We argue that such zoning changes are ineffective methods of preserving agriculture, are exclusionary and unfairly burden a few landowners to provide the public benefit of open space. Farm Bureau went to the expense of providing an innovative low-density cluster alternative for the local planning board that could become a complementary mechanism to the farmland preservation land acquisition program. One of the experts in the case for Farm Bureau argues that equity in farmland for a farmer is akin to an option value. This is similar to stock options paid to employees by companies whose current cash flows are low or even negative. Those employees may work for lower current wages than they would otherwise accept if they are given an asset that appreciates and can turn into cash sometime in the future.
Farmers face similar incentives.
Their proprietor's income can be quite low for the hours put in, so the land value asset's appreciation or expectation thereof often becomes a virtual business incentive. Down-zoning is therefore very threatening in that situation. Mercer Co . He was a nursery business owner for over 60 years and NJ Christmas Tree Grower Association trustee for many years and very highly regarded in the Middlesex County farming community.