Floor-space ratios and bonus floor-space regulations are widely used for controlling the form of buildings and activity concentrations in central business districts of cities. This paper contains estimates of the likely effects these types of regulations would have on rates of return for a case study, the city of Sydney, where new regulations were introduced in 1971. The purpose of the study is to question changes in property values, arising from the introduction of these regulations, which are outside the context of a rational land-use policy.
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