Unveiling the Power of Value Capture and Land Policies: A Comprehensive Guide to Shaping Sustainable Urban Development

As cities continue to grow and evolve, the need for innovative and sustainable approaches to urban development becomes increasingly pressing. Value capture and land policies offer a powerful toolkit for shaping equitable and thriving urban environments. This comprehensive guide delves into the latest strategies and best practices for capturing land value increments and leveraging them to fund essential infrastructure and public amenities.

Value Capture and Land Policies (Land Policy Series Book 6)

by Jules Witcover

4.6 out of 5

Language	:	English
File size	:	15246 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	455 pages
Lending	:	Enabled

FREE

Understanding Value Capture

Value capture refers to the practice of capturing the increase in land value that results from public investments or policy decisions. This value increment can be captured through various mechanisms, including:

• Taxation: Special assessments, property taxes, or betterment levies that target land value increases.
• Development agreements: Contracts between municipalities and developers that require developers to contribute a portion of their profits to public projects.
• Land value capture: Public acquisition of land at its current value before it appreciates due to public investment, allowing the municipality to capture the value increment.

Land Policies for Sustainable Development

Land policies play a crucial role in guiding urban development towards sustainable outcomes. These policies can include:

• Zoning and land use planning: Regulations that determine permissible land uses and densities, ensuring compatibility and minimizing negative impacts.
• Urban renewal and redevelopment: Programs that revitalize blighted areas through public investment, private partnerships, and community engagement.
• Affordable housing policies: Measures that promote the creation and preservation of affordable housing for low- and moderate-income households.
• Green infrastructure and open space preservation: Policies that protect natural areas, promote biodiversity, and provide recreational opportunities.

Case Studies of Successful Value Capture and Land Policies

Numerous cities worldwide have successfully implemented value capture and land policies to achieve transformative urban development outcomes. Here are a few notable case studies:

• Hong Kong: Land sales and development agreements have played a key role in funding public infrastructure and affordable housing.
• London: The Community Infrastructure Levy captures a portion of land value increases from new developments to fund essential infrastructure.
• Vancouver: Density bonusing and land value capture mechanisms have helped create a more compact and livable city.

Challenges and Future Directions

While value capture and land policies offer significant potential, they also pose certain challenges that need to be addressed. These include:

• Fairness and equity: Ensuring that value capture mechanisms do not disproportionately burden low-income or vulnerable populations.
• Political resistance: Overcoming opposition from landowners and developers who may resist the loss of potential profits.
• Long-term planning: Developing sustainable funding mechanisms that can support long-term infrastructure and amenity needs.

Value capture and land policies are essential tools for shaping sustainable and equitable urban development. By capturing land value increments and using them to fund public investments, cities can create vibrant, inclusive, and economically prosperous environments. This comprehensive guide provides a roadmap for municipalities seeking to harness the power of these policies and create thriving urban communities for the future.

Value Capture and Land Policies (Land Policy Series Book 6)

by Jules Witcover

4.6 out of 5

Language	:	English
File size	:	15246 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	455 pages
Lending	:	Enabled

FREE