Review - Global Urban Development

B%siness
Hbtory
Review
SUMME,R
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Business Hbtory
Rettiow
bv the Han'ard Br,rsincss School
Pr.rblisherl Quirrterlv'Nr-rrnt'rcr
\rolurne 63
2
Sumnrer 1989
Eorron Steven W. Tollidal', Hatvatd Univa'sih,
Assocrarr Enrron Patricia Denault, Haward Unitersit'v
BusrNrss MeNecrn Lisa Patten^ Hnt'pard Uniuersih,
Eorronrer Aor.rsor.v Boenn
Louis I'. Cain, Lotola University of Cltictylo
Aliied D. Charndler, Jr., Hanatd
Unh,etsih,
Tonv Frever. Utth,nsin of Ala.banta
lvlark Fruin, IYSE-4D
Tl.romas P. Hughes. Unitersih, of Pennst,lvnnia
Davicl J. ]eremr', Mancltester Polvtecltnic
.
:_- . , ,:
.
-
trVillianr Lazonick, Bannnl Colltge
Nlaurice L6n-Lebover, Uttitersial Pnris X, Ntlntell,e
f'homas K. NlcCrarr', Hmvatd Unh,etsih,
Iohn ). N{cCusker. Linh,ercih,oJ'Man'hwl,
:
.- . ,.:.:^
Collcge Park
John P. McKal', Lhth'nsin' of lllittois, Llrbarn-Charupa[1n
H. \'. Nelles, Tork Uni'ret'sin,
Daniel Nclson' Uniwsin' of Ahtott
Hans Pohl, Uttiyersittit Bonn
Glenn Porter. Hagb lluseum and Libtnn,
Susan Socolon-. Etuort' Urtipersih,
Richarc-i S. Teci.lon'. Hannrd Lrniyersih'
Paul Usclding. Unirersih, oJ'Northettr Irnn
Richarrl H. K. \rietor. Haryard Unirersih,
N1ira Wilkins. F hridn Intemational Uniyersih,
CONTE,NTS
RE,AL EST{|E,
,:-:t;ts. sllrnmer:, autumnr and
u,,inter
r;.i ;rr rhe Ollice of the Unir.ersifi,
:-..,- .(
)rrcspondence should be sent to
IN BUSINE,SS
F{ISTORY
SunvEYS AND DpeATEs
J
Mnrc
A.
Weiss Real Estate Flistoq':
An Oven'iew and
Research
Agenda ' 241
AnrICLE,s
Christine Meisner Rosen Business., Democrac\', ancl Progressive
Refbrm in the Redevelopment of Baltimore after the Great Fire
of 1904
.-: .1.. e: u'eil as all changes of ad_
-- . ^-..i Pertcn. irt the ,an -a address.
-. ..., ,it.
283
Willie?n B. Friedt icl6 A Metropolitan E,ntre preneur Par Excellence:
Flenn' E. Fluntington and the Grou'th of Southenr Califonria.,
'houl.1 be adclressed to
rB9B-r927 329
Pntric'ia Butgess Snch Real Estate Development and Urban Form:
Roadblocks
in the
Parth
to Resiclential Exclusivin'
356
Donnld, G. Pntersott, and Ponnld A. Shenrer Terminating Building
Societies in Quebec Cin.., 1850-1864 381
>:5
(X)
..l
(
EoIToR's CoRNER 116
..{{) ()0
r
)()
BooK REVrEws
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,,r t,fflrg fbr SI0.00.
.i.,;i..,,. rhc Rooh
.
-^
llniew
Paul F. Chrh, Petet' Gottlieb, and DonaLl lGnnedy, eds.., Forging a
Union of Steel: Philip Mrlrra\'., S\l'oC., and the United Steelu'orke rs.
ITn inped &r, Dennis C. Dickerson 125
)).:'i.::n-Histon, and
Austin
Contes.
Rn inyed bt, Mtchael
-,i:(t' ritln six rnonths
-.. irt
]Jttriness HistOn,
.:, ;r. \I^\ 02163
The Commerce in Rubber: The First 250 Years.
French
156
Jolrn A, C. Con.\,benre^ Tiade \\'ars: The Theon' ancl Practice of
Itrternational Commerciarl Rvaln'. Rn inyed bt, Dan iel Barbezat 150
T.
A. B. Corl"ey A F{iston' of the Burmah Oil Compan}'. Volurne
1924-1966. Rn int erl b)' k. P. T. Davenport-Flines 158
R
P. T. Dnrertpoft-Hitzss
of Reason .
Mmtin A.
ancl Jonatltnn Liebenmt, Business
Rn',int ed b),
Ronald
M. Berger
2:
in the Ag.
155
ec-l..,, The United States ir-r the \Vorld Econom\'.
Iln inyed &r' Robert B. Zet-rn 142
Fehlstein,
CONTRIB UTO RS
Business Flistorl
Willievn B. Friedriclu, who is assistant professor of history at Simpsotl College in Indianola, fo$'a, received his Ph.D. from the Universitl'
of Southern California in 1986. FIe is at present completing a book on
F{e nry Fluntington and the developn-rent of Southern California.
Dormld. G. Pnterso??
rs
profbssor of economics at the Universin,of Bntish
Ccllurnbia ancl the chairman of the Quantitative Economic History Conference., which tneets annualh'. F{e is the author of British Direct Inttestrnent in Cnnn"dn, 1890-1914 (L976) and the coauthor. rvith Williarn L.
Marq <>f Catladn: An Econoruic Histon, (1980) . With Ronald A. Shearer
he is currentlv engagecl in research on the macroeconornic stabilin' of
micl-nine teenth centun. Canada.
Christine Meisner Rosev? rs assistant profbssor of business aclministraart the Walter A. FIaas School of Business., IJniversin. of Califbrnia,
Berkeler'. She received her Ph.D. in histon'fiom Flan'ard Universiq,. She
is the author of The Litnits of Pmun': Grcat Fircs nnd the Pt'ocas of Ci4, Growth
tion
in Arnericn (1986)., u'hich \\'otr the Abel Wolman Ar,l'ard for the best book
published on the history of public u'orks. She is currerlth' u'orking on
a histon. of pollution regulation in the United States.
Ronnld, A. Shearelis profbssor of econornics at the Universit)'of British Coltrrnbia. F{e is the coauthor of The Economics of thc Cnnadinn Financial Systeru (1984) . At present he is erlrbarked on a reseerch project u'ith
l)onald G. Paterson or-r the rnacroeconomic stabilin' of Canada in the
micl-nineteenth centun'.
Pntricia Burgess Stnch, w'ho is assistant profbssor in the Institute of
Urban Str.rc-lies at the Universiq'of Texas., Arlingfon., completed an interdiscipliuan' ctrctoratc in histon, ancl ciq' ancl regional planning at the
Ohio Stlrte Universiq'. FIer prriman' reseArch has focusecl on the historical clevelopmer-lt atrd lpplicrrtion of lancl Llse controls irncl their re lationship to ttrban sprltial and socirrl stl-Llcture ; she is nou' exprloring lancl Llse
controls as an aspect of the histon'of reglrlation ancl in their relationship
to citt'planning. FIer revieu'essA\'"Preparing for the LTrt'ran Future: The
Theon' aud Practice of Ciq' Plannillg" is forthcoming in the Journal of
(Jrbnn Histott,.
A. Weiss is on the fhculq, of the Graduarre School of Architecture, Plannitrg., itucl Presen'ation anci c-lirector of research of the Rearl Estate
Develc)pn'te tlt Progrant lrt Colurnbia Universit],. FIe is tl're author of The
Nse oJ-the Conrmttni4, Bt,tiltfurs; TIte Ammicnn Renl Estnte Inrlustn,nnrl. (Jrbnn
Land PlmmiTtg (1987). FIe is now u'riting At n Tour On,n Honre, a book
,MInrc
about the histon' and political ecorf omv
homeownership in the Uiritecl States.
of
housins policl' and
usiness history contiuttll"'
research.
An emPhasis cltl '
of the manufacturing sector l'lli"'
r:'.
tttres, comParative studies. btt:iil ' '
but other areas such
as sen-icc
mental and ecological issttes Il( '''"
the same time, related speci'lli:i
r-
ism and parochialism and linkr:rconcerns. Thus, for exanr;'rle' : '
fined to the chronicling of pI'( rr-'
lated by
t growing
awarelless ( ): :
'
mation systetns in business sti''.:- '
are now being integrated it'ttt) tl'
tory. The history of real est'li'
on closer insPection to h.tvc '-:'
bilities for business historirr')t
'
This sPecial issue Provitlc: ;
rl
on some imPortant thenrcs t :
ertensive review of the flelt-l t)i r''
of business history. The \-r1Stll r'themes are at once striking' L- ":
nent. First, nS Weiss notes' f''':theme, whether in direct foi':l '
city regulation or in the c()llli- hriation policies. Seconcl.' ti'ic l-:
graphic Process but invoh-e s ':-': '
gi.t of promotion aud inr-csiil profbund consequences tor- til'
Third, the financial institr'rtit) 'of residential and comllle rci: :.'
the k.y finaucial institutioll: t 'i I
-'
ramifications in the frelds ():
:
investnrent.
These issues feantre
lrl.tll
-]-
business-government re IJt:t : '
'
building (Friedricks ant'l S:"
*Special thanks are due
this
issue.
to \1*:-
-'
Business F{istory
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. t..\(,r' oi btrsiness administra_
-' -... L'nir-crsitv of Califirrnia.
- ,n Flln-rrrci Llniversinr. She
'. - .': .ii,,1 i,t.tt- ptoccss of'Oit1,
Growth
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r-.. . \u lr-.1 tbr the best book
\..c tr allrrct-tth, u,orking on
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iitc L niversin, of Brit_
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rf C.ut.rcla itr the
' .' t_.. t' .it rhc Instittrte of
'_. . ,,t )nlplctec-l tlll inter_
. ti ,vLlse r'l olt the histori_
. l: o1: Jllrl tfueir rclation\ .to\\ cr1-rloring land use
: -. .,.ttl rn their relattionship
, t' rhc L'rl-ran Ftlture: Th;
-':.1.onling
in tltc
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,t l'CsC.u'ch oithc Rc.rl Estate
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The
of Real Estatex
usiness historyr continually rn.idens its focus to new areas of
research. An emphasis on corporate biography and the primacy
of the manufacturing sector malr remain at the core of modern work:,
but other areas such as sen,ice industries, international business strucrures, comparative sfudies, business-go\,'ernment relations, and environ-
mental and ecological issues no\ r also recei\/e sustaitred attention. At
the sanle time., related specialist fields are mo\ring out of antiquarianism and parochialism and linking up with broader business historical
concerns. Thus, for example, the history of account?.rcf, once confined ro the chronicling of profbssional genealogies, has been stimulated b), . grou'ing a\ rareness of tlre importance of management information r1,rt.tns in business strates', and derreloPments in accoullting
are now being integrated into d1'namic interpretations of business history'. The history of real estate is another "specialism" that Proves
on closer inspection ro have broad implications and exciting possibilities for business historians.
This special issue provides an or,en'iew and four articles that touch
on sorne i-p..rarlr thenres of the subject. Marc Weiss provides an
exrensiye reriew, of the field of real estate history from the Perspective
of business histoq,. The vastness of the field and the multiplicity of
thernes are ar once striking, but some subjects are particularly prominent. First, xS Weiss notes, public-private interaction is a pen'asive
theme, $'hether in direct forms such as conflicts over planning and
cit1. regulation or in the complex implications of changi.g laws and
ta-xarion policies. Second, the process of cit)' grow'th is not just a demographi. [r.r.ess but invoh'es crLrcial entrepreneurial choices and stratehave
[i.i of promorion and invesrnrent., ancl these processes in turn
of
cities.
stmcturing
social
profoutrd .rusequences for the ethnic and
Third., the financial institutiorls that have et'olt'ed to sen'e the ueeds
of residential and comrrrercial real estate have also become some of
the k.), financial institutions of the national econom)' u'ith the widest
ramifications ip the fields of insurancer brokerage, and institutional
irtvestntent.
