Preserving the past is a worthy goal. But like all worthy goals, it also represents a tradeoff, with costs and benefits that must be weighed in the balance. Ignoring property rights, the role of incentives and the principles of due process—which forbid vague laws—blinds both politicians and voters to the cost side of the equation. That tends to benefit the politically powerful at the expense of less influential property owners—and of consumers who would benefit from new and more innovative construction. Without legal checks and balances, historic preservation can not only stifle new building and improvement, but even obstruct the goal of preservation itself.
