Tuesday, May 13, 2008

More Open Space...

Real estate prices have affected many different aspects of the economy, and they are now impacting the environment in a positive way. In an article from The Wall Street Journal, Jim Carlton points out the impact that the real-estate crunch has had on the environment. It is because of the recent real-estate crisis many people are unable to afford the land that they had previously purchased to build on. This is good news for those conversationalists who would prefer not to see the land ever built on. The land is being snatched up from places in Hawaii all the way to places in Georgia. Although some people may be happy with this change others are concerned about what selling this land will do to the availability of private land in the future. “Not everyone is a fan of these conservation deals. Private property advocates, for example, complain that taking prime land out of circulation near cities pushed development even farther away, as well as driving up land prices.”

The consideration that needs to be taken into account as well is the impact on the economy in the long run. Although the long run has much uncertainty, it is possible that by removing the land from possible development now, people will be loosing out on a substantial amount of potential income that they could have had if they had been able to build commercial buildings on their property. Nothing can really be done to change the situation now, but this issue may come back up at a later time, when some people are looking for places to build and it has all been deemed open space.

Source: http://online.wsj.com/article/SB121028811193679127.html

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