Transfer of Development Rights bill moves forward

The Transfer of Development Rights bill, HB 991, is moving forward in the General Assembly. From the Daily Progress today:

Del. Rob Bell, R-Albemarle, said his House Bill 991 would help create a pilot project to allow a market for the sale of development rights through a broker. It would allow landowners to sever their rights and sell them for use elsewhere.

Creating a market for intangible development rights? Creating a value for these is going to be very challenging.

Learn more about TDRs at Charlottesville Tomorrow, and these are a few stories from RealCentralVa – October 2006, January 2007, October 2007

It’s worth noting that the Realtors support this bill.

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2 Comments

  1. Lonnie February 15, 2008 at 08:42

    I think this is a good idea, but the challenge is that it relies entirely on having other places to sell them. Since we’ve already upzoned the growth areas, the only option is to allow even greater density than we’ve already zoned, or to expand the growth area. I’m sure areas like Crozet wouldn’t be pleased with wither option.

    So… how do we implement something like this responsibly without merely doubling growth beyond our ability to sustainably support it?

    Reply
  2. Pingback: TDRs get another look? | RealCentralVA.com

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