Question
The Estates is a suburb outside of Los Angeles. Local zoning ordinances require that lots be at least 1 acre in size. Al owns a
The Estates is a suburb outside of Los Angeles. Local zoning ordinances require that lots be "at least 1 acre in size." Al owns a 1-acre lot in The Estates which has never been developed. He needs cash and wants to sell the property. Al finds a potential buyer who offers him $100,000 for the acre. But he also finds a pair of interested buyers who each offer him $75,000 for half of his acre. Al is furious that he cannot divide his acre and sell it to two buyers. "I need that extra $50,000," he rants. "It's my land, and I should be able to do what I want with it!" Do you sympathize with Al, or do you think the zoning restriction is reasonable?
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