City with a Billion Dollar View

The growth and intensification of many urban areas has meant city governments increasingly face pressure to limit development to preserve iconic city views. This is frequently achieved through ‘viewshafts’ or ‘sight lines’ that regulate development height across vast urban landscapes. While prevalen...

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Bibliographic Details
Main Authors:	Cooper, G.C.K., Namit, K.
Format:	Journal Article
Published:	Taylor and Francis 2021
Subjects:	LAND REGULATION VIEW PROTECTION REAL ESTATE MARKET URBANIZATION SPATIAL ANALYSIS
Online Access:	http://hdl.handle.net/10986/35836

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recordtype	oai_dc
spelling	okr-10986-358362021-07-19T16:40:02Z City with a Billion Dollar View Cooper, G.C.K. Namit, K. LAND REGULATION VIEW PROTECTION REAL ESTATE MARKET URBANIZATION SPATIAL ANALYSIS The growth and intensification of many urban areas has meant city governments increasingly face pressure to limit development to preserve iconic city views. This is frequently achieved through ‘viewshafts’ or ‘sight lines’ that regulate development height across vast urban landscapes. While prevalent in many planning rule books, these policies are rarely subjected to rigorous economic appraisal, despite the large costs they can impose on local areas. We use a regression discontinuity to evaluate one such policy in Auckland, New Zealand which bifurcates the central business district (CBD). We find that the net cost of the policy to the local area is NZ$1.366 billion, or 16% of private land value in the CBD. At the margin, the constraint reduces land values by 40%. While removing these policies is not always easy or necessarily desirable, there may be value in optimization. One theoretical viewshaft alignment could reduce the net cost by 43%. 2021-06-24T18:43:22Z 2021-06-24T18:43:22Z 2021-01-02 Journal Article New Zealand Economic Papers 0077-9954 http://hdl.handle.net/10986/35836 CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Taylor and Francis Publications & Research Publications & Research :: Journal Article New Zealand
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	LAND REGULATION VIEW PROTECTION REAL ESTATE MARKET URBANIZATION SPATIAL ANALYSIS
spellingShingle	LAND REGULATION VIEW PROTECTION REAL ESTATE MARKET URBANIZATION SPATIAL ANALYSIS Cooper, G.C.K. Namit, K. City with a Billion Dollar View
geographic_facet	New Zealand
description	The growth and intensification of many urban areas has meant city governments increasingly face pressure to limit development to preserve iconic city views. This is frequently achieved through ‘viewshafts’ or ‘sight lines’ that regulate development height across vast urban landscapes. While prevalent in many planning rule books, these policies are rarely subjected to rigorous economic appraisal, despite the large costs they can impose on local areas. We use a regression discontinuity to evaluate one such policy in Auckland, New Zealand which bifurcates the central business district (CBD). We find that the net cost of the policy to the local area is NZ$1.366 billion, or 16% of private land value in the CBD. At the margin, the constraint reduces land values by 40%. While removing these policies is not always easy or necessarily desirable, there may be value in optimization. One theoretical viewshaft alignment could reduce the net cost by 43%.
format	Journal Article
author	Cooper, G.C.K. Namit, K.
author_facet	Cooper, G.C.K. Namit, K.
author_sort	Cooper, G.C.K.
title	City with a Billion Dollar View
title_short	City with a Billion Dollar View
title_full	City with a Billion Dollar View
title_fullStr	City with a Billion Dollar View
title_full_unstemmed	City with a Billion Dollar View
title_sort	city with a billion dollar view
publisher	Taylor and Francis
publishDate	2021
url	http://hdl.handle.net/10986/35836
_version_	1764483876854431744

City with a Billion Dollar View

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