ABSTRACT
Most existing open space preservation programs in the U.S. have established noneconomic criteria for land acquisition based on the ecological value of the land to be protected. In this chapter, a case study of Portland’s land market is employed to demonstrate that open space preservation affects the surrounding land market economically in two ways, by creating an enhancement value of nearby properties and by inducing more urban development. These findings are of interest because of their implication for open space policies. A more comprehensive open space acquisition program is called for to account for the effects open space have on a land market and to minimize the possibility of inducing further land conversions close to the preserved land.
