We found a match
Your institution may have rights to this item. Sign in to continue.
- Title
Land Speculation in Southern California: Energy Monopoly, Fiscal Crisis and the Future.
- Authors
Sheehan, Michael F.
- Abstract
Increasing automobile traffic congestion and longer trip times on interurban trolley lines in southern California after the second world war led to the contruction of freeways. The trolleys were denied access and the efficient electric railway system was sold to bus lines, partly as a result of a conspiracy between bus manufacturers, tire makers, and oil companies. This produced "the golden age of land speculation" in the region. Flood plains, earthquake zones, blows and areas and the tops and sides of crumbling cliffs were dotted with sprawled residential developments. The energy crisis of 1973, produced by the oil companies and the Arab oil cartel, turned boom into bust. As inflation and rising taxes produced by soaring property values put intolerable pressure on urban homeowners, they forced legislators to limit increases in assessed values and to restrict government spending. Now the public is challenged to produce order out of fiscal chaos and speculative ruin.
- Subjects
SOUTHERN California; LAND speculation; FINANCIAL crises; REAL estate investment; LAND economics; PRICE inflation
- Publication
American Journal of Economics & Sociology, 1983, Vol 42, Issue 1, p67
- ISSN
0002-9246
- Publication type
Article
- DOI
10.1111/j.1536-7150.1983.tb01690.x