There is a local public park in Parramatta on which a developer wishes to build a giant block of flats (at an economic p

[answerhappygod]

There is a local public park in Parramatta on which a developerwishes to build a giant block of flats (at an economic profit). Thepark land is owned by Parramatta City Council. The Council iscontemplating whether to sell the park to the developer. If theCouncil sold the land to the developer, it could use the revenue topurchase new street-lights and to fix footpaths in the surroundingarea. Residents who live in houses around the park complain. Theysay that they enjoy the park as it is. Furthermore, they say thatthe block of flats would be too big and ugly and would result intraffic congestion in the nearby streets, which would depress themarket value of their own houses. Is there a Coase Theorem solutionto this problem?