Local Environment Impact Statements: The State of the Art

Winter 1977, Vol 2, No 2 Abstract: In 1973 over 2,000 environmental impact statements (EISs) were prepared in the United States. The number has since increased and the entire impact statement process has grown in complexity. Once required only by the federal government, impact statements have more recently become quite prevalent at the local level. The […]

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    Robert W. Burchell
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    David Listokin 

Limits of Democratic Participation in Property Management

Winter 1977, Vol 2, No 2 Abstract: Despite growing participation by residents in the management of multifamily housing, there are dangers and limitations to be observed. In condominium housing, the community association board tends to over involve residents in management, in the belief that the more democracy there is, the better the condominium will be managed. […]

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    William D. Sally 

How Manhattan’s Fiscal Problems Have Affected the Office Market

Winter 1977, Vol 2, No 2 Abstract: Manhattan’s office market reached an historic high in 1969-70 but declined precipitously thereafter as a result of oversupply and demand retrenchment. Corporate relocation intensified, mainly because of the tax burden but also because the typical urban problems afflicting New York and other major cities. The 1974-75 recession and the […]

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    John Robert White, CRE

The Problem of Inflation in Lease Negotiations

Summer 1977, Vol 2, No 1 Abstract: The author explores the various options available to the counselor in advising his client so that the client with not sacrifice purchasing power of future rents provided in the long-term lease. There is no universal solution to this perplexing problem, which has been aggravated by the severity of the […]

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    Max J. Derbes, Jr., CRE 

Preference Tax Changes: The Sleeper in the 1976 Tax Reform Act

Summer 1977, Vol 2, No 1 Abstract: New preference tax rules have drastically reduced the benefit of accelerated depreciation deductions. Investors with substantial amounts of “preference income” may now prefer property on which only straight-line depreciation is allowable, the author points out. For such investors the additional tax liability incident to accelerated depreciation, coupled with stringent […]

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     Gaylon E. Greer 

The Devil Theory of Redlining

Summer 1977, Vol 2, No 1 Abstract: Neighborhood decline is caused by a complex chain of factors associated with the city’s growing attraction for poor and minority Americans and growing repulsion for middle-class majority Americans, according to the author. Overbuilding in the suburbs has led to a weakness in demand for inner-city dwellings, and Chicago is […]

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    Pierre de Vise 

The Arlington Heights Case: The Exclusion of Exclusionary Zoning Practices

Summer 1977, Vol 2, No 1 Abstract: Early this year, the U.S. Supreme Court sustained the zoning ordinance of Arlington Heights, Illinois, against a challenge that it was unconstitutional in that it excluded a federally-subsidized townhouse development from an area of single family homes. After reviewing the facts of the case and the Supreme Court’s rationale, […]

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    David L. Callies
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    Clifford L. Weaver 

Foreign Investment in U.S. Real Estate: Scope and Policy Issues

Summer 1977, Vol 2, No 1 Abstract: U.S. policy toward foreign real estate investments is basically unrestrictive, but recent concerns about foreign investment activity here have led to restrictive bills in Congress (none have passed), major studies, and improved surveillance. The author discusses the Department of Commerce’s report to Congress on Foreign Direct Investment in the […]

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    Milton A. Berger 

Comparative Investment Performance: Common Stocks Versus Real Estate – A Proposal on Methodology

Summer 1977, Vol 2, No 1 Abstract: Asset managers have a fiduciary responsibility which demands a high level of expertise, analytical ability, and factually-based judgment. The author contends that there can be no excuse for using outmoded methods and seat-of-the-pants judgments when techniques are available to do a better job. He proposes and describes a methodology […]

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     Michael S. Young 

An Approach to Real Estate Finance Education by Analogy to Risk Management Principles

Summer 1977, Vol 2, No 1 Abstract: Professor Graaskamp urges that risk management principles as taught in current college insurance department programs have significance to the basic philosophy of real estate education. As has happened in insurance, today’s real estate education at the university level is changing from concern for the few students who plant to […]

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    James A. Graaskamp, CRE

The Counselors of Real Estate®, established in 1953, is an international group of high profile professionals including members of prominent real estate, financial, legal and accounting firms as well as leaders of government and academia who provide expert, objective advice on complex real property situations and land-related matters. Membership is selective, extended by invitation only. The organization’s CRE® (Counselor of Real Estate) credential is granted to all members in recognition of superior problem solving ability in various areas of real estate counseling. For more information, contact The Counselors of Real Estate