These issues fearure prominenth'in the articles in this issue, notabll'
business-goyernment relations (Rosen and Stach), the Process of ciry
building (f ri.dricks and Stach),,, and the role of financial institutions
L-ook
.llltl
*Speciai thanks are due
this
issue.
to N{arc \\'eiss tbr his contribution
as an editorial advisor on
(Paterson and Shearer) . In all of these fields (and in those of the history of the constructiou industry, the design of cities, rhe role of trade
unions, ffid the macroeconomic history of business and buildrng cycles,
which are not centrally addressed in this issue), Weiss nores) much
groundu'ork has been laid and the stage is set for the more synrheric
ard concePtually'ambitious work that is norv emerging. As yet urban,
dlyographic, political, and social histories have domrnated the study
of land, cities, and housing, but business history adds a new apd often
essential dimension ro our understanding.
Christine Rosen examines the role of business in the interrelated
spheres of cit,v reconstruction and municipal reform after the grear
fire in Baltimore in 1904. Rosell stresses that the environmental crises
of many late trineteenth century cities had nor only phy'sical but also
political causes, and u'hen traurnas such as fires and floocJs cut su.aths
through cities, they also opened up possibilities for rebuilding city
decisicln-tnakitg and rearranging coalitions of entrenched urban
interests. In this context, she challenges an established rrierv that
municipal reform in this pericld reflected a triumph of consen'aril,e,
and particularly business, elites at the expense of the u,orking class
ancl blocked Progressive social reforrns. By closely anall,zrng the role
of business in city building she shows that antidernocratic and elite
politics could be combined u,ith socially progressir.e environmental
improvellfent. The structural reform of local government was indeed
undemocratic and slashed away at pre-existing participatory mechanisms (though the progressiveness of otd-style machine politics should
not be exaggerated); but such reform also laid the basis fbr remarkable successes by ciq' improvers and environmental reformers that w,ere
not simpll' self-sen'ing changes in the interests of business but had
strong social externalities and relativel)' redisrributive effects.
There have been manlr other ways in which private enrrepreneurs
have ciecisivell' shaped citl'gporn th. William Friedricks's srudy ;f F{enry
F{untington in the Los Angeles area describes a classic example of
"metropolitan etttreprenelrnship." Ffuntington \\as able to Lrse hii considerable financial power to utrdelr,r,,rite a remarkably' integratecl and
coordinated strategrr based on the three legs of residentiil development, interurban transport., and light and power utilities. FJe built
rail and trollel' lines ahead of dernand., stimulating real esrare values,
construction, and a demand for utiiities that his or,vn businesses then
supplied. In effect he operated as a powerful private ciq' planner ro
del'e'loP a grand design on a large scale. As a iesult., the .it1. of Los
Angeles grew precociousll', based on residential use and sen.ices e\ren
before the coming of industn-' 'li^''
city ou,ed much to this distinctr\ r
Patricia Stach examines anotht:in the social and residential stnii:-':
sought to mold communities thlt -'lanJ use. At times this flou'et1 tr'' ''-'
ate ideal communities such as Src'''' '
Ct " |erse1l' or |esse Clyde Nichols'S
sometimes it owed more to Purc i:.
might Pay a Premium fbr soci'lli.'
ties. It might Proceed bY Pure lr :':"
iink up with or shape public po'r'.
'
pl'anning. Stach eramines these c():l:bf ttt. iittd.n area of Colttntlti't.' (
-
restriction was extensively Pulsllc'' :the influence of legal and public r
tial demands and economic Prcri'-'l
The institutions of real e steil' :'
mous significance in the nationa' t origins and develoPment arc sti " r'
Shearer examine an exPeriment l:mid-nineteenth century Canatir :
'
of these precursors of modertl lll
immense difficulties in devising : i^ l '
field, in particular the proble fll'
.;
buying and investor institution:
problems of long-term indir-i.--ii' 'This special issue of the Btr:t:;'. :
of the best recent work in the tlc''
history under the spotlight s-ill 'i':-'
ing on this imPortant subject
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in th c in terreiatccl
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__, ril cst.lblished rrierv that
,
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rire \\rorkingclass
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^-i-, g^( ):clr- art.rlvzing the role
. : i: i;t ri.l.,rrocratic and elite
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c elt\.irollmental
cnllllcllt \\,aS indeed
s \: . :t: i.rrricipaton, mechan--: - .:.chinc politics should
: -t litc basis fbr remarka_
;.1:il rcfbrnters that w,ere
l- r'-.i: o| business but had
- -... tlibtutive eflects.
. '' ' . il
prrir-atc entrepreneurs
.
- . j,
,\
. ' l::c.-lncks's srudy of FJenry
, _ . -:'. ncs
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classic example
of
: J, ,n \\'.1S able to use hii con_
, : :'inrarkablv integrated and
-
- .cS5 of' residenri;l
cier.elop_
* : . r.i po\\-er utiliries. I{e buitt
: -.
.: ;rrulating reirl estate vahles,
:.1.1r
his ou-n businesses then
. : ;:titl prir-;rte cin, planner to
- - \: .t rcsult. the .itv of Los
-
- ulCntial trsc anci ,.r..ia.s
eve
n
before the coming of industrl', and the characteristic layout of the
citV o\ /ed much to this distinctir,e develoPment Path.
Patricia Stach examines another aspect of the role of developers
in the social and residential strLlcturing of cities. Developers often
soughr to mold communities through the use of legal restrictions on
land use. At times this flowed fiorn quasi-r.isionary attempts to create ideal communities such as Stervart F{artshorn's Short Flills, New
Jersey, or Jesse Clyde Nichols's Country Club District in Kansas Ciry;
sometimes it owed more to pure profit tnaximization., since residents
might pay a prenrium for socially' or ethnicalll' segtregated communities. It might proceed b)'purell'prir,'ate and legal means or it might
link up u'ith or shape public policl', in the form of zonitg and city
pl.anning. Stach eramines these contentious issues through a case study
of the Linden area of Columbus, Ohio, w'here the strategy of deed
restriction was extensiyel)' pursued but eventu.ll)' broke down under
the influence of legal and public policy changes and shifting residential demands and economic pressures.
The institutions of real estate finance have grown to be of enormous significance in the national economlr, )'et specific studies of their
origins and development are still rare. Donald Paterson and Ronald
Shearer examine an experiment in terminating building societies in
mid-nineteenth century Canada. By unraveling the financial history
of these preclrrsors of modern mortgage s)rstems) thef illustrate the
immense difficulties in der.ising suitable financial intermediaries in this
field, in particular the problems of balancitg the functions of homebuf ing and inr.estor institutions rvith the often divergent needs and
problems of long-term individual investment and savings.
This special issue of the Businrss Hisntl, Rntiny bnngs together some
of the best rece nr rvork in the fie ld in the hope that putting real estate
history under the spotlight u'ill stirnulate further new u'ork artd thinking on this important subject.
-S.T.
Marc
A.
Weiss
Real Estate Histon/:
An Overview
'/
and Research Ag.nda
As perhaps the first comprehensive historiognphic and bibliognphic essay on real estate history to be published, this essalr
casts a wide net, offering a review of the literature and suggestions for research oppoftunities in the many and varied
streams of academic endeavor that flow into the new specialry
of real estate history. Moving away from anecdotal penonal
and company biographies, the field is maturing and expanding toward more sophisticated and analytical studies that intersect a variety of disciplines. The exhaustive analysis of both
traditional and innovative work provided in the text is combibriorphv orthe pubrications dis-
i|;::",Till ii:f:"d
D) eal estate history still lacks the rype of sophisticated politicalI\conomic perspective that Alfred D. Chandler, lr., brought to
business history rn The Visibh Hand. (L977)" Much of the written history of real estate consists of dramatic tales of entrepreneurial success
or failure and of "official" histories of either individual firms or trade
associations. Although both of these approaches present interesting
and useful information, neither is broad enough in intellectual outlook or sufficiently scholarly in research methods to advance significantly our undemtanding of many k.y economic and political issues.
The field requires systematic, strucnrral analysis of how the indusury's oryNnization and management have evolved in response to changing market forces.
Fornrnately, there are two bright spots in the current picnrre. Fint,
several generations of academic and policy economists have been conducting quantitative historical research on important aspects of real
estate tnnsactions, valuation, development, investment, ffid finance.
lvIA.RC A. WEISS is on the faculry of the Graduate School of Architecture, PlanninB, and
Preservation and director of research of the Real Estate Development Prognm at C,olum-
bia Univeniry'.
B*situss Hittury Rnim 63 (Summer 1989):24L-282. @ by The President and Fellows of
Harvard College.
Man A.
Weiss
/
242
This data analysis is the best staning point for conremporary historians.
Second, x steadily growitg group of scholars are now researching and
writing about the history of the real estate industry. Much of this
work is pioneering and of high quality, opening the field ro a great
deal of funher research in the years ahead. The four articles contained
in this special issue of the Busiruss History Ra?in, are examples of the
new work being produced in real estare history.
In the followitg pages, I will provide a broad sketch of the current state of the field and sugest some funrre directions for the npidly
growing number of real estate historians coming from business historfr urban history, economic history urban planning, architecture,
and a variery of other academic and professional disciplines.
Predecessors
One of the richest historical legacies of documentary material and
sophisticated analysis is the body of work produced by economists,
particularly in the last hundred years. For examplg in the late
nineteenth century economist Carroll Wright, the fint U.S. commissioner of labor, initiated studies of building and loan associations and
of slum housing conditions, and the U.S. Census began collecting
data on moftgage financirg around this time. In 1899 Adna F. Weber
produced his landmark analysis of urban population patterns, The
Grcwth of Citins in the lrlirnteenth C*ntury. Four years later Richard M.
Hurd, a New York mortgage banker., published the fint edition of
his Principlcs of City l^nnd Vahles, which stands today as a classic exposition of urban devclopment and real estate markets.
The formal launchitg of the field of urban land economics duritg the 1920s led to further advances both in data gathering and in
methods of scholanhip based on historical time-series. World-famous
economist Richard T, Ely, then in his seventies, provided leadership
to a new genemtion of political economists and social scientists who
worked direcdy with industry and government to produce pathbreakitg research monographs on many aspects of the real estate business
and urbanization. Books such as Homer Hoyt's Oru Hund.rcd ftarc
of l-a'rd. Valws in Chicago (1933) or Helen C. Monchow's The Use of
Deed Restrictions in Subdivision Development (L928) can still be read
with considerable benefit" I have recounted the story of the early
development of red estate economics in a 1989 article n Urban Stud,ies.
fual F,snn Hiswy / 243
Beginning with America's entry into the Fint World War, the federal government started expandirg its research capaciry, and it grew
during the 1920s with additional encouragement from commerce secretary and then president Herben Hoover. The biggest increase in the
scope and volume of statistical analysis took place under Franklin D.
Roosevelt's New Deal, in response to the massive economic and unemployment crisis of the Great Depression. Large nationwide studies such
as the Civil Works Administration's real propefll'inventories and the
Commerce Depanment's Financial Suney of Urban Housing (L937)
headed a long list of inquiries into the historical record and current
status of real estate ownership, use, values, construction, financing,
insurancg and a variety of other aspects of this huge economic sector.
