Do Zoning Regulations Rob Rural Landowners' Equity?
研究美国马里兰州东海岸九县的低密度分区法规对农村土地价值的影响，发现资源型地块价值不受影响，而非资源型地块价值下降20%-50%。
Zoning regulations are land use control tools used to conserve resource land, limit negative externalities from high density development, and achieve agglomeration benefits from conserving large blocks of land. However, the passage of low‐density zoning is often challenged by landowners who claim that through it, they lose their land's equity due to lower land values. We investigate whether low‐density zoning impacts rural land value using arm's‐length sales in Maryland's nine Eastern Shore counties. Using both a propensity score matching method and an instrumental variable approach, we find that low‐density zoning has differentiated impacts. Resource parcels’ land values are unaffected, and non‐resource parcels’ values decrease by 20–50%.