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The existence of 'externalities' and 'imperfect competition' in urban property markets requires government regulation of urban development using planning controls. Discuss. Illustrate using real-world urban

"The existence of 'externalities' and 'imperfect competition' in urban property markets requires government regulation of urban development using planning controls". Discuss. Illustrate using real-world urban property market examples. In answering this question, briefly discuss the limitations of government regulation of planning controls in urban development.

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