What are air rights?
Air rights refer to the legal rights of property owners to control the use of the space above their properties. They allow property owners to construct buildings or structures above their properties and prevent others from using that space without their permission. Air rights are often considered a type of property right or easement that can be bought, sold, or leased. This is not the same as airspace, which is federally controlled and usually starts 1,000 feet above the tallest structure in the area. Flying car owners need not worry about air rights, but they have to be concerned with airspace.
How do they work?
Air rights work by giving property owners the ability to control and profit from the use of the airspace above their property. They allow property owners to build structures or lease the airspace to others for various purposes, such as building billboards, installing communication equipment, or constructing helipads. Air rights can also be used to limit the height of neighboring buildings to protect views or limit noise.
Do all properties have air rights?
Not all properties have air rights. The availability of air rights depends on the local zoning laws, building codes, and other regulations that govern land use in a particular area. Some cities or municipalities may limit the height of buildings or prohibit certain types of structures, which could limit or eliminate the availability of air rights.
Do all areas of the country have air rights?
Air rights laws and regulations vary by state and local jurisdiction, so not all areas of the country have air rights. Some states have comprehensive air rights laws that define and protect property owners’ rights to the airspace above their properties, while others may have limited or no laws in place. It’s important to consult with a local real estate attorney or zoning expert to understand the air rights regulations in a particular area.
Can you sell air rights?
Yes, air rights can be sold, leased, or transferred to another party. The sale of air rights can be an effective way for property owners to monetize their unused airspace or generate revenue from their property. The sale of air rights typically requires the approval of local zoning authorities and may involve negotiations with neighboring property owners.
Can you buy air rights?
Yes, air rights can be bought by individuals, corporations, or other entities that want to use the airspace above a particular property. The purchase of air rights can provide the buyer with the ability to build higher structures or use the airspace for a particular purpose. The purchase of air rights typically requires the approval of local zoning authorities and may involve negotiations with neighboring property owners.
What are Transferable Development Rights (TDRs)?
Transferable Development Rights (TDRs) are a zoning tool that allows property owners to transfer the development potential of their property to another location. This means that a property owner can sell or transfer their development rights to another property owner who can use them to build additional square footage or height on their property. TDRs are often used as a way to preserve open space or historic properties while still allowing for development in other areas.
Where can TDRs for air rights be purchased?
TDRs for air rights can be purchased in areas where air rights are available for sale or transfer. In some cities or municipalities, TDRs for air rights are regulated by local zoning laws and may only be available in certain areas or under certain conditions. It’s important to consult with a local real estate attorney or zoning expert to understand the TDR regulations in a particular area.
Some cities have established TDR programs specifically for air rights. For example, New York City has a TDR program for air rights that allows property owners to transfer their unused air rights to another property in certain designated areas. These TDRs can be purchased by developers who want to build taller buildings or add additional square footage to their projects.
In addition to established TDR programs, there may be private transactions for air rights that occur between individual property owners. These transactions may require negotiation and the approval of local zoning authorities.
Overall, TDRs for air rights can provide a valuable zoning tool for property owners who want to monetize their unused airspace while still preserving the character of their neighborhood or city.