Assume that you own a small apartment building close to a major commercial street and a service station

Assume that you own a small apartment building close to a major commercial street and a service station. You learn that there has been a major leak of underground storage tanks from the service station, and the gasoline has spread onto and below the surface of your property. Discuss sources of value loss to your property from the contamination.

 Solution: Most importantly, as the owner, you might be responsible for the cleanup on the property despite n………………

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A local businessman has applied for a permit to construct a bar that will feature “adult dancing” in a commercially zoned area across the street from your residential subdivision. As an owner of a $250,000 house within the subdivision, would you favor or oppose this development? What effect do you think it could have on the value of your property? If you were opposed, how could you fight approval of the permit?

 Solution: Constructing an adult establishment near a residential area creates a negative externality to the surrounding neighb…………….

A medium-size city has proposed to build a “greenway” along a creek that flows through the center of the city. The city wants to clear a strip about 50 feet wide and construct a paved path for bicycles and foot traffic (walkers and joggers). Proponents claim that it would be a highly desirable recreational facility for the community, while a very vocal and insistent group of opponents claims that it would degrade the environment and open properties along the creek to undesirable users and influences

The main argument traditionally advanced in favor of zoning is that it protects property values. Do you believe this contention? If so, how does zoning protect property values? If you do not believe the contention, why not?

Do you believe that the owners of properties contaminated by events that occur on another property (gasoline leakage or spills, for example) should be responsible for cleaning up their properties? Why or why not? If not, who should pay for the cleanup?

Solution: Although the law currently states that a property owner is responsible for any hazardous material on the site, there are many reasons for arguing that the contaminator should be responsible for the cleanup. Under the current law, innocent parties are hurt by the actions of others, which se………………..