The Formation Mechanism and Solution to the"Holdout"Dilemma of Wild Speculation in Urban Renewal
In the process of coordinating the interest demands of multiple stakeholders to form collective actions of renewal,there is often a"holdout"dilemma of wild speculation,which makes urban renewal slow and damages public interests.The predicament of wild speculation"holdout"is caused by the opportunistic behavior of a few owners and the"free-rider"behavior of the majority of owners.As the eagerness of the local government to implement the urban development strategy and maintain social stability,and the developers'desire to shorten the time of capital circulation,the two are controlled by the holdout.Eventually,they may compensate the"holdout"with public interests,or only delay the entire process.The first step in solving the problem of wild speculation"holdout"is to improve the system design of urban renewal,clarify the transformation rules,and form a market for independent application for renewal.The second is to improve the ability of community governance,encourage grassroots democracy to form a community of owners'interests,relying on the abundant social capital within the owners group to restrict the opportunistic behavior of individual nail households.Finally,the legislative work of urban renewal should be improved to clarify the application rules of eminent domain in urban renewal.
"holdout"urban renewaltragedy of the anticommonsspatial governance