Finalll', the l.ga.y of Richard Ely's pioneerirg efforts in the 1920s
helped spawn a renewed emphasis on private "think tank" research
starting in the 1940s. One notable example is the classic Twentieth
Century Fund srudy, Miles L. Colean's Amcrhan Hous'irg (1944). No
group was more influential and productivg however, than the National
Bureau of Economic Research (NBEFQ, which for more than four
decades churned out high-quality retrospectives on the evolution of
America's urban real propery economy. The NBERs Financial
Research Program, Studies in Capital Formation and Financing, and
Posnvar Capital Market Srudy, funded by the Life Insurance Association of America and other k.y industry groups, utilized many distinguished scholars including Wesley C. Mitchell, Anhur F. Burns,
Ernest M. Fisher, Leo Grebler, Raymond W. Goldsmith, Saul B. Klaman) and Raymond I. Saulnier, to develop a broad overview of the
basic modern history of urban real estate development and mortgage
lending. From David L. Wickens's Res'identiel Reel Esnn in l94L
through Manuel Gotdieb's L*g fuiryt in Urban Dnebpmmr in L976,
NBER books and monographs are an invaluable source for real estate
historians.
Some academics tr:ained as "institutional" economists, such as
Anhur M. Weimer, Leland S. Burns, Fred E. Casg Alan Rabinowrtz)
and Maury Seldin, have continued into the 1980s the Richard ElyNBER philosophy of understanding real estate economics in historical perspective. Following in this tradition, ]ohn McMahan's new textbook, P*poty Develtpment (L989), contains several informative chapters on the history of real estatg as does Real Erna Dneltpmmt Prccesses
(1990), a forthcoming Urban Land Instirute textbook by Michael E.
Miles, Emil M. Malizia, Ginger Tizvis, and myself. R"lph
R Pisani
Marc
A.
Weiss
/
24
and Roben L. Pisani's textbook, Irnestiry in l^nnd (1989), also has
on the history of real esate development. C,olumbia Universiry's Real Estate Development Program recently produced a statistical and historical overview of the industry, Rcal Esnte Devebpment ard.
a chapter
Firwnce, 1945-1990 (1990).
A second tradition is provided by official histories of various elements of the real estate industry lwitten from the viewpoint of a trade
association, whether at the national, regional, statg metropolitan,
or city level. They are always uncritical of their institutional sponsors
and can often be highly selective and excessively anecdoml in presenting
factual material, but these histories are generally a useful source of
data on the evolution of thc real estate business, and the best ones
yield considerable insight for contemporary historical researchers. An
early example of this genre is the Real Estate Record and Guide's A
Hisnry of Rcal Esa,te, Build,irry, and. Archiacturt in IrIew nrk City (1898),
and a recent one is Betsy Pegg's Dttaffis, Money, ard, Anbition (1983),
a history of the Chicago Real Estate Board.
For national rather than city-level histories, the most useful works
are Pearll. Davies's Real Estwn in Arntrbnn History (1958; official his-
tory of the National Association of Realton); Garnett L. Eskew"
A
I-nnd and Men (1959; official history of the Urban Land Institute);
Earle Shultz and Walter Simmons's ffiu in the Sb,(1959; official
history of the Building Owners and Managen Association International); H. Monon Bodfish's Htstury of Build.irry nnd.Lm,n in the Uniad
Sntes (1931), and |osephine Ewalt's A Busiruss Rcbom, (L962; Bodfish
and Ewalt are both official histories of the U.S. League of Savirp
Instirutions). A related example is Gertrude S. Fish's The Smy of Htusirry Q979), a general history of the housing industry and public policy
officially sponsored by the Federal National Mo4gage Association (Fannie Mae). In yet another model, the National Realty Committeg an
industry Soup that was formed in the 1980s to lobby on federal tax
policies., has published Amcrica's Rcal Esna (1989), a public relations
document that includes numerous appendixes providing time-series
data on posrwar trends.
The third long-standing tradition in real estate history is the personal saga of fabulous success, and occasionalll', of specacular fr.ilure.
The free alienation of land in the United States has made real estate
speculation a national pastime since the erghteenth cennrry, with tales
of profit and loss on property investment a constant theme in American
culture. Books like Fellx Isman's Rcal Esnte in All Its BrurcItes (1926),
Rcal Esnn
Hiryt / 245
Aaron M. Sakolski's The Crwat Amerhan la,nd. Bubblt (1932), Eugene
Rachlis and Iohn E. Marquesee's The Lend Lods (1963), Dana L.
Thomas's Lods of the l^end (L977), and Martin Mayer's The Build"ers
(1978) capture the spirit of real estate history as entrepreneurial
adventure.
A related form is the critique of the real estate industry', rangng
from muckrakirg journalism to neo-Marxist scholarship, but in all
cases providing insightful analysis and a wealth of useful information
and source material. Examples from the United States are John P.
Dean's Home Owwrsbip (1945), Charles Abrams's The Futun of Housirtg (1946), Morton C. Paulson's The Grcat l-end Hustb (1972),
Anthony Wolffs (Jnrcal Erate (L973), Brian D. Boye r's Cities Destruyed
f* C-esh (1973), Leonard Downie's Mortgage on Amerira (1974), Peter
Wolfs l^nnd in Amerira (1981), and Ioe R Feagin and Robert Parker's Build.irg Amrican Cities (1990). The most comprehensive critical book on the Canadian real estate industry is |ames Lorimer's The
Develtpm (L978). Lorimer's publishing companl' has also sponsored
several other books on Canadian developers and city politics. Susan
Goldenberg's Men 0f Prtpry G98l) is a more recent ponrait of
Canada's large development firms. British books of this rype include
Oliver Marriott's The P*poty Boorn (L967) and Peter Ambrose and
Bob Colenutt's The P*poty Machiru (L975).
More generally, stories of successful real estate business people and
their contributions to the urban environment have been around for
a long time and continue to provide important raw material for real
estate historians. Recent examples include Roben Sobel's Trnmmell
Crcw, Mnsur Buildn (1989), ild Donald I. Tiump's bestselling autobiogaphy, Trump (1988). There are numerous others, most notably The
fu,rnbioWphy of William Zrchendmf (1970), in which the flamboyant
international developer of large projects recounts in detail his rise and
fall. The Real Estate Board of New York has recently published rwo
volumes of The Crcnnrs of I{ew Tork (1988, 1989), an interesting "I-Iall
of Fame" containing brief biognphies of industry leaders, includirg
develope$ of the public-sector infrastructLlre, over the past two cenzuries. Similarly, in L987 Washingania.n magazine devoted a special
issue to profiling rwo hundred years of real estate entrepreneurship
in the capital region. A variation of this biographical approach is
represented by the collcctive tales of real estate firms, such as Behind
the Wesern,S@hru (1981), Io Ann L.I..e\ry's history of C,oldwell Banker,
the giant California-based realry brokerage company"
Marc
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Weiss / 246
Although some in this category are ghostwritten works like
Titrmp's and Zeckendorfls, there are also more scholarly biographies
of major figures in real estate, such as Mark S. Foster's Henry J. I(aisn
(1989) and Fl"gln, Edward N. Akin's 1988 book about Henry M.
Flagler, the partner of Iohn D. Rockefeller and a legendary Florida
land baron. Wi[iam B. Friedricks's article in this issue on one of
Southern C-alifornia's most imponant land developers, Henry E. Huntington, fits squarely into this third tradition of real estate history,
as is clear from his tide: "A Metropolitan Entrepreneur Par Excellence." These biognphies particularly illuminate the crucial role of
transportation improvements in real estate development; Huntington and Flagler built railways, and in a later period lGiser built dams,
bridges, and highways. This research also demonstrates the important relationship benveen the private and the public sector: in all three
cases, government actions played a vial part in the success ofthe many
real est.. i: ventures described in these studies.
Real Estate Development, Construction, Land Subdividing,
Sales, Leasing, and Properq' Management
A great deal of historical research in the past few decades has focused
on the physical development oflild, buildins, neighborhoods, and
communities. The tremendous wave of urbanization and suburbanization since the 1940s has attracted scholan in urban history, architectural history', urban planning, and a variery of other fields who are
interested in studying the "ciry-building process." Sam Bass Warner,
Ir., set the standard rn Sfiretcar Suburbs (L962), a careful examination
of small house builders, larye land developen, and other k.y instirutional actors promoting urban growth in late nineteenth century
Boston. I-Jrban historians in the past decade such as Gwendolyn Wright
(Build.tru the Drcam-L98\), Matthew Edel, F'lliott D. Sclar, and Daniel
Luria (Shaky Pala+es-1984), Kenneth T. |ackson (Cru.bgtass
Fmntier-1985), Paul-Andre Linteau (The Prumoftrs) City-I985), M.
Christine Boyer (Manhatfrn Manners-1985), Roben Fishman (Bourgeois Unpi^-1987), Ann D. Keating (Build.tru Chicago-l9SS), ffid
Mary C. Sies (The Arntrbnn Suburban ldeal-fonhcoming in l99l),
as well as myself (The Nse of the C,ornmunity Buildns-Lg8n have followed Sam Warner's lead and focused attention on the historical role
of the private real estate development industry in urban gowth and
change" Patricia B. Stach's article in this issue on residential subdivi-
Rcal Esnn History
/ 247
sion develoPment in C-.olumbus, Ohio, is a good contemporary example
of this "school" of scholanhip, as is her 1988 article-in the Jourunl
af Urban History"
Much of this work concentrates on specific geographic areas, with
more emphasis on the place than on the people. Some of the research
also examines the broader institutional context within which builderdevelopers operated,
in relation to both the private and the public
sectors. Warner, Linteaur Boyer, and Sies provide case studies of the
physical development of specific communities, with emphasis on the
physical form and design of the streets and buildings. By conrrasr,
Iackson, Wright, and Fishman Eve broad national overviews informed
primarily b1' a social history perspective. Edel-Sclar-Luria focus on
Boston's suburbanization with a political-economic inteqpretation concerned with propenry values, labor relations, and class conflict, whereas
Keating highlights mainly the growth of local government and the
provision of infrastmcrure in Chicago's expandirg late nineteenrh cen-
I pay particular attention ro the growth of the
development industry and its interaction with both financial instirutions and public planning and regulation.
Though Kenneth |ackson's prize-winning book offen an important synthesis that explains U.S. meffopolitan patterns in aggregate,
we still do not know what accounts for the differences either wilhin
or berween American regions, to say nothing of the variations berween
the United States and other countries. Furtherrnorg the relative werght
to be placed on certain supply factors such as availabfiry ofland, ffiilketing strategies by developes, or intervention by government, versus
demand facton like family vdues, culrural tastes, and perceptions of
economic oPPortuniry is still being hotly debated among urbanists.
In panicular, the real estate indusnry's role in the ciry-buildirg process
has been castigated or praised far more often than it has bCen carerury subdivisions.
fully
researched.
There are too few good, deailed case studies of the business
experience of real estate entrepreneurs and firms, such as Michael Doucet and Iohn Weaver's 1984 anicle in the Busiruss Histoty Revitw on
a C,anadian brokeragg dwelopment, ild properry man4gement aggncy
from 1860 ro 1920. William Wyckoffs The Devebper's Frontiil lilSay
offen an interesting analysis of the promotional land sales and development activities of the Holland Land Company in wesrern New York
state during the late eighteenth and earll' nineteenrh cennrries. Wyckoff
focuses on the private company's cxtensive land and town planning
effons, capital investment in necess ary infrastructure such as build-
Marc
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/ 248
itg
roads, sawmills, and gristmills, providing subsidies to stimulate
new business formation and to promote commerce and export trade,
and the man)' other activities required to market profitably many small
parcels of land from its original 3.3 million acres. He clearly differentiates large-scale and long-term land development as a business venture from the more traditional American image of the "fast-buck"
land speculator.
