Portillo

2017

Journal of Regional Science

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“…Moreover, redevelopment may be restricted when landowners do not internalize positive spillover effects from their own reconstruction (Hornbeck & Keniston, ; Rosenthal & Ross, ). In the case of delayed redevelopment, stagnation (or, decay and insufficient growth) may occur in the central locations of the city while city suburbs grow instead (Brooks & Lutz, ).…”

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confidence: 99%

Urban redevelopment and residential location choice: Evidence from a major earthquake in Japan

Wang

2019

Journal of Regional Science

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We examine residential location choice behavior in a metropolitan area of Japan that experienced seismic damage. We find that the internal structure of the affected area was reshaped, although, in the long term, its total population size was robust to this temporary shock. Before the earthquake, the population was evolving toward a state of equilibrium with dense locations in the core facing redevelopment barriers and, therefore, stagnation. In contrast, the periphery was becoming increasingly appealing and thus growing. Seismic damage allowed for redevelopment at higher density, making the adjusted equilibrium with dense locations grow again. In summary, the initially expanding periphery stagnated as an unintended consequence of urban redevelopment.

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Change and Persistence in the Economic Status of Neighborhoods and Cities

Rosenthal

Ross

2015

Handbook of Regional and Urban Economics

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This paper reviews recent literature that considers and explains the tendency for neighborhood and city-level economic status to rise and fall. A central message is that although many locations exhibit extreme persistence in economic status, change in economic status as measured by various indicators of per capita income is common. At the neighborhood level, we begin with a set of stylized facts, and then follow with discussion of static and dynamic drivers of neighborhood economic status. This is mirrored at the metropolitan level. Durable but slowly decaying housing, transportation infrastructure, and self-reinforcing spillovers, all influence local income dynamics, as do enduring natural advantages, amenities and government policy. Three recurring themes run throughout the paper: (i) Long sweeps of time are typically necessary to appreciate that change in economic status is common; (ii) history matters; and (iii) a combination of static and dynamic forces ensure that income dynamics can and do differ dramatically across locations but in ways that can be understood.

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

Cited by 51 publications

References 50 publications

The impact of bargaining delays under the threat of eminent domain

The impact of bargaining delays under the threat of eminent domain

Urban redevelopment and residential location choice: Evidence from a major earthquake in Japan

Change and Persistence in the Economic Status of Neighborhoods and Cities

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