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Land Economics 84(1):1-16 (2008); doi:10.3368/le.84.1.1
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Making Markets for Development Rights Work: What Determines Demand?

Elizabeth Kopits, Virginia McConnell, and Margaret Walls


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This paper estimates developers’ demand for Transferable Development Rights (TDRs) in one of the few long-standing active TDR programs in the country, Calvert County, Maryland. We find that baseline zoning is a critical determinant of TDR use—demand is lower in the relatively high-density residential areas than in the low-density rural areas. Changes in baseline density limits have a larger effect on TDR use in rural areas than in residential and town center areas. We identify subdivision characteristics that are significant in explaining TDR use and discuss implications for other jurisdictions considering revisions to, or adoption of, TDR programs. (JEL Q24, R11)


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American Farmland Trust (AFT). 2001. "Transfer of Development Rights: Fact Sheet."

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Calvert County Planning Commission. 1997. 1997 Comprehensive Plan, Calvert County, Maryland. http://www.co.cal.md.us/planning/compplan/compmain.htm.

Cannaday, R. E., and P. F. Colwell. 1990. "Optimization of Subdivision Development". Journal of Real Estate Finance and Economics 3(2): 195–206.

Carpenter, B. E., and D. R. Heffley. 1981. "A Spatial Equilibrium Analysis of Flexible Zoning and the Demand for Development Rights". Environment and Planning A 13(2): 273–84.

Carpenter, B. E., and D. R. Heffley. 1982. "Spatial-Equilibrium Analysis of Transferable Development Rights". Journal of Urban Economics 12(3): 238–61.

Fulton, W., J. Mazurek, R. Pruetz, and C. Williamson. 2004. "TDRs and Other Market-Based Land Mechanisms: How They Work and Their Role in Shaping Metropolitan Growth." Washington, D.C.: The Brookings Institution.

Irwin, E. G. 2002. "The Effects of Open Space on Residential Property Values." Land Economics 78 (Nov.): 465–80.[Abstract/Free Full Text]

Johnston, R. A., and M. E. Madison. 1997. "From Landmarks to Landscapes: A Review of Current Practices in the Transfer of Development Rights". Journal of the American Planning Association 63(3): 365–79.

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McConnell, V., M. Walls, and N. Kelly. 2007. "Markets for Preserving Farmland in Maryland: Making TDR Programs Work Better." Final Report Queenstown, Md.: Maryland Center for Agro-Ecology.

McConnell, V., M. Walls, and E. Kopits. 2006. "Zoning, TDRs and the Density of Development". Journal of Urban Economics 59(3): 440–57.

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Pruetz, R. 2003. Beyond Takings and Givings: Saving Natural Areas, Farmland and Historic Landmarks with Transfer of Development Rights and Density Transfer Charges. Burbank, Calif.: Arje Press.

Rolleston, B. 1987. "Determinants of Restrictive Suburban Zoning: An Empirical Analysis". Journal of Urban Economics 21(1): 1–21.

Thorsnes, P., and G. P. W. Simon. 1999. "Letting the Market Preserve Land: The Case for a Market-Driven Transfer of Development Rights Program". Contemporary Economic Policy 17(2): 256–66.





This Article
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