[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-113009-en":3,"doc-seo-113009-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},113009,13056703020460,"Valentina","https://ap-avatar.wpscdn.com/avatar/be000253dac470eee5d?_k=1778207105932848923",8,"Research & Report","City with a Billion Dollar View - Economic Appraisal of Viewshafts in Auckland","Urban growth increases pressure on city governments to restrict development to preserve iconic views, often implemented via viewshafts or sight lines that cap building heights across large areas. Although these rules are common in planning, their economic impacts on local land markets are rarely rigorously evaluated. Using a regression discontinuity design for an Auckland, New Zealand viewshaft policy, the study finds a net local cost of NZ$1.366 billion (16% of CBD private land value) and a margin effect reducing land values by 40%. It also discusses potential optimization, with one alignment reducing net cost by 43%.","Public Disc losure Authorized  \nAUTHOR ACCEPTED MANUSCRIPT  \nFINAL PUBLICATION INFORMATION  \nCity with a Billion Dollar View  \nThe definitive version of the text was subsequently published in  \nNew Zealand Economic Papers, 55(1), 2021-01-02  \nPublished by Taylor and Francis and found at [http://dx.doi.org/10.1080/00779954.2018.1509110](http://dx.doi.org/10.1080/00779954.2018.1509110)  \nPub lic Disc losure Authorized  \nTHE FINAL PUBLISHED VERSION OF THIS MANUSCRIPT IS AVAILABLE ON THE PUBLISHER’S PLATFORM  \nThis Author Accepted Manuscript is copyrighted by World Bank and published by Taylor and Francis. It is posted here by agreement between them. Changes resulting from the publishing process—such as editing, corrections, structural formatting, and other quality control mechanisms—may not be reflected in this version of the text.  \nYou may download, copy, and distribute this Author Accepted Manuscript for noncommercial purposes. Your license is limited by the following restrictions:  \n(1) You may use this Author Accepted Manuscript for noncommercial purposes only under a CC BY-NC-ND  \n3.0 IGO license [http://creativecommons.org/licenses/by-nc-nd/3.0/igo](http://creativecommons.org/licenses/by-nc-nd/3.0/igo).  \n(2) The integrity of the work and identification of the author, copyright owner, and publisher must be preserved in any copy.  \n(3) You must attribute this Author Accepted Manuscript in the following format: This is an Author Accepted Manuscript by Cooper, G.C.K.; Namit, K. City with a Billion Dollar View © World Bank, published in the New Zealand Economic Papers55(1) 2021-01-02 CC BY-NC-ND 3.0 IGO [http://creativecommons.org/](http://creativecommons.org/)[ ](http://creativecommons.org/)licenses/by-nc-nd/3.0/igo [http://dx.doi.org/10.1080/00779954.2018.1509110](http://dx.doi.org/10.1080/00779954.2018.1509110)  \n© 2021 World Bank  \nCity With A Billion Dollar ViewI  \nAbstract  \nThe growth and intensi✜cation of many urban areas has meant city governments increasingly face pressure to limit development to preserve iconic city views. This is frequently achieved through ❵viewshafts✬ or ❵sight lines✬ that regulate development height across vast urban landscapes. While prevalent in many planning rule books, these policies are rarely subjected to rigorous economic appraisal, despite the large costs they can impose on local areas. We use a regression discontinuity to evaluate one such policy in Auckland, New Zealand which bifurcates the central business district (CBD) . We ✜nd that the net cost of the policy to the local area is NZ$1.366 billion, or 16% of private land value in the CBD. At the margin, the constraint reduces land values by 40% . While removing these policies is not always easy or necessarily desirable, there may be value in optimization. One theoretical viewshaft alignment could reduce the net cost by 43% .  \nKeywords: View Protection, Land Regulation, Spatial Analysis, Real Estate Markets, Urbanization  \nPreprint submitted to Elsevier  \nThursday 17th May, 2018  \n1. INTRODUCTION  \nWhen Lucy Honeychurch tours Italy in the award winning novel ❵Room with a View✬, she is bitterly disappointed when the hotel concierge of The Pension Bertolini hands her the keys to a room overlooking a distinctly plain courtyard. The weary traveler was promised a view of the River Arno and the change is met with disdain. Like Ms Honeychurch, residents often place a high value on scenic views and are prepared to pay for the pleasure. There is a long literature con✜rming such value (for instance, Benson et al. , 1998; Jim and Chen, 2009; Samarasinghe and Sharp, 2010) . But while the private preference for a view of the river Arno is uncontroversial, the case for view protection by city hall is more complex.  \nCities use a range of policy tools in land markets, and there are many good reasons for doing so. Land markets are riddled with externalities: a neighbour✬s unmown lawns put o✛ potential house buyers; skyscrapers cast shadows below; ma","cbCaivjmSCTwTWW9","https://ap.wps.com/l/cbCaivjmSCTwTWW9","pdf",2723291,1,24,"English","en",105,"# Abstract\n# Introduction\n## View Protection Policies and Economic Complexity\n## Auckland Viewshaft Policy and Evaluation Strategy","[{\"question\":\"What are viewshafts (or sight lines) and why do cities use them?\",\"answer\":\"Viewshafts or sight lines regulate development height across urban areas to preserve iconic views. Cities use them to limit construction impacts that could block scenic landmarks.\"},{\"question\":\"How does the paper evaluate the economic effects of the Auckland viewshaft policy?\",\"answer\":\"The study applies a regression discontinuity approach to estimate local costs and benefits for a specific viewshaft policy in Auckland’s CBD, controlling for land use and geography-related factors.\"},{\"question\":\"What are the main findings regarding costs and land value impacts?\",\"answer\":\"The policy’s net local cost is estimated at NZ$1.366 billion, or 16% of private CBD land value. At the margin, the constraint reduces land values by about 40%.\"}]",1784498931,60,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"city-with-a-billion-dollar-view-economic-appraisal-of-viewshafts-in-auckland","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/city-with-a-billion-dollar-view-economic-appraisal-of-viewshafts-in-auckland/113009/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What are viewshafts (or sight lines) and why do cities use them?","Question",{"text":74,"@type":75},"Viewshafts or sight lines regulate development height across urban areas to preserve iconic views. Cities use them to limit construction impacts that could block scenic landmarks.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the paper evaluate the economic effects of the Auckland viewshaft policy?",{"text":79,"@type":75},"The study applies a regression discontinuity approach to estimate local costs and benefits for a specific viewshaft policy in Auckland’s CBD, controlling for land use and geography-related factors.",{"name":81,"@type":72,"acceptedAnswer":82},"What are the main findings regarding costs and land value impacts?",{"text":83,"@type":75},"The policy’s net local cost is estimated at NZ$1.366 billion, or 16% of private CBD land value. 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