Land Availability
By: J. David Chapman/August 8/15/ 2024
I did a fair amount of traveling this summer by automobile. I have developed an 8-hour rule. If a trip is within an 8-hour drive, I skip the flight. I have had enough frustration with delays and cancelations within our air transportation system. This could actually help secondary cities, which have traditionally been known as “fly-over” cities, get more consideration because of their convenience to the nations’ considerable national road network.
While taking these road trips across the U.S. one can’t help but notice the vast amount of land available for development between our cities and even vacant land inside our towns and cities. It occurred to me that within this vacant land may lie a solution to American’s housing shortage and affordability issues.
Researching this option, I found that the White House and the Republican National Committee actually agree on something regarding vacant land in the U.S. The sale of surplus federal land could help alleviate a crushing shortage of affordable housing.
Proposals to sell federal land to builders for the construction of homes remarkably made their way into both the RNC’s 2024 platform and President Joe Biden’s latest housing plan, as both parties struggle to reckon with voter dissatisfaction over the soaring cost of the nation’s limited supply.
The idea of selling off surplus land has even been floated at the state and municipal level countrywide. When I was on the Edmond City Council, we started construction on a new city hall, municipal courthouse, and downtown parking garage. As a part of this aggressive development plan to upgrade the city’s municipal infrastructure, all city-owned land was evaluated and much was determined to be excess. The possibility of selling the land for development continues to be evaluated.
Being a supporter of smaller, more efficient government, I was encouraged by the process. Holding government-owned land not expected for future services takes land off the tax rolls and creates a liability for tax-payers. I believe as colleges and universities evaluate the future needs of their physical campuses, they too will recognize the liability it creates and the value private development could provide to campus life.
A friend named Bill Brooks at Grand Lake once told me it was always better to control the “use” of the land than to “own” it. Through the use of “request for proposal”, governments and universities can accomplish the best practice of controlling for a needed use while not owning the property.
Dr. J. David Chapman is a Professor of Finance & Real Estate at The University of Central Oklahoma (jchapman7@uco.edu)