PT  - JOURNAL ARTICLE
AU  - Deng, F. Frederic
TI  - Ground Lease-Based Land Use System versus Common Interest Development
AID  - 10.2307/3147268
DP  - 2002 May 01
TA  - Land Economics
PG  - 190--206
VI  - 78
IP  - 2
4099  - http://le.uwpress.org/content/78/2/190.short
4100  - http://le.uwpress.org/content/78/2/190.full
SO  - Land Econ2002 May 01; 78
AB  - 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 ex-post 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. (JEL R52)