8th June 2018
The harm caused by over-supply of heritage overlays
From PC’s report:
“Coercive regulation, intended to increase private conservation activities, may diminish private property rights. Not only does this represent a potential income transfer from an individual owner, it may undermine incentives for future private conservation undertakings. Where the costs of conservation are high in comparison to the benefits, a net social loss may arise. This outcome is more likely where costs are not fully accounted for. Under such an outcome, social welfare may be lower than it would have been in the absence of government intervention.”
MY FACEBOOK COMMENT
Heritage overlays are oversupplied because it is easy to confiscate property rights as a society through the use of violence that is implicit in government regulation.
If we really like a building then we as a society must pay the full price of that beauty.
Because we do not pay anything as a society for such confiscation of property rights, there is an incentive for government bodies to recklessly extend the reach of heritage overlays. [Source]