Researcher finds that California Coastal Act increases property values.
Developers and landowners often spurn governmental regulations, arguing that they raise costs and generate frustration when managing properties.
But a new study out of UC Santa Barbara’s Bren School of Environmental Science & Management suggests that — despite conventional wisdom — one unique law governing the California coast may in fact increase property values. The findings appear in the Journal of Urban Economics.
The California Coastal Act regulates land use and coastal access throughout the state, ensuring that California’s coast remains ecologically and aesthetically superb. Although it applies to only 1 percent of land in California, this encompasses some of the most valuable real estate in the world. Development in the official coastal zone is subject to approval by the California Coastal Commission, and generally requires that owners post public notice of proposed changes to the community for comment. This can result in delays and significant modifications of potential projects.
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Image via D. Ramey Logan
