This is an excerpt from a new paper of mine available here. What is the source of rezoning gains? The answer to this question relies on understanding the nature and extent of property rights. A core right of a property owner is to exclude others. A right holder of this type usually also has a residual claim to income generated in the space over which they have exclusionary rights (“pay to use this space or I’ll exclude you from it”).
Taxing rezoning windfalls (betterment)
Taxing rezoning windfalls (betterment)
Taxing rezoning windfalls (betterment)
This is an excerpt from a new paper of mine available here. What is the source of rezoning gains? The answer to this question relies on understanding the nature and extent of property rights. A core right of a property owner is to exclude others. A right holder of this type usually also has a residual claim to income generated in the space over which they have exclusionary rights (“pay to use this space or I’ll exclude you from it”).