A change in zoning laws affects home prices and when zoning laws for a location change, homes in the area are assigned a lesser or higher per square foot price. Accordingly, you should add to or subtract from the estimated value to get a fair price.
A home in the area zoned for industrial use will become less desirable, which results in a lower price. Therefore, the demand for homes in these areas zoned for industrial purposes declines in general. Similarly, proximity to schools can increase home values and increased distance from schools can lower home values.