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Doug Dillard owns a house that he presently rents out to a family.Dillard would like to convert the house into commercial space (for a store or offices),because the rent he could charge for the property as commercial space would exceed what he is realistically able to charge for the house as a dwelling.The house is located,however,in an area zoned by the city for residential uses only.This means that Dillard cannot convert the house to commercial space unless the city grants him a zoning variance,something the city has refused to do.Dillard has therefore sued the city on the theory that the zoning ordinance and the refusal to grant a variance amount to a taking of his property and entitle him to just compensation under the Fifth Amendment.Will Dillard win his case? Why or why not?
Poverty
A state or condition in which an individual or community lacks the financial resources and essentials for a minimum standard of living.
Darity And Myers
Refers to William Darity Jr. and Samuel L. Myers, Jr., economists known for their work on racial disparities in economic outcomes.
Economy
The large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated.
Marginal
Refers to the change or difference in an economic variable when altering another variable by a small or marginal amount.
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