How Do the Location, Size and Budget of Open Space Conservation Affect Land Values?

JunJie Wu, Wenchao Xu and Ralph Alig

The Journal of Real Estate Finance and Economics, 2016, vol. 52, issue 1, 73-97

Abstract: In this article we present a model to examine the optimal location, size, and budget of open space conservation and the resulting impact on land values and local fiscal conditions in an urban area. Results indicate that open space conservation can transform the defining features of an urban landscape. A well-designed open space conservation program can improve municipal services, increase total property values, and attract households to the city without substantially increasing tax burdens, while an improperly designed open space program can have the opposite effects. Results also reveal the key parameters that determine the optimal location and size of open space conservation and their fiscal and land value effects. Copyright Springer Science+Business Media New York 2016

Keywords: Open space conservation; Land values; Environmental amenities; Community characteristics; H4; R3; Q2 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s11146-015-9506-3

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