10. Billboards – the Highway Beautification Act of 1965 and local laws make developing new billboards extremely difficult if not impossible. This large barrier to entry makes existing billboards very valuable.
There is a large real estate element to billboards; billboards are typically located on leased sites, although sometimes the billboard owner also owns the land.
There are a number of success stories of billboard owners like Artie Moreno, Karl Eller, or Bill Levine generating tremendous wealth from owning billboards.