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Comments on: Epsom Property Rights http://www.tvhe.co.nz/2014/08/27/epsom-property-rights/ The Visible Hand in Economics Tue, 02 Sep 2014 13:03:00 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Kumara Republic http://www.tvhe.co.nz/2014/08/27/epsom-property-rights/#comment-43541 Tue, 02 Sep 2014 13:03:00 +0000 http://www.tvhe.co.nz/?p=11745#comment-43541 By “property rights”, I suspect Seymour really means one or both of the
following: self-interest in keeping out the ‘proles’; and/or
self-interest in preserving a cartelised housing market.

Funny
story from several years ago in Wellington: there was a minor
stoush in Khandallah’s Nicholson Rd when an architect issued a
notified consent to build infill townhouses in the area. When the
neighbours objected, he threatened to submit an alternate plan that
didn’t need notification – a bikie gang pad. The stoush was resolved
when the land was purchased
by the neighbours.

]]> By: Will Taylor http://www.tvhe.co.nz/2014/08/27/epsom-property-rights/#comment-43534 Thu, 28 Aug 2014 23:47:00 +0000 http://www.tvhe.co.nz/?p=11745#comment-43534 In reply to ben.

Isn’t the form vs substance point crucial when we are talking about property rights?

Having an expectation you can make enough noise to block developments you don’t like is one thing, but you should accept that without formalization there is no guarantee you will always get your way. If people don’t discount their willingness to pay to account for the fact that there is no guarantee, aren’t they making bad decisions?

I just bought a house in West Auckland, maybe we don’t have the same implicit property rights out here, but I accepted when I bought that the future path of my neighbourhood is uncertain and largely out of my control. If bought in Hobonsville Point, I would legitimately have different expectations.

]]> By: ben http://www.tvhe.co.nz/2014/08/27/epsom-property-rights/#comment-43533 Thu, 28 Aug 2014 21:58:00 +0000 http://www.tvhe.co.nz/?p=11745#comment-43533 Seymour is unelectable unless he says that. Why he wraps it in property rights rhetoric I don’t know, but he is correct that the bundle of rights now implicitly included in home ownership includes veto on neighbouring development. That is both the practice and the expectation, it must therefore capitalise so buyers pay for that effective right coming in. All that’s missing is legislation formalising it, but that is form not substance. You may be right on the details but Epsom homeowners will not see it that way with justification that can be measured in dollars. Not exactly in the national interest, of course, but that is not the argument.

]]> By: Will Taylor http://www.tvhe.co.nz/2014/08/27/epsom-property-rights/#comment-43527 Wed, 27 Aug 2014 05:40:00 +0000 http://www.tvhe.co.nz/?p=11745#comment-43527 In reply to Paul Walker.

Would be an interesting empirical study. Anecdotally, the new development at Hobsonville Point is quite expensive which might support that. Would be hard to control for quality of housing. Stonefields could be another example as it is closer to more established residential areas so might be easier to find controls.

]]> By: Paul Walker http://www.tvhe.co.nz/2014/08/27/epsom-property-rights/#comment-43526 Wed, 27 Aug 2014 04:25:00 +0000 http://www.tvhe.co.nz/?p=11745#comment-43526 If having the covenant and thus no intensification is valuable then buying a housing without said covenant will cost you less than buying the same house with a covenant and thus is the price difference not compensation for the possibility of intensification?

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