LAND AND HOUSING
183
temporary annual licence. This policy particularly facilitates the development of small industries. The 1956-7 revenue from such licences was $3,130,372.
Land Value and Development Trends. Although it is no doubt dangerous to generalize about land values since each site has its own peculiarities, there is adequate evidence to support the view that the value of land used for residential purposes has risen by some 12 to 15 times in the ten years from 1947 to 1957. The rise in value of land used mainly for tenement house development appears to have been some- what greater than that used for apartment blocks. The value of industrial land has not increased so markedly, but here again an increase of 8 times the 1947 values is indicated. A restriction to industrial user reduces the value of land by between one-third and one-half its value unrestricted, depend- ant on location. Commercial sites, particularly in the central districts, have not increased in value to anything like the same extent-rises of only 3 or 4 times being normal.
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Although the rate of increase in value has varied greatly from district to district and has taken place at different periods depending on local circumstances, the general trend in land values has been ever upwards. The only significant general variation was a pause in this rise, and even a slight drop in certain categories, in, early 1950 as a result of the
Korean War.
An increasing demand for small sites, particularly for industry, was apparent during 1957 and many of the older industrial areas are being sub-divided. Where the lots are not restricted to industrial user, the lessees frequently sell out for residential development and re-establish their fac- tories on cheaper land elsewhere.
In housing, the tendency has been towards very much higher buildings (some buildings of eight storeys being erected without lifts) and the construction of much smaller living units. A significant development is the sale of indi- vidual flats within a multi-storeyed structure, and it is now