Lee, Bun; Chung, Eui-Chul; Kim, Yong - In: The Journal of Real Estate Finance and Economics 30 (2004) 1, pp. 55-80
The aging of a housing structure not only leads to depreciation but also increases the possibility of redevelopment. If … redevelopment accompanies an increase in structural density in order to accommodate the increased demand for housing, it provides … large capital gains to the existing owners. In this case, expectations of redevelopment in the near future and the eventual …