Ground Lease-Based Land Use System versus Common Interest Development
研究了购物中心等土地租赁系统和住宅区共同利益开发在零售和住宅地产中的增长，认为土地租赁系统能有效解决城市土地使用中的敲竹杠问题，并解释了两种系统在不同地产类型中的主导地位。
<i>In recent decades, we observe brisk growth of ground lease-based land use systems, such as shopping malls, and Common Interest Developments in retail and residential real estate, respectively. I argue that the ground lease system is an efficient response to the hold-up problem in urban land use because of two facts: the bundled consumption of land and collective goods, and landowners’ limited</i> ex-post <i>mobility. It incorporates the core insight of Henry George view with Tiebout competition. But, due to bundled consumption, different characteristics of retail and residential real estate determine the dominance of the ground lease systems and CIDs, respectively.</i>