Private Property and Takings Compensation

Private Property and Takings Compensation

Theoretical Framework and Empirical Analysis

Yun-chien Chang

This innovative volume offers a thorough breakdown of the issues surrounding takings compensation – payments made as reimbursement for government takeover of private property. Using examples from New York City and Taiwan, Yun-chien Chang discusses the advantages and disadvantages of different methods of compensation and offers insightful suggestions for future implementation.

Chapter 7: Settled compensation in New York City and the power of hedonic regression models

Yun-chien Chang

Subjects: economics and finance, law and economics, law - academic, law and economics, politics and public policy, public policy


This chapter and the next one study takings compensation practice in New York City (NYC) in 1990–2003. This chapter focuses on settled compensation, whereas the next chapter deals with takings compensation adjudicated by courts. In addition to examining the accuracy of awarded takings compensation in New York City, these two chapters also demonstrate the power of using hedonic regression models in assessing property value and contrast it with the subjective and inaccurate nature of appraisal methods, with this chapter taking care of the former and the next chapter dealing with the latter.

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