Restrictive land covenants

✍ Scribed by William T. Hughes; Geoffrey K. Turnbull

• Book ID: 104632690
• Publisher: Springer US
• Year: 1996
• Tongue: English
• Weight: 859 KB
• Volume: 12
• Category: Article
• ISSN: 0895-5638
• DOI: 10.1007/bf00127763

✦ Synopsis

Even though land-use convenants are a pervasive feature in residential land markets, they are typically subsumed into the economist's picture of zoning and related land-use regulation. In contrast to the traditional approach, the premise of this study is that land covenants differ from zoning in important respects. This study examines the characteristics of covenants as an institution and why it exists as a distinct method of private control in land markets. The approach taken here emphasizes the role of cred~le commitment in explaining why covenaa~s differ from both zoning and private contracts among individuals. The paper also examines why covenants tend to vary spatially within urban areas, presenting two theories to evaluate the evidence from an urban housing market.