Open AccessInsurance and Non-Conforming Land Use (Note 1)
Author(s) -
D. A. L. Auld,
Clive Southey
Publication year - 2019
Publication title -
urban studies and public administration
Language(s) - English
Resource type - Journals
eISSN - 2576-1994
pISSN - 2576-1986
DOI - 10.22158/uspa.v2n3p170
Subject(s) - externality , bureaucracy , business , value (mathematics) , public economics , environmental planning , environmental economics , natural resource economics , microeconomics , economics , computer science , geography , law , political science , machine learning , politics
The purchase of a residential home carries the risk of adjacent properties being rezoned in a manner creating negative externalities reducing the value of nearby residential homes. In most municipalities, appeals against rezoning are a costly and time consuming activity both for appellants and the public administrative bureaucracy. In this paper we establish the framework to analyze the creation of a residential insurance arrangement that has the potential to reduce the costs associated with appeals to restrict rezoning.