You own a piece of undeveloped land on the outskirts of a large city. The land is zoned for agriculture but you purchased the land last year for $1 million with the expectation that it would be rezoned for residential construction. What would be the impact of the following events on the value of the land?

a. The government decides the land is in an ecologically sensitive area and passes a law the it must remain as green space (undeveloped land).

b. The government agrees to rezone the land for residential development.

c. A large land development company begins buying land in the area.