The best fullJength effort
is William S. Worley's forthcoming book,
Pnmansnce
(1991)
. This history covers more than a halffw
centulJ'of the I. C. Nichols Company, a larye brokerage and development firm in Kansas Ciq', Missouri, that developed and manages the
Country Club District, a prestigious and well-maintained ".iry within
a ciq,." |esse Clyde Nichols was one of the original "communiry
Planncd
buildes," and since most of his company's activities were concentrated on a large and relatively contiguous site, Worley is able to write
a business history that also offen broad insights into the evolution
of a panicular place. The Country Club District's initidly remote and
undesirable location was transformed partl)' by Kansas City's exrensive development of a ne\r/ system of parhvays and parks under a "City
Beautiful" plan in the earll'rwentieth cennrry and Nichols considerabll' enhanced the value of his site through elaborate planning and
design emphasis on both the public spaces and the houses. For exarnple, Nichols developed the Counry Club Plaza, one of the first
automobile-based suburban shoppirg centers, in an architecnrrally
unified Spanish motif and with strict, centralized management and
control. The
for later shoppirg center
it is still an attractive communiry focal point more
Plaza, set manlr standards
developers, and
than sixt\' \'ears later.
A similar history of the Roland Park Company is waitirg to be
written bv ambitious scholan. Roland Park, Guilford, Homeland, and
Nonhwood are four Baltimore subdivisions near Iohns Hopkins
Universin', all developed and managed by one firm. Roland Park was
originalh' planned b1' the well-known landscape architect Frederick
Lau' Olmsted in the I890s, and both the planning and the development. xs u'ell as the careful management under Edward H. Bouton
in the earh' rwentieth centuryr, sewed as the initial inspiration for I.
C. Nichols's Cnuntry Club District and many similar effons. The complete papers of this important Baltimore-based residential development' brokerage, and properr)' management companlr, covering the
period from l89I to the 1960s, are available at Cornell Universiry.
Real Estan
Hitnry / 249
Another urban and business history of large-scale communiq'
development by r single business firm is Georye T. Morgan and |ohn
O. King's The Woodland.s (L987), the story of Georye P. Mitchell and
the Mitchell Energ)'and Development Corporation's new town built
near Houstoo, Texas. This book represents a pioneering attempt and
contains much useful information, but it offers few critical insights
into the complexities of real estate decision making or of problems
arising from the economic and politicd context of development. Other
works of interest about the history of large-scale communiry buildirg by private firms include Stanley Buder's Pullman (1967), Zane L.
Miller's Suburb (198I), Daniel Schaffer's Gardtn Cities f* Arncrica
(1982), and M"Bret R Wolfe's lGrrysport, Tenrussee (1987). Surprisingly, there is not yet a good full-scale history of the development
and growth of the three famous postwar "Levittowns." In addition
to Herbert j. Gans's Tbe Levittowrnrs (L967), a detailed sociological
study of life in the New |ersey communiry now called Willingboro,
Barbara M. Kelly's Suburbia Reexa,rnined (1989) coven some aspects
of the kvin legend, focusing on the fint and most well- known kvittown at Hempstexd, Long Island) now more than fonry years old.
Bary Checkoway's The Politirs of Post'nmr Suburban Develtpment (L977)
describes the building of the second Levittown in the Philadelphia
suburbs of Bucks County, Pennsylvania, during the early 1950s.
Three studies that cover the early history of large-scale communities developed by ptivate real estate firms beginnirg in the 1960s,
such as Columbia (Mrryland), Reston ryirynia), ffid Irvine (California), are Edward P. Eichler and Manhall lQplan's The C,ommunin
Buildns (L967), Gurney Breckenfeld's C,olumbia and the IrIew Cities
(197L), and Raymond Burby and Shirley F. Weiss's lrIew Arnrnunitics
U.S.A. (L976). Breckenfeld profiles the remarkable vision of |ames
Rouse, whose experiences as a Baltimore mortgage banker and suburban shoppirg center developer led him to undertake the ambitious
task of building a racially integnated new communiry explicidy des€ned
to solve some of the economic and social problems prevalent in most
central cities. Rouse's C,olumbia ultimately succeeded as a business
enteqprise and growing city, whereas the federal government's new
coinmunities program, administered through the Department of
Housing and Urban Development (HUD), ended in bankruptcy for
every/ development project except The Woodlands.
Many of the developments not involved in the HUD program,
though experiencing financial difficulties during various economic and
Marc
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/ 250
housing downturns in the mid-l97}s, earll' 1980s, and recendy, have
sun'ived, and some have been highly profitable. Largely a Sunbelt
phenomenon with California, Florida, and Texas the leading states,
the large-scale efforts of the 1960s and I970s are now being followed
b1' somewhat scaled-down versions designed to reduce the required
capital investment in infrastmcture, and by retirement communities
of the "Leisure World" model that target a more specific market segment. A very interesting book-in-progress is Magir Town, Richard E.
Foglesong's studl' of the Disney Corporation's development of Walt
Disnel, World and Epcot Center in Orlando, Florida. Disney's use
of political power to create a separate company-controlled government
jurisdiction and the tremendous economic impacts of the prqect on
the subsequent growth of central Florida raise imponant questions
about the rpprrpriate roles for private firms and public aglncies in
the deeplv interrrvined endeavor of urban development.
Studies of multiple-firm behavior in the context of the changing
nature of an e ntire industry also constitute an impoftant element of
a well-rounded real estate history'. Sherman I. Maisel's Housebuild.irg
in Transition (1953)' |ames Gillies and Frank Mittelbach's Management in the Ltght C,onsfiuct'inn Induq, (L962), ko Grebler's l-a,rye Scalc
Housinq aru{ fual Estate Firyns (1973)., Lewis M. Goodkin's When Rcel
Estaa arul Homt Buildirg Become Bb Busiruss (L974), Ned Eichler's The
Mmhant Buildns (1982), and Nan Rabinowitz's L@nd Irnestnunt and.
the Prcdn e lapmrnt Pmcess (1988) provide a valuable picture of the
upheaval in org3nizational stmcrure and financing since the late 1940s.
M1' Nse of tlte C,ommunity Buildns focuses on the prewar evolution
of the residcntial land development and brokerage industries, with
attenticln to the changng stmcture of linkages with other real estate
industn' sectors such as finance., insurance, ild constmction contractors. These books., like Alfred Chandler's work, address the management and rlrppnizational structure aspects of real estate business history'. For example, I utilize Chandler's concept of administrative
coordination in explaining the creation of new private and public institutions in the nventieth centurJ' designed to improve the efficiency,
qudin', and stabiliq'of urban real estate development and utilization.
Since much of real estate lore revolves around the risk-taking,
speculative developer searching for financial backers at one end of the
process and for tenants or purchasers at the other end, the constmction industry in the middle, with its large number ofgeneral and special trade contractors and subcontractors and its sometimes powerful
building trades unions, has been generall)' ignored b)'U.S. historians.
kal
Esnn
Hitt*l / 251
Awareness of the vital role that construction played as a major employer
and leading sector of the macroeconomy during the post-First World
War era led to numerous poliry-oriented studies b1' the Commerce
Department in the 1920s and to a host of New Deal agencies during
the Great Depression) especi"lly the fascinating hearings on the con-
stntction industryr b1'the Temporary National Economic Committee
in 1939, but few economic and business histories of this sector! other
than the studies of homebuilding cited in the precedirg paragaphs,
have been written since the 1940s.
Interesting recent work on constmction includes Catherine W.
Bishir, Charlotte V. Brown, Carl R Lounsbury', and Ernest H. Wood's
Archiacts and. Builderc i.n l:{orth Cnmlirn (1990), Rosalie Genevro's new
research project on the history of the constmction industry in New
York Ciry, and Iane Bonshek's 1988 article on early Chicago skyscrapers in C,onstntctinn History. For large commercial builditrgs, rwo
memoi^ by I920s New York constmction magnates, William A. Starrett's S@scmpers and tlte Men Who Build Them (1928) and Paul Starrett's Changiru the Sbfliru (1938), are useful sources. On constmction unions in America, William Haber's Ind.ustrinl Rehtinns in the
Build.ing Indust?y (1930) is still a classic in economic analysis. Michael
Kazin's Barcns 0f l-abor (L987) is a thoughtful political study of the
building trades-dominated Union Labor Prtry in San Francisco duritg the Progressive Era. Hedley Smyth's P*poty C,ompanies and the
Constmction Industry in Britain (1985) provides a research perspective not yet matched by published work on U.S. constmction.
Most of the published work on real estate history has been on
the residential side, with less research available on commercial and
industrial uses. Recently there has been some interesting writing on
the history of suburban shoppirg malls since the 1950s, such as
Howard Gillette's 1985 anicle in the Journal of the American Planniry
Association, A. Alexander Bul and Nicholas Ordway's L987 anicle in
pry
Inrd,
and Equitable Real Estate's The Enolat'im of Rrgiorwl ShopC,entns (1987). Work in progress by Daniel M. Bluestone, Roben
Urban
Bruegmann, and Roben
M. Fogelson will bring the history of retail
stores in central cities as well as in the suburbs back into the picture,
though principatly from design and social perspectives.
Bernard I. Frieden and Lynne B. Sagalyn's Downtown Inc. (1989)
covers the posrwar history of attempts to revitahze the declining down-
town retail sector through urban renewal prograffis, culminating in
the successful effirns of |ames Rouse, Ernest Hahn, ffid other
developers in the L970s and 1980s to create "festival marketplaces."
Marc
A. Weiss / 252
The life of James Rouse is a fascinating case study in the evolution
of posrwar retail development, xS his Rouse Company became one
of the fint major developers of regional shoppi.g malls, mostly in
Maryland, New ]ersey, and other eastern states. Later Rouse revened
field and moved back into the inner cities with such well-known
projects as Boston's Fanueil Hall Marketplace, Baltimore's Harbor
Place, and Philadelphia's Galleria. Today he is combining his interna-
tional development business with a commitment to providing private financirg for low-income housirg through the Enteqprise Foundation.
The histon' of industrial reai estate development, from the creation of industrial parks like Chicago's Clearirg Industrial District in
the late nineteenth century through the efforts of railroad and truck-
itg firms, down to the modern suburban highway-oriented colporate
office and light industrial parks in campus settings, has been written
about either b1' design historians or b1' real estate economists, but
for the most part litde has been published and the field remains largely
unexplored. Large-scale industrial land development is a better
researched topic than many other aspects of manufacruring and related
commercial uses' such as free-standing factories, warehoss, loft buildings, "sweatshops," mixed-use stmctures, trade marts, showrooms,
exhibition centers, raill'x1ds, tmck terminals, and air freight facilities.
Tiammell Crou,'s career is interesting because he started out in Dallas
as an industnal del'eloper and continued to specialtzr in cenain aspects
of this fie ld e\€n as he later branched out into commercial and residential development.
