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The urban land rent is used to explain the value of land in urban areas. Rent is described as the regular payment by a tenant to the landowner. The view of Los Angeles city can be described in different dimensions using urban economics. The picture portrays the vast extension of Los Angeles from the Central Business District to the city’s outskirts. The value of land and rent is determined by the market value of the land or housing.
One of the major factors that determine the value of land and rent is the distance from the Central Business District. Proximity of a land or a building to the Central Business District increased the market value of the property. Therefore, land and rent is higher is areas closer to the central business district. Moreover, rent is higher in areas closer to the central business district because of low commuter fees. Therefore, the lack of commuting fees is compensated by high rent.
Rent and market value in urban areas is also determined by the neighborhood condition. Well-maintained neighborhoods are attractive to tenants. This drives the price of rents high. The picture portrays a great view of the Los Angeles city. This insinuates that the neighborhood has an attractive view that people are willing to pay more to enjoy the breathtaking view of the city. Thus, the values of the property and rent rates are likely to be higher compared to neighborhoods that do not have a clear view of the city. Moreover, the proximity of the building to the city’s central business district insinuates that the building is located at a commercial area. Rent in this location is valued at a higher price than rent in other areas far from the city’s central business district because of accessibility.
Agglomerate urban economics explains the behavior of firms and communities in urban areas. The increased growth of cities is linked towards easy mobility of resources and efficiency in the level of business competition. The success the China Town can be explained using agglomerate economics. In urban areas, communities agglomerate because of similar interests of culture. The growth of the China Town is linked with the immigration of Chinese people in to the United States of America. China Town has high levels of Chinese heritage evident in the town’s buildings architecture and business activities.
Agglomeration of people and firms has various advantages. Firms are able to understand the community’s culture and demand. Therefore, businesses are tailored to suit the community’s tastes and preferences. Consequently, agglomeration of communities leads to the transfer of different ideas and this improves the cohesiveness of people in the city. Urban economics explains that cities are a center of consumption. Therefore, consumer behavior is influenced by the availability of various amenities. For instance, the availability of Chinese restaurants in China Town triggers an increase in demand for Chinese foods by the agglomerate community.
In addition, the agglomeration of people in cities leads to common practices among this people. For example, the Chinese people are well known for their taste for noodles. Thus, the China Town is likely to have numerous noodle stores. Agglomeration of communities in cities can help explain consumer behavior. Moreover, agglomeration is also used to explain the nature of demand in different community settings.
Traffic and Congestion
The accessibility and comfort of a location influences the price of rent in the region. Urban economics theories explain why inefficiencies such as traffics jams and congestion affect the value of a location. Traffic and congestion has increased in our roads because the real cost of owning and managing cars has reduced substantially. On the other hand, people from higher social classes commonly view public transport as an inferior good. Roads are considered as social amenities provided free for all users. Further, lack of information has influenced the high level of driving.
Urban economics is used in creating economic policies that increase road efficiency and reduce road congestion. Congestion and traffic jams create extra costs such as lengthy travelling time, increased pollution, high business costs, and increased number of road accidents. Further, traffic jams and congestion reduce the quality of live for road users such as drivers, and pedestrians. Congestion is influenced by the increased demand for road. Therefore, increasing the price of using roads, improving the supply of road space, and reducing the demand for roads helps reduce the level of congestion.
Economic policies can help reduce the demand for land, and increase efficiency of roads. This can be achieved by enacting policies such as raising car and fuel taxes, raising the age limit for driving, raising license fees, and increasing parking charges. The road pricing policy has been successfully used in major cities such as London to reduce traffic and congestion. Road pricing policy will help reduce the number of cars used on roads. Alternative driving options are available and more efficient such as cycling and use of public transport.
Sky Scrapers in Cities
Skyscrapers in cities improve the level of agglomeration in the community. Skyscrapers increase the level of interaction between people. Further, skyscrapers also increase the level of business transactions by creating a chance for face-to-face interaction between the client and the firm. Therefore, skyscrapers are common in cities because of the agglomerate effect. Businesses are able to function with mutual interests. For example, coffee shops are common in skyscrapers because of high level of interaction of people for business purposes. Personal meetings are likely to take place in coffee shops.
Urban economics explains that the increased construction of skyscrapers in cities is used to improve the level of agglomeration. Firms work to achieve a common goal. Thus, bringing employees together is important to create teamwork and unity among workers. This explains why large corporations rent most skyscrapers. In addition, land value in cities is high. Therefore, skyscrapers are built to maximize land utility. Urban areas have limited land. Thus, for these urban areas to accommodate the high population, skyscrapers are constructed.
Skyscrapers also provide landmark view effect. Skyscrapers have a psychological effect on most people that they are dealing with serious people. A skyscraper located close to the empire state building provides the firms located in the skyscrapers with a landmark view effect on its clients. Rent prices in skyscrapers are determined by the height of the office location or the historic heritage in the neighborhood. Skyscrapers located near the Empire State Building provide a strategic view of the historic site. This increases the value of rent in these skyscrapers. Therefore, the landmark effect is used to influence the value of property.
Cleveland Economic Development
One of the most effective theories in urban economics is the theory of “The broken Window.” This theory explains that the presentation of a neighborhood determines the kind of lifestyle in the region. For instance, a building with broken windows insinuates that the neighborhood is comfortable living with broken windows. These neighborhoods insinuate that the community has a high crime level. The psychology of tenants is influenced by the presentation of real estate properties. For example, areas with garbage bins are found to be clean because people feel that they are obliged to keep the community clean. Thus, the theory of “the broken window” explains the presentation of a real estate property influences the value of the property.
The Cleveland street has buildings that appear old and in need of renovation. The broken window theory can be used to explain the lifestyle of the community as a wreck less community. Neighborhoods that are well maintained and preserved have a higher value than neighborhoods with dilapidated houses. The neighborhood portrays that the community is undergoing economic development. People looking for low rent houses are likely to settle for Cleveland. Moreover, the condition of the buildings brings a sense of insecurity. For example, parents would not want their children to play in such streets because of the increased feeling of insecurity.
The broken window theory is used in urban economics to determine the value of property according to the location and condition of the property. This theory is successfully used to explain consumer behavior in the demand for housing services. Further, the theory also explains how the value of real estate property can be increased through maintenance and good presentation.
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Topic title:"Leadership shortfalls in Blue Chips"
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