Higher land-use intensity can be achieved by subdividing the land or by subdividing the structure built on it. The former avoids co-ownership but is subject to topographical constraints, whereas the latter (e.g. apartment units) uses each unit of land more efficiently but entails management of the common parts. This study examines a hybrid approach to subdivision, known as “cross-lease” in New Zealand, where land is co-owned, and each co-owner singly and separately holds his or her structure (a detached or semi-detached house) through a very long lease. The delineation of boundaries and the maintenance of communal resources relies on self-governance. From the owners’ perspective, how well does the self-governance of cross-lease work, as compared to government regulation of unit titles? Based on preferences revealed by property transactions, cross-lease is found to trade at a price discount of 0.42% per owner relative to unit titles of property of equivalent quality. Moreover, the discount increases with the number of owners sharing the land. Self-governance is, therefore, more costly than government regulation when there are multiple co-owners, making monitoring and conflict resolution difficult.

可以通过细分土地或细分在其上建造的结构来实现更高的土地利用强度。前者避免共有但受地形限制，而后者（例如公寓单位）更有效地使用每个土地单位，但需要管理公共部分。本研究考察了一种混合细分方法，在新西兰称为“交叉租赁”，其中土地是共有的，每个共有者单独和单独地持有他或她的结构（独立式或半独立式住宅），通过很长的租约。边界的划分和公共资源的维护依赖于自治。从业主的角度来看，与政府对单位产权的监管相比，交叉租赁的自治效果如何？根据房产交易显示的偏好，交叉租赁被发现以相对于同等质量财产的单位所有权的 0.42% 的价格折扣交易。此外，折扣随着共享土地的所有者数量而增加。因此，当有多个共同所有者时，自治比政府监管的成本更高，这使得监控和解决冲突变得困难。