Do Zoning Changes Impact Property Value?

[Nathan Gesner]

I already know that a change in zoning can directly impact the value of a property, but I'm looking for more than personal knowledge.

BACKGROUND: I have a client involved in a zoning dispute with Planning and Zoning.The property was approved for commercial use 15 years ago, so the owner built some storage units on part of the land. He wanted to finish developing the property by adding more storage units, but the current Director of P&Z told him the zoning has changed and will only allow him to place "tourist-related" businesses on the property. I have been asked to testify about how a change in zoning devalues the property.

I am seeking cold, hard facts to back up my testimony. I can generate some anecdotal examples, but would really like to see a professional study, existing court case, etc. If you have something, I would appreciate the help!