Given the orientation of economic and business historians toward
commerce and industS', it is surprising and even a bit puzzhng that
so much of real estate history is about housirg. Perhaps the greatest
scholarll' and journalistic interest has been focused on this sector
because housing development and finance have been major national
policf issues since the 1930s, and because homeownership has been
a much longer-standi.g preoccupation of American life. For urban
histonanst since the predominant use of land in cities is related to
providing du'elling space for people, housirg has long been a favorite
vehicle for examining the form of the built environment and the stmcrure of social relations"
The evolution and l.g3q'of downtown development has received
the most attention from the viervpoint of architecnrnal historians. Good
examples arc Roben A. M. Stern's rwo books on New York's architecture and urbanism, and Carl W. Condit's rwo-volume study of
Feal Esna
Hitnry / 253
Chicago's buildings, plannitrg, and urban technolog),. In addition,
there are works on specific developments., such as Carol H. IGinsk)"t
futWlb C*ntr (1978), and Carol Willis's research on the Empire
State Building. Many of these historians have also written about the
role of architects in shaping downtown development, like Thomas
H. Flines's1974 biography ofDaniel H. Burnham. Finall)', there are
very useful architectural and social history books organ tzed b)' ryp*
and use of structures, such as Paul Goldberger's The Sbscrupm (1981),
Richard A. Plunz's A Histw of Housirry in l{ew fork City (1990)., Kenneth T. Gibbs's Busiruss Arcbinctuml Imagery in Ameri,cn (1984) on
tall office buildings, Elizabeth C. Cromlq"s Aloru Tognhn (1990) about
early New York apartment buildins, and Paul Groth's forthcoming
book on the history of residential hotels in central cities, Fmb'idfun
Housirg. In general, historians of American architecture such as Vincent Scully, Williarn H. Jord)', Robert A. M. Stern, Kenneth Fnmpton, Spiro Kostof, Gwendolyn Wright, David F. Handlin, and Leland
M. Roth have contributed notably to our knowledge of important
actors, rnethods, and buildings
in the evolution of real estate
development.
The contribution of professionals, includirg architects, lawyers,
civil enginees, landscape architects, appraisers) and a host of othen
is an imponant area of research to illuminate the real estate development production process. Similarly, a wide varierl'ofvitd institutions
in the real estate industry have not yet received sufficient attention
from historians. Propenry insurance, title insurance, and escrow companies are arnong the many kinds of firms that require funher studl'
to understand the complex narure of transactions in real estate history.
Financial Institutions, Mortgages, Lenden, Investos, Insuren,
and Tax Collectors
The business of real estate revolves around moneyr /et surprisingly
few historians are direcdy engaged in tracing the flow of funds through
the financial syste rn. Especially needed are studies of the financirg
of development proiects and firms, mortgage lenditg to builders and
consumer-borrowes, equiry investon., financial institutions, regulationr mortpge insurancg secondary mortgage markets., impacts of
taxation policies, and public subsidies and progams.
Overall, the best historical work on real estate finance has come
fiom the NBER or from red estate economists who have carried on
Marc
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/ 254
that tradition. The NBER has produced institutional histories such
as R I. Saulnier's Urbnn Mortgage I*nd,ing W Ltfr Insurance Ampanbs
(1950), C. Lowell Harriss's History and. Pol,iries of the Homc Owrnn'
Loan Cmporution (1951), Carl F. Behrens's C,arnmercial Bank
'Act'ivitits
in (Jrban Mortgage Firnncrry $952), Saul B. Klaman's The Postwar Nse
of MortEpge Corupnits (t959), ffid The Postumr Residmtinl Mortgage Mnrhet (1961), as well as Leo Grebler, David M. Blank, and Louis Winnick's classic C-a,pinl Forznation in Res'idtntiel Reel Estate (1956)' and
several other key historical studies that compare a wide mnge of private financial instirutions and public agencies. John Lintner's Muttnl
h,virgs Banks in the hnirrys and Mortgage Marksts (1948), Ernest M.
Fisher and Chester Rapkin's The Muttnl Mmtgage Insumnce Fund.
(1956-about the Federal Housing Administration), Oliver |ones and
Leo Grebler's The Secondary Mortgage Marktt (I96l-about the Federal National Mortgge Association), and Thomas B. Marvell's The
Fednnl Homt Inn Bank Boad (1969), though not NBERpublications,
also belong on this list.
All these books document the tremendous changes that have taken
place during the past cenrury in the financirg of housing production
and consumption through the government-supported s)6tem of mortgage lending. The massive federal intervention beginnitg in the 1930s
led to a ne\tr' era of expansion of prir/ate mortgage lending by commercial banks, life insurance companies, munral savings banks, and
especiallv b1' savings and loan associations and mortgage companies.
Indeed. the modern mortgage companies described by Saul Klaman
did not realll' exist befirre the 1930s, and like the thrift institutions,
thel' can attribute a great deal of their explosive posrwar growth to
national public poliq,. I analyze this history in an article on "Marketing and Financirg Home Ownership" in the current volume of
Busincss ard Ecunomic Histon (1989-annual proceedings of the Business History Conference), ffid in a fonhcoming book, Own Tour Owt
Home (1991). Current pftrctice is explained in Manhall W. Dennis's
Res'idenriel Mortgage Lendirry 0989) .
By' the 1980s the extensive mobilization of residential real estate
mortgpgie capital through securitization and the secondry market led
to intense competition and excess capaciry in the home moftg4ge business, and the thrift institutions, which had traditionally been limited
to lending on housing, took advantage of fedeml deregulation to diversi$' into much riskier investments. Many of them went bankmpt,
leading to the demise of the sepamte system of federal support for
Real Esnn
Hisnn / 255
thrifts and the massive takeover and bailout of the S&Ls by the Resolution Tirrst Corporation beginning in 1989. ContemporarJr histories that discuss the enorrnous changes that occurred during the L970s
and 1980s in response to inflation and deregulation include Anthon)'
Downs'.s Tbe Ranlution in Real Estate Fina.nce (1985), Richard L.
Floricia's Housirry and the New Financial Marfuts (1986).' ffid Ned Eichler's The fhrift Debadc, a provocative analysis of the crisis in the savings and loan industry'.
|ust as some have argued in the past decade that too much capital has gone into housing since the late 1940s, cenainly the lion's share
of intellectual capital has been devoted to studying the history of
residential financg panicularly home mortga:ge lending. Mortgqgp lendirg for multifamill' dwellings or apartments has received less attention from researchers. Financirg for commercial and industrial properties, for land acquisition and development, and for equiry investment
have all been relatively neglected topics of historical analpis. One broadranglng exception is Alan Rabinowitz's The Renl Esna Garnbl^e (1980)'
which explores the history of real estate investment since L92A.
Rabinowrtz) in addition to covering changes in the home mortgage
system, also surveys a variery of other important subjects, including
the mercurial rise and fall of mortgage bonds in the 1920s and 1930s
and the somewhat less dramatic rise and fall of real estate investment
tmsts (REITs) itr the 1960s and I970s.
The Reel kmn Gamble also discusses the history of boom and bust
rycles in real estate investment. There are many walrs to measure rycles
as they apply to various segments of the industV, from development
and constmction to sales and leasing, but certainly the flow of funds
through financing mechanisms and intermediaries has played an inordinate role in the ryclical fortunes of the real estate business. This
history is replete with stories of bankers turnirg on and offthe spigot,
with each period of tight money inducing responses rangng from mild
recession to severe panic. The classic work on the ryclical perfirrmance
of the real estate economy is Homer Hoyt's Oru Hurdrcd Tearc of la.rul
Vah.ns in Chicago (1933), and another interesting period piece is Roy'
Wenzlick's The C,omirry Boom in Real Estate (1936) . Much of the best
anall'sis in this field has come from NBE& particularll' Clarence D.
Long's Building Cycles ard. the Theary of Irwertrntnt (L940), Leo Grebler, David Blank, and Louis Winnick's Capinl Frrmatinn in Res'identinl Reel Estate, and Manuel Gottlieb's Long Swings in (Jrban Dnebpmmt. Business cycle research was a special interest of the NBERs rwo
Marc
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leaders, Wesley Mitchell and Anhur Burns, as well as of a later generation of NBER economists. Nvin H. Flansen, America's leading
Keynesian economist in the 1940s and 1950s, also wrote on these
issues, as have numerous real estate and housing economists from Miles
Colean to Leland Burns.
A great deal of the research on real estate rycles looks at statistical
measurements of the volume of constmction and transactions and
at changes in properry values, rather than probing causal dynamics
and institutional behavior in finance. Hoyt's srudy stands virnrally
alone in its rich, detailed evocation of the interactive process of real
estate market activit)'. The history of decision making among real estate
lenders and investors certainly invites greater historical scmtiny, particularll' because some analysts argue that since 1983 the supply of
finance for real estate has steadily expanded, even during the culrent
downturn and in the face of substantid overbuilding, high vacancies,
- and low rates of return. This noncyclical behavior contrasts sharply
with events in previous decades, when financing played a central role
in slowirg down the pace of development and investment in periods
of real estate recession. Homer Hoyt's book was published in 1933,
so perhaps it is time for an update to 1993, testing the hypothesis
that a long-term, fundamentd stmctural change has taken place dur-
irg the past decade.
One particular research need is for more case studies of specific
financial institutions and firms. Marquis |ames frequently examined
issues related to real estate finance in his many books on banks and
insurance companies, but financial historians have generally treated
real estate as a somewhat peripheral concern. Even the best of the
banking historians have not written much about real estate finance"
Recently, however, some historians have begun to pay more attention to this vital aspect of the banking business. Walter L. Buenger
and ]oseph A. Pratt discuss the role of real estate lending in their comprehensive history of the Texas Commerce Banks, But Abo GoM'Busi'
ness (1986), and Larry Schweikan explores the special importance of
FHA and VA mortgage lending in the early history of Aizona's C,ontinental Bank in That Qtnlity Image (1988) . Donald G. Paterson and
Ronald A. Shearer's article in this issug analyzirg the nineteenthcenturJ, records of three Quebec buildirg societies, is an imponant
contribution to the literature on the historv of real estate finance.
Most of the recent financial research is still primarily oriented
toward housing., such as Lynne P. Doti and Lary Schweikart's ciry-
kal
Esnn Hisnry / 257
level, multi-instirutional stud1, in the Padf,c Hisnrical Rniav (1989),
comparirg residential mortgage lending by commercial banks, savings and loans, mortgage bankers, and life insurance companies in
Phoenix and Los Angeles from 1945 to 1960. Kenneth A. Snowden
examines broad patterns of late ninteenth century/ mortgage lending
in nvo articles published in 1987 and 1988 in the Journal of Economic
Histry,; Iane Humphries discusses British buildrng societies and housirg finance during the I920s and I930s in an anicle rn Busirwss Histury 0987)., ffid Martin ]. Daunton conn"s$ the evolution ofAmerican
savings and loan associations to the history of British building societies in a recenr issue of Housirg Strd,bs (1988).
The history of financing commercial and industrial real estate,
perhaps because these activities involve fewer participants and are less
explicitly connected to national politics, has received little attention
to date. Few scholan have followed Alan Rabinowitz's lead in examinirg the evolution of investment mechanisms and financial instruments
such as mortgage-backed securities, syndications, real estate investment trusts, and other devices involved in structuring often complex
deals. We also need to know more about the changing historical role
of instirutions in the financirg of commercial and industrial development, including life insurance companies, pension funds, commercial banks, synCicators, and securities firms. For examplg pension funds
are now among the largest insdnrtional equiry investon in office buildirgs and shopping centers. Some argue that their long-terrn economic
perspective helps reduce speculative turnover and adds stabilirl, to the
market. Others argue that pension funds overvalue real estate and pay
too much to purchase it, and that they are more likely to make poor
propefty management decisions due to lack of knowledge and
experience with real estate. Who is rightl How have things changed
since pension funds first began entering real estate markets in the past
few decades with significant amounts of money to spendf How have
ponfolio managers contributed to the recent rycle of overbuildingl
Answerirg these and other k.y questions would make for a good case
study in its own right, as well as servirg as an essential element in
the larger analysis of how the rype and availabiliry of financing
influences the volume, form, ffid patterns of urban development and
land use.
One aspect of this larger andysis is the extent to which financial
institutions have contributed to rycles of "underbuilding" as well
as to the long-term secular decline of neighborhoods and communi-
Marc
ties.
