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Property booms and bubbles. a demolition strategy - towards a tabula rasa?
Janssen-Jansen, Leonie1, Lloyd, Greg2.
There is a tendency to perversity in the effects of public policy for the built environment at large and with
respect to specific sectors. This review paper addresses the unanticipated effects arising from the land and
property development incentives which prevailed before the current economic recession. In effect, a perverse
outcome resulted in the form of a property bubble. There is now also a perversity in terms of public finances
being allocated to correct the dysfunctional market sectors. In particular, the use of a demolition strategy to
address the oversupply in the land and property stock is a perverse means of addressing market failure. This
paper draws on experiences in the Netherlands, the UK and the Republic of Ireland where economic conditions,
political priorities and public expenditure cuts have combined to create a dysfunctional land and property
domain. The paper questions whether demolition is the appropriate response to the tensions evident in modern
land and property development markets.
Affiliation:
- University of Amsterdam, Netherlands
- University of Ulster, United Kingdom
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MyJurnal (2021) |
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