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Vacant land and the role of government intervention

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  • Sinn, Hans-Werner

Abstract

The paper presents a perfect foresight intertemporal equilibrium model of the land, rental and housing markets in order to explore and evaluate the causes of vacant land. It studies a number of taxes including a capital gains tax, a capital income tax, a tax on the value of vacant land and a tax on land transactions. The basic result is that vacant land is not in itself a sign of market inefficiency. On the one hand, it may be an efficiency requirement if housing investment is irreversible and rental demand is growing sufficiently fast. On the other hand, at least a part of it is likely to be a distortion resulting from the asymmetries of capital income taxation.

Suggested Citation

  • Sinn, Hans-Werner, 1986. "Vacant land and the role of government intervention," Munich Reprints in Economics 19877, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:19877
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    Cited by:

    1. Ho Yeon Kim, 2001. "The effects of regulations on land transactions: The case of Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 8(8), pages 551-553.
    2. Brent Ambrose, 2005. "Forced Development and Urban Land Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 30(3), pages 245-265, April.
    3. Harry R. Clarke & William J. Reed, 1990. "Applications of Optimal Stopping in Resource Economics," The Economic Record, The Economic Society of Australia, vol. 66(3), pages 254-265, September.
    4. Keuschnigg, Christian & Nielsen, Soren Bo, 1996. "Housing markets and vacant land," Journal of Economic Dynamics and Control, Elsevier, vol. 20(9-10), pages 1731-1762.
    5. Yamazaki, Fukuju & Idee, Takako, 1997. "An Estimation of the Lock-In Effect of Capital Gains Taxation," Journal of the Japanese and International Economies, Elsevier, vol. 11(1), pages 82-104, March.
    6. Geoffrey Turnbull, 2005. "The Investment Incentive Effects of Land Use Regulations," The Journal of Real Estate Finance and Economics, Springer, vol. 31(4), pages 357-395, December.
    7. Du, Jinfeng & Peiser, Richard B., 2014. "Land supply, pricing and local governments' land hoarding in China," Regional Science and Urban Economics, Elsevier, vol. 48(C), pages 180-189.
    8. Nilopa Shah, 2014. "Squatting On Government Land," Journal of Regional Science, Wiley Blackwell, vol. 54(1), pages 114-136, January.

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