In
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258
F-rcntb, Kenneth |ackson discusses the federal government's role in "redlining" older inner ciq' areas, with the FHA refusing
to insure moftgage loans on properties located in certain neighborhoods. Federal redlining (the image comes from drawing a red line
around an area on a -rp) genera\'followed the already well-established
practices of private financial institutions, but when, under pressure
from the civil rights movement, the FHA finally reversed course in
the late 1960s and began insuring larye numben of inner ciry residential
mortgag€s, man)/ private lenders failed to follo\4/ suit. This led in the
1970s to the passage of the Communirl' Reinvestment Act, which
directed federal regulators ro require depositorf institutions to make
loans in all areas from which thel' receive deposits.
Recentll' both the Communiry Reinvestment Act and the related
Home Mong4ge Disclosure Act have been strengthened at the national
and state levels, leading to the creation of neighborhood p.nnenhip
arrangements in which banken., public officials, nonprofit housing
developers, and communiq, leaders in various cities genemte financitg mechanisms and lender commitments to stimulate new real estate
inrcstment, properr)' rehabilitation, and economic revitalization. |ohn
T. Metzger and I have reviewed the extensive literature on the history of this aspect of real estate finance in several articles and monog?phs. One interesting case studli describirg the effirns of Chicago's
South Shore Bank to "greenline" an inner ciry minoriry neighborhood dunng the L970s and 1980s is Richard P. Thub's C,orurnunity
Capimlism (1988) . Thub provides a detailed view of the bank's business practices and performance and a realistic appraisal of the successes
and failures of the gree nlining strateg)' in terms of bank profitability
and communiq' improvement. Thus far South Shore Bank has been
effective both as a private business and as a community redeveloper.
Economic historians have looked at residential mortgage lending
primaril)' b)' q'pe of lender and b1'examining agregate figu* on mortgage debt. More attention needs to be paid to detailed case studies
Cmbgpass
of financial intnrchtionships among develop€s, lenders, ild equity
investors on the production side and among purchasers, borrowers,
and tenants on the consumption side. A. D. Theobald's Financial
Aspects of Subdivisinn Danlryment (1930) provides a helpful picture of
the main methods of financirg land development and residential subdividing prior to and during the 1920s, and Ned Eichler's The Merchant Buildns explains post-1940s practices, particularl)' in California.
Alan Rabinou'itz's La,nd lrwemnent and the Prcdneb[mmt
Prucess
offers
Real Esma History
/ 259
a more contemporary view of this k.y stage in the life rycle of financing urban real esate development. The public sector has alwal'5 played
an important role in the financing and regulation of the streets, sewers,
and other ke1' elements of the necessarJr infrastmcture to suPPort private subdivision development. Though the historical literarure on this
aspect of development finance is not extensivg there are some good
sources available nngng from Alben M. Hillhouse's Mun'ictpl Bonds
(1936), to Rachelle Alterman's Prlpate Supply of Publir Srrires (1988),
and Arthur C. Nelson's Depelrp*nt Impart
Fees
(1988).
R
Marlin
Smith's 1987 article tn l-a,w end Cmnrnpm,ry Prubbms provides an excellent analysis of the history of laws, regulations, and judicial decisions
regarding the financirg of improvements in land development.
As I demonsffate tn The Nse of the C,ommuniry Buildnq although
the FHA revolution of federal mortgage insurance for homebuyers
received all the publicity, it was the FHA's role in backing private
financirg for larye-scale developers that spawned the "Levittown"
model of mass-produced affordable housing for purchase by millions
of eager posrwar homebuyers. Similarly, though homebuyers in the
1980s benefited from the grolvth of residential mortgage securituz;.
tion, the secondary mo4gage market, and the mo4gqge banking industry that together put the thrift institutions at a competitive disadvantage in the competition for making fixed-rate mortgage loans,
homebuilden have been hurt by the panial withdrawal of the S&I s
from housing finance, especially since the recent imposition of new
federal regulations under the f989 bailout and reorganization plan.
This retrenchment by thrift institutions has left a critical and as yet
unfilled financing gap in the homebuilding industry creating serious
problems and disrupting imponant established fundraising relationships for residential developers.
The thrifts have been more than mortgage lenders; they have frequently been equiry capital providers and joint venture partners in
many land acquisition, development, and constmction activities. Discussing the vital and little-srudied historical roles of equiry investors
raises the issue of analyzinglong-terrn yields on real estite ownership,
building on many of the NBERstudies that have previously explored
the history of yields on real estate lending. Leo Grebler's Exprierce
in Urban Rcel knn Irnesnment (L955) and Fred E. Case's l-os Argeles
Rcel Esnte (1960) are rwo books that have attempted to reconstmct
the record of yields on equity investment by researching the economic
perficrmance of a selected number of properties in a single ciry (New
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York in the case of Grebler) over several decades. Both Grebler and
Case found significant fluctuations in yields over time and by location, thus confirming rwo of the oldest adages in real estate: "timi.g
is everything" and "location, location, location!"
In man)/ aspects of real estate history, statistical records are either
highll'proprietaryz or simply do not exist. Much of the entrePreneurial activiq'-ir proiect-based, small-scalg and noninstirutiond, and available data are ofren destroyed, further compounding the obstacles in
the wa), of scholarll' research. Grebler and Case both encountered
difficulq' in constmcting their studies, and the problems of accumulatirg an adequate real estate database for historical analysis remains to
be solved. This ma)' explain wh1' those aspects of the business that
can be tracked through public documents, such as building permits
assessments, are the most frequently srudied.
One cannot conclude a discussion of real estate finance without
referring to the tax system. Much of what makes American real estate
profitable involves manipulating the many provisions of the income
tax code, as well as taking advantage of local properry tax abatement.
The l98l Economic Recovery Tax Act favored real estate investment
in income propery through extremely generous accelerated depreciation allou'ances that could be widely syndicated as a result of highly
permissive mles regardirg losses from "passive" investment. Many
office buildings and multifamily residential dwellings were built in a
very short rime with plentiful financing based on the sale of limited
parrnerships ro spread out the tax benefits. Whether these buildings
were needed or would generate positive cash flow through rents exceedirg opemring expenses were deemed b)' most developers and investors ro be irrelevant questions so long as the tax system was stnrctured in such a favorable fashion and as long as the prosPects for
long-term capital gains appeared strong in what was then a boomitg
market.
With rhc passage of the 1986 Tax Reform Act, many of these mles
were changFd, the syndication industry nearly died, ild the construc-
or properr)' tax
tion of commercial and residential income propenies slowed down
consider:abh'. To restimulate building, developers and investors lobbied for local propeq, tax abatements, as they' have so many times
before. lic raise profits in the face of reduced financitg and market
demand, dei'elopens and investon lobbied President George Bush and
Congpess for a capital gains tal( cut' which ma)' become law b1' the
end of 1990.
Rcal Esnn History
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261
Except for several good studies of the home mortgage interest
deduction by Brookings Institution economists such as |oseph A.
Pechman and Henry J. Aaron, almost no significant historical research
exists on the crucial role of taxation in real estate finance. On the politics
of properq' taxes, David T Beito's Taxpayrrs in Rnolt (1989) chronicles widespread real estate tax conflicts during the 1930s. Roben Kuttner's Rnolt of the Horves (1980) analyzrs the movement behind the passage in 1978 of California's properrlr tax limitation initiative,
Proposition 13, and similar statewidl battles of the late I970s. Kuttner also describes the national political debates that preceded Ronald
Reagan's "trpply side" federal income tax cuts of I98f . |effrey H.
Birnbaum and Alan S. Murray's Showdmvn at Gucci Guhh (1988) gives
an excellent account of the politics and interest-group lobbying behind
the 1986 Tax Reform Act, including the involvement of the National
Association of Realtors, National Association of Flome Builders, and
other real estate industry Soups in fighting to preserue the moftgage
interest deduction, accelenated depreciation, passive investor rules, aF
ital galns exclusion, and other tax incentives and loopholes"
Large Properry Owners and Users
The red estate industry is primarily a service business, making different rypes of ph1'sical space available to a variery of owners and users.
Ltry. owners and usets, though not primarilf in the real estare business, have played an important role in the industry's evolution. The
biggest private owners have traditionalll'been the railroads, followed
by other transportation and utiliry companies. In more mral setting,
resource-based businesses such as agnculture, mining, oil and Bas, and
forestry predominate among the private landowners. C-rporations and
business firms of all varieties constitute the private users of commercial and industrial space. The public sector, of cousq is a very prominent owner and user of land and buildings.
Often colporations that are large landowners get directly involved
in the real estate business as land subdividers and developerS, builditg developen, real estate owners and investors, propefty managers,
or in other roles. In the 1960s and L970s many large colporations
were entering the development field, with varying degrees of good
fornrne. Leo Grebler's l-a.rge Scale Housirg and. Rcel Esaa Firms., Lewis
Goodkin's Wben Rcal Esna and. Homt Build.irg Becomc Big Busintss,,
Marc
and Roben A. Srgafoos's
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Mn
Dewlryment $976) analyze
tbe Misma.rkct-
this trend. Herman L. Boschken's Corpamte Pown and
ing of Urban Darcbpment (1974) describes the controversial and ulti-
matelt' unsuccessful recreational land subdivision and development
ventures of Boise Cascade, the giant wood and paper products conglomerate. Since the I970s man)' colpomtions that are resource-based
or that own large amounts of land have diversified into real estate
development. These projects have ranged from extensive new communities to recreational developments to large mixed-use projects in
both central cities and suburban areas. Oil companies such as Mobil
and Exxon hat,e been active in the new communities development
business in Virgrnia and Texas, Disney'-An'ida has become a major
Florida dereloper., and railroad firms such
as Santa
Fe-Southern Pacific
and Illinois Central-Gulf Industries are building huge complexes in
San Francisco and Chicago, respectivell,, to narne only a few examples.
In addition, the 1980s mania of leveraged buyouts, junk bonds,
and hosdle takeor/ers have forced man)'colpontions to reevaluate their
assets to maximrrr shareholder dividends urd stock prices and to defend
against " breakup value ." In the process, both existing management
and prospective investors have discovered that corporate real estate
is frequenth' unden'alued. This discovery has led to more intensive
utilization, development., leasing, or sale of real propenry by many
large companies, turning the corporate real estate depanment from
a sleep\' ()utpost for semi-retired managers into a hotbed of activiry
fcrr eager executives and aggressive consultants.
At various dmes, man)' financial instirutions that serve as real estate
lenders hat'c also become equiry investors, joint venrure partners, and
developers. With the rise of inflation in the past two decades and generalll' appreciating properr)' values, such ventures have become more
prevalent. No good histories of entelprises such as the bank-sponsored
real estatc investment uusts have yet appeared, despite the media attention the trusts received during the 1970s. A full-length case study
of an instirution like the Chase Manhattan Mongage and Realry Trust
rvould be most u'elcome. In The Mmhant Builderc and The Thrift Debacle., Ned Eichler discusses the rise and fall of real estate investment
activities bt' savings and loan associations., particularlf in Southern
California. With the recent cooling dou'n of the real estate market
in most of the country and the ne\,tr' inten'ention by federal regulators, man\' financial institutions have begun to pull back from realry
investment, but these activities are likell'to return even more prominenth' u'ith the next ct'clical upsu'ing.
Real Esnn Hisnry
/
263
Life insurance companies, in addition to their major role as commercial and industrial real estate lenders, have often been investors
and are more frequentll' becomirg developers. Equitable Real Estate's
1987 report on The Fnolution of Rryimal Shopptrry Cmtm examines some
of these recent trends. The insurance firm with the most endurirg
and prominent involvement in real estate development and propertlr
management is the Metropolitan Life Insurance Compao)'r which
todal' owns a major development subsidiarl', Metropolitan Stmctures.
Metropolitan Life \4,?s one of the count["s largest developers and
of multifamill' rental housing from the 1920s to the 1950s.
The companl'later stopped building ne\^r apartment complexes of this
rype because of political controvers)'r management difficulties, and
higher yields on other investments. Some of their activities are
described in Marquis ]ames's The Mempol:itan Life (1948) and Anhur
Simon's Stuyvesant Town, U.S.A. (L970)
Stuyvesant Town was a pioneering urban redevelopment project
on the East Side of Manhattan during the I940s. The state of New
York granted Metropolitan Life public powers of eminent domain to
acquire land through compulsory purchase. Metropolitan Life used
these powers to assemble a verJr large parcel of eighteen ciry blocks,
displacirg thousands of people and tearing down five hundred old
buildings in the process. The insurance firm also received a properr)'
tax abatement wonh millions of dollars as a subsid)' from the ciry to
induce private redevelopment of certain neighborhoods and to attract
new investment into New York. Metropolitan Life built a large residential apartment complex of nearll' 9,000 apartments on the newllr
cleared site and later developed a similar project called Peter Cooper
Village on a smaller adjacent parcel. The insurance company also built
several other big apartment complexes during the 1940s, includirg
Parkmerced in San Francisco and Parklabrea in Los Angeles.
Stuwesant Tiwn U.S.A. documents the charges of racial discrimination and displacement of local residents that eventu"ll)' led
Metropolitan Life to withdraw from building additional large-scale
urban redevelopment projects. The New York Life Insurance Compan)',, developers of the raciallf integrated Lake Meadows and Prairie
Shores residential urban renewal projects in Chicago during the 1950s,
also \,vent through considerable political conflict, ?S did Prudential.'
Equitable., Iohn Hancock., and other major life insurance companies
involved in urban redevelopment. Starting in the mid-1950s, major
life insur?nce companies focused their real estate investment portfi>
lios on office buildings and regional shopping malls., though bv the
o\4/ners
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1970s large multifamily residential buildings resurfaced as attractive
lnvestmenB. By that time the fedeml urban renewal prognm was winditg down and most panicipants in the process were more sensitive
to issues of discrimination and displacemenr.
William Friedricks's article and fonhcoming book describrng Henry
Huntington's land development activities in Southern California as
spinoffof Huntington's extensive venftrres in rail transportation and
Power genemtion clearly demonstrate the linkage of the real estate
business to other k.y land development entelprises. One of the besta
known connections was the profitable extension of electric transit lines
to promote real estate speculation, ffid many histories, including Sam
Bass Warner's Strcetar Suburbs and lGnneth T |ackson's C,mbgmrs hvnttcr, have documented this relationship.
Southern California's grolvth is panicularly interesting because of
the l.gt.y of the Spanish land-grant ranches, which enabled wellfinanced purchasers to obtain very large undeveloped parcels more
easily than in most other areas of the United States. Glenn S. Dumke's
Tbe Boom of the Eighties in hutheru. Cnlifarrrin (L94), W. W. Robinson's In td in Califam.ie (L948), Robert M. Fogelson's The Fmgmented.
Metropolis (1967), Carey McWilliams's Smthem, Celifonie (L973),
Roben Gottlieb and Irene Wolt's Think ry BU $97n, ffid William
L. Kahrl's Watcr and Power (1982) are a few of the books that provide
rich flavor and sophisticated analysis of this big-time real estate
bonanza.
Today there are many examples of large-scale new communiry
development in Southern Califomia, from Thousand Oaks to Valencia to Rancho Santa Margarita, but none compares in size or scope
to the Irvine Company's development of the hvine Ranch, originally
encompassing more than I00r000 acres in central Orange C,ounry
including all of the new town of Irvine plus Newport Beach and
numerous other communities. Roben Glass Cleland's The lwiru Raruh
(1962) and Nathaniel M. Griffin's Inirw (L974) capnrre the early his-
tog'r though much of the urban development has aken place since
A gaod modern history of Lvine is waiting
to be written.
Similar to Henry Huntington's role in Southern California are
the development activities of Henry Flagler, Florida's well-known railroad, hotel, and real estate magnate. His story is chronicled in recent
books by David L. Chandler and by Edward N. Akin. Throughout
American history there have been "brg-time operators" in real estate,
from Iohn |acob Astor in early New York and Harrison Gray Otis
these books were published.
Rcal Esna History
/ 265
in early Boston down to Tiamwell Crow and Donald Thrmp in the
present dry. The majoriry of these people are unknown nationtlly
and most of them are little known locally save for the family names
that grace major streets, pxrks, or other public spaces and facilities.
Undentanding how they operated and arralyzirg what difference their
activities made in terms of urban form and design, economic growth,
qualiry of life, and other issues are research tasks well wonh pursuing.
Properr)' Relations
The history of real esate also involves srudying ttre fundamental stmcture and dynamic interaction of economic, political, and social relationships berween people and instinrtions. The complexiry of the laws,
practices, customs, incentives, and penalties among the vast array of
competing interests makes the field both difficult and fascinating.
Henry George's Prcgrcss and.P*my Q879) is among the most notable early American attempts to make sense out of the world of real
estate. Richard T Ely's two-volum e Prcpffty and, C,ontmct in Their Relations to the DistTibut'ion of Wealth (1914) helped to spawn a school of
legal-instirutional-economic history within the broader field of economics through his srudents and colleagues, such as John R Commons's l*gal Foundatinns 0f epinlism (1924), and specifically in the
real estate field through Ely's Instinrte for Research in Land Economics
and Public Utilities during the 1920s and I930s.
Another imponant source of ideas on the changing nature of
properry relations and social-spatial relationships was the pioneerirg
work of the Universiry of Chicago Local Communiry Research Committee, producing studies such as Robert E. Park and Ernest W. Burgess's The City (L925), Everett C. Hughes's The Chicago Real Esna
BMd (1931), ffid other works summarrzrd in T V. Smith and I-eonard
I). White's Chbago: An Experiment in Social Sciznce Researcb (1929).
A somewhat more critical perspective than the Ely or Chicago schools
was later developed in Lewis Mumford's TIte Culturc of Citics (1938)
and Charles Abrams's Rnolutinn in Inrd (1939) .
One imponant new attempt to reconstruct the origins of modern
properry relations is Elizabeth Blackmar's Manbattan f* Rent (1989),
a study of the formation of the real estate and housing markets in
New York from L785 to 1850. Blackmar demonstrates how the changing relations of production and the increasirg separation of home and
work ultimately contributed to a greater economic inequaliry and con-
Marc
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centmtion of properry ownership, despite the opportunities for real
estate investment by anisans, proprietors, and small landlords. Her
book is well supplemented by Hendrick Hartog's Publb P*poty ard,
Prhnp Ponrr (1983), a studl'of the evolving legal definitions of propenry
relationships benveen the public and prirate sectors. Studies in the
history of class and race relations in housing markets and the real esate
business include Charles Abrams's Forb'iddcn l{eighborc (1955), Clement E. Vose's C-a,ucasians Only (1959), Rose Helper's Rarial Policies
ard Pmrtices of Real Esna Bmkns (1969), Thomas L. Philpott's The
ild
Slam and. the Ghfrto (1978),
Arnold R Hirsch's Maktry the &ctnd,
Ghetn (1983) .
Recently, a number of neo-Mamist urban geographers, sociologists, and economists have engaged in research on the historical evo-
lution of modern capitalist red propeny relations in the United States,
the United Kingdom, Canada, France, and other countries. These
include Manuel Castells, David Harvey., Richard Harris, Saskia Sassen, Peter Saundes, and Richard A. Walker. Examples of this work
that emphasize socio-political issues are Mark Gottdiener's The fucial
Prcduct'inn of Urban Space (1985), and Iohn R Logan and Harvey L.
Molotch's Urban Fortunes (1987). Some of the studies, such as rwo
new books that focus on Los Anples, Allen I. fton's Metrclnl,is (1989)
and Edward W. Soja's Pox-Modent. Grrypbies (1989), ile primarily
oriented toward issues of urban and regional economics-employment,
capital investmentr technolog)', labor processes and relations) and the
impact of these activities on spatial patterns of residential location
and transportation flows.
Frank I. Popper's The Politirs of l^a,nd-Use Refvrrr, (1981), |ohn M.
I)eGrove's La,nd, Gnwth and. Politics (1984), Sidney Plotkin's IGE An
(1986)' Samuel P. Hays's Beauty, Health and,Ptnnaltsrrce (L987), and
Michael K. Heiman's The Qtitt Epolation (1988) are historical case
studies of land-use conflicts and regulatory politics that emanate from
the rapidly growing environmental movement and utilize its extensive literature. Many of the issues addressed by environmenal organizations are framed around fundamental questions of properry relations, and a good deal of useful anailsis and creative thinking is available
from both the "pto" and the "con" sides of these often controversial debates.
An interesting study that akes a detailed look at the political,
economic, and social dynamics of real estate markets and the impacts
on private and public land-use decision making is Sharon Zukin's Lofr
Lioiry 0932)' about the recent invasion of certain lower Manhattan
Rcal Estate
Hitnry / 267
industrial and warehouse districts by artists and young professionals
seeking to rent or purchase studios, gallerlS, and upscale and newly'
remodeled residential lofts. The kind of neighborhood turnover that
Zukin describes, which links together changing properr)'values, usesr
and ownership patterns, is funher explored in Neil Smith and Peter
Williams's Gentrifrcatinn of the City (1986), and William Sharpe and
Leonard Wallock's recent article, "Tales of Two Cities" (1989) .
Another valuable book in the history of propen]' relations is
Doreen lvlassey and Alejandrina Catalano's C-a,piml and Leltd (1978)
This studf is a sophisticated analysis of the role of coqporate and lrry.scale private propeffy ownership and its relation to land-use politics,
.
planning, regulation, and taxation in Great Britain. Massey and
Catalano demonstrate that the distribution of real estate ownership,
even in today's modern advanced industrial societies, can still make
a profound difference in the economic and political life of a communiq' or country.
Finalll', The Conscience of the Eye, Richard Sennett's forthcoming
book on the evolution of urban spatial relationships, looks not only
at economic ownership but also at political and military power and
control of land and buildings. Sennett's interesting and wide-rangng
analysis suggests that a complex set of factors, including culture and
religion, have determined the historical patterns and changes in the
use and anangement of public and private real estate.
The Public Sector
One cannot studl' the history of real estate without fully appreciatirg the role of government in passing and enforcing laws, lerying taxes,
administering reslations, giving subsidies, building and maintaining infiastmcrures, providing services, settling disputes, making plans,
buying and selling land, shaping agendas, and performing an exhaus-
tive list of additional functions. Regardless of whether the research
focus is on the private or the public sector, their fonunes and activities are so cloself intertrvined that the historian inevitabl)' is led to
consider both.
Governments geneoll)' own and control large amounts of land,
even in the most private enterprise-oriented s)'stems. Horv thel' utihze or dispose of this land has a tremendous effect on the subscquent
fornrnes both of the poliq' and of the individual entrepreneur. In
the United States, the storJ/ of the management of fede ral and state
Man A.
Weiss / 268
public lands, and particularll' the transfer of vast acreage into private
ownership, is a k.y element in real estate history. Equally important
is the role plal'ed b1, government in the development of the continental
infrastmcrures-the railroads, bridges, canals: ports, highwxyS, dams,
power stations, and man)' other facilities-that have so direcdy affected
the course of geographic and economic development"
Christine M. Rosen's article in this issue discusses the use oflocal
government revenue-raising authorir)' and eminent domain powerc
to take private properq' and rebuild it for a public purpose. It took
a maj<lr fire in downtown Baltimore for the citizens to mobilize in
support of public reconstruction of major streets, sewers, and the
waterfront. Her article explains both the relationship of public and
private development and the intense politics among urban business
goups in lobby'ing the cir)'and state government for and aginst alternative developmenr strategies.
The literature on the history of urban public development has
been growing in recent )rears' including Christine M. Rosen's Tbe Lirnits
of Power (1986)' and Roben A. Caro's The Power Brohn (1974), Annmarie
H. Walsh's
The Public's Businzss (L978), Eugene P.
Moehring's
Public Works ard the Pattsms of Urban Real Esna C*vwth in Manhattan (1981)., Harold L" Platt's City Build.ing in the lrIsw South (1983),
and fonhcorning books by Iameson W. Doig on the Port Authoriry
of New York and New Jeneli and David C. P.rry on Roben Moses
and New York Ciq"s Tfiborough Bridge and Tunnel Authoriry. Eco-
nomic historian Carol E. Heim is working on "The Treasury
as
Develope r-Capitalist," a book-length srudl'of the British New Tirwns
program during the 1950s. These works also examine issues and
methods of financirg public development, xS do Albert Hillhouse's
Mun'iripal Bonds" Alan Rabinowitz's Municipal Bond Finance nnd
C. Teaford's The UnhemlfudTriumph Q984),
'4dminirt?ntion 0969), Ion
Martin Shefter's Political Crisis/Fiscal Crisis (1985), Terrence I"
McDonald's The Parameterc of Urban Fiscal Pol,icy (1987), and Eric H.
Monkkonen's Ammica Becomes Urban (1988) .
Bernard Frieden and L)'ntt. Srgalyn's Downtuwn, I/u. explores the
recent history of joint public-private derclopment in America's central cities, r,l'ith a longer view taken b1' Ann L. Buttenwieser's Manhatan Watn-Bound (1987) and Roben M. Fogelson's Amerba's
Armmies (1989). Christine Rosen cites in her anicle a good deal of
additional historical literature on the role of business leaders in guiditg public development decisions, includirg Mansel G. Blackford's
fonhcoming book on business, politics, and urban planning in Port-
Rcal Estan
HitW / 269
land, Seattle, San Francisco, Oakland, and Los Angeles during the
earll, r\l/entieth century. A recent book worth adding to her list is
Iudith Sealander's Grard Phns (1988), xD excellent stud)'of business
initiative in urban and regional development from 1890 to 1930 in
Davton, Ohio. Sealander profiles communiq'leaden like Iohn H. Patterson, autocratic president of the National Cash Regster Compan)',
and Anhur Morgan., an engineering executive who became president
of Antioch College.
In the past rwo decades man)'scholam have made important ne\ry
contributions to our undentanding of the role of the American public and private sectors in providing essential transportation facilities,
utilities, and other k.y elements of our built environment and its dail1'
servicing and maintenance. Historians such as ]oe I A. Tarr, Martin
V. Melosi, Howard Rosen, Ann D. Keating, Mark H. Rose, Eugene
P. Moehring, Mark S. Foster, IosefW. Konvitz, Suellen M. Ho1', Paul
Barrett, |on C. Teaford, and others are enpged in ongoitg research
and publication on the interrelationships among governmentr industry',
professionals, technology, and urban development. The Public Works
Historical Soci.q'has been very effective in recognizrngand publicizng
the best work in this field"
Among urban historians, plannen, and poliq'
analy'sts interested
in recent citl' planning and development, much of the historical u.nting
since the I960s has focused on the urban renewal programs that
involved public land clearance of mostly private land and extensive
rebuildirg b1' public and private developers. A feu' examples are Ro)'
Lubove's Twentinth C*nturv Pittsburgh (1969)., G. William Domhoffs
Who Really P'u.les? (1978), |ohn H. MollenkopPs The C,ontested Ciw
(1933), and Chester W. Hartman's The Tmnsfarznatinn of h,n Fruncisco
(1984). Susan S. Fainstein, Norman I. Fainstein, Richard C. Hill,
Dennis
R Judd, and Michael P. Smith's Restnrcturing the Citv (1986).,
N. Stone and H.n"ood T. Sanders's The Politics of Urban
Clarence
Devebpmcnt (L957), FI. V. Savitch's Post-Ird.ustrial Citits (1988)' and
Roben A. Beauregard's Anp the Llrban Hicmrchy (L989) offer broad
penpectives and detailed case studies on posrwar urban development
and metropolitan growth.
Similar to the urban renewal emphasis, there has also been a great
deal of historical research on the politics of "slum clearance" and public
housing. This work includes Arnold Hinch's Mnhiryl the hcud Ghmo,
Christopher Silver's Twmtisth C*ntury Ri"chmond (L984), |ohn F. Bauman's Publb Houstrg, Rarc, and Rsncnnl (L98n' ffid forthcoming books
b1' Peter Marcuse, Roger Montgomery and IGte Bristol, and |oel
Marc
A.
Weiss
/ 270
Schwartz. Joseph L. Arnold's Tbe I{ew Deal in the Suburbs (L97I)
describes a related program, the controversial 1930s federal "gpeenbelt towns" experiment in building large-scale suburban communities for public ownership.
Planning for public development and regulating private development have become increasingly complex tasks of coordination,
consensus-building, and conflict resolution throughout the rwentieth
century'. In the past decade there has been a rising interest in this histog', reflected in a rapidll' Eowirg list of recently published books
includirg M. Christine Boyer's Dryamiry the Rntinrnl City (1983),
Donald A. Ikueckeberg's Intrcdtrction n Planniry History in the Unind
Snns (1983) and The Amerban Plnnner (1983), Richard E. Foglesong's
Planning tbe C-apinlist Citl, (1986)., Daniel Schaffer's Two C*nturies of
Amrican Planning (1988), William H. Wilson's The City Beautiful
Movemtnt (1989)' Stanlel' K. Schultz's C,onstnrctiry (Jrban Culturr
(1989), I)onald L. Miller's Lenis Mumfu. (1989), ffid numerous works
by' Iohn W. R.pt K.y books with an international penpective include
Anthonl' Sutcliffe's Timards tbe Phnrud CiW (I98I)., Michael Simpson's Thonu,s da.ms and the Mofurtr. Planning Movemcnt (L985), Gor'
don E. Chenl"s Citbs and Plaru (1988), ild Peter Hall's Citi6 of Tomor(1988).
Interesting new research in the history of urban planning is focused
on debates about the political, economic, ffid social relationships and
impacts of land-ur. rig.rlations. Some of these ideas are refleCted in
Garrett Por.r'er's forthcoming book about the history of znning in Baltimorc and in Charles M. Haar and Ierold S. IQyden's hning and
tbe Amrican Dwam (.1989)' which includes Michael Kwanler's "I*gtlating Aesthetics," an important study of the politics of public replation of private urban design. Much of the current attention is on
race and gender bias in the history of land-use regulations, such as
Yalc Rabin's and Barbara |. Flint's research on zoning and racial discrimination., and Manha Ritzdorfs forthcoming book on urban planning, woment and inequaliq'. Ritzdorfls work on the social aspects
of zoning history supplements previous historical studies of women
and housing b)' Eugsnie L. Birch, Dolores Hayden, and other scholars.
The Socierl'for American Cir)'and Regional Plan.itg History and
the international Plannirg History Group have gathered together a
nottr'
large collection of distinguished researchers who are producing a great
deal of useful material on the historl'of urban development that sheds
considerable light on the evolution of the urban real estate industry
throughout the world. Some of this historical research is published
Rcal Estan History
/ 271
rn Phnniry Hisnr1,, Phnning Prspectives, and the Journal of tbe Americnn Planniru Associatinn.
M1' Nse of the C,ornrnuniry Build"ers emphasizes the historical relationships of private real estate developen to public planning agencies,
land-use regulations, and citizen's groups, as do Grace M. Dawson's
I'{o
Littlc Phns (L977), Boyd Gibbons's
Wye
diener's Planned Sprwwl (L977), Bernard
nl
Ishrd (L977), Mark Gott-
|. Frieden's
The Erwironmtn-
Protectinn Hustle (1979), David
E. Dowall's The Suburban Squceze
(1984), and several books by Don T. Nlensworth and R Roben
Linowes. |ames Lorimer's Tbe Dneloperc provides considerable detail
on the politics and economics of the planning and development regulatory process at work in Canada.
Patricia Stach's article in this issue broadens our comprehension
of the relationship of developers to local government and to communiry residents. Her research on the history of private deed restrictions
adds to a growing literature in this area. The U.S. Adviso['Commission on Intergovernmental Relations recently published a history of
real estate developers, residential communiry associations, and deed
restrictions by |ohn W. Watts and myself. David T Beito has written
an article, fonhcoming in the Mry 1990 issue of the Journal of Urban
History, on the role of developen in formirg and sustainitg "private
street" subdivisions and homeowner associations in St. Louis. Robert
M. Fisher's ltt the Peopb Detide (1984) covers the general history of
communiq' associations and of neighborhood movements.
The vital growth of the fedeml role in housing and urban development during the past half-century is explored in Mark I. Gelfand's
A lrlation of Cities (L975)' I. Paul Mitchell's Fednal Housirry Pol4 and
Prugmms (L985), Bmce E. Seely's Build.irg the Amerhan Highway S/*
tnlt (1987), ffid Ann Markusen, Peter Hall, Sabina Deitrich, and Scott
Campbell's The Nse of the Gunbelt (fonhcoming in l99l). Indeed, the
public sector has received far more scholarly attention from historians
than has the private sector. If we are to comprehend the totaliry of
real estate historl', we will need to conduct a great deal of funher
research on business institutions, includirg their relationship to
governments.
In addition to the groups mentioned above, the Business History Conference, Economic and Business Historical Societl', Urban
History Association, Sociery of Architectural Historians, American
Real Fstate and Urban Economics Association, Social Science History Association, American Real Estate Sociery', Organization of American Historians, and numerous other scholarly oryani z;.trons exist as
Marc
A. Weiss / 272
arenas for productive interchange concerning issues
in real estate history'. Several years ago a session on "The History of Real Estate
Development" was held at the annual meeting of the American Historical Association. Articles on the subject have appeared recently in such
diverse publications as Mwtgage Banh,ing, Urban l^a.nd, the Journal of
Reel Esat Danlapmmf, and the Joumal of Architeaannl H,ucation M*y
industry, and government trade associations and professional societies., includitg the American Planning Association, National Association of Home Builden, Mortgage Bankers Association of America,
Urban Land Institute, National Association of Realtors, and International C,ouncil of Shopping Crnten have sponsored sessions, events,
publications, and other forms of historical discussion, as have research
organizations such as the Lincoln Instirute of Land Poliry and the
Homer Hoyt Adranced Studies Institute.
Nerv work is being conducted on a number of fronts. Doctoral
dissenations on topics in real estate history are being wrinen b1' Michael
Holleran at the Massachusetts Institute ofTechnolog)', Mollie Keller
at Neu' York Universiq', Corrine Stoewsand and Iohn Metzger at
Columbia Unive*ir)', Roberta Moudry at Cornell Unive*ity, William Siembieda at UCLA, John Gilpin at the Universir)'of Leicester,
and several others. The field is definitely growitg.
In this anicle I have concentrated primarily on the United States
since the late nineteenth centugi with a modest alnount of attention to Canada and England and to earlier periods in American history'" This leaves a lot of the world uncovered, both in geopphy and
in chronologl'. For every country and yearr we know ftr less than we
would like to know. I hope that this overview and research agenda
will inform and encoumge future effirrts to advance our knowledge
and undentanding of real estate history'.
Real Estate Hisnn,
J
/ 273
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