For immediate release
Contact: Anthony Flint 617-503-2116
CAMBRIDGE, Mass. (May 11, 2012) – A new conference volume published by the Lincoln Institute of Land Policy is a comprehensive survey of the concept of value capture -- engaging the private sector to help finance infrastructure and related urban development projects in anticipation of the resulting increases in property values.
Value Capture and Land Policies examines the increasing use of value capture in the U.S. and around the world, based on the proceedings of the 6th Annual Land Policy Conference held in Cambridge in May 2011.
Attention to value capture as a source of public revenue has grown in the United States and internationally as some governments experience deteriorating facilities and declines in revenue from traditional sources while others face rapid urban population growth and related large investment requirements in public infrastructure.
Privately funded improvements by land-owners can increase the value of their land and property. Public actions, such as investments in infrastructure, the provision of public services, and planning and land use regulation, can also affect the value of land and property. Value capture is a means to realize as public revenue some portion of that publicly generated increase in value through various revenue-raising instruments.
The first section of the book examines the conceptual framework and history of value capture and reviews its relationship to compensation for partial takings, the long history of value capture policies in Britain and France, and the remarkable expansion of tax increment financing in California.
The second section reviews the application of particular instruments of value capture, including the conversion of rural-to-urban land in China, town planning schemes in India, and community benefit agreements in the U.S. The third section focuses on ends instead of means and examines the use of value capture by community land trusts to provide affordable housing, the use of land development to finance transit, and the use of various fees to fund airports. The final section explores potential extensions of value capture mechanisms to tax-exempt nonprofits and to the management of state trust lands in the United States.
Land Value Capture: Types and Outcomes, Gregory K. Ingram and Yu-Hung Hong
Conceptual Frameworks and Historical Experiences
Land Value Capture and Justice, Susan S. Fainstein
Takings and Givings: The Analytics of Land Value Capture and Its Symmetries with Takings Compensation, Perry Shapiro; Commentary, Henry E. Smith
The Unearned Increment: Property and the Capture of Betterment Value in Britain and France, Philip A. Booth; Commentary, Louis G. H. Albrechts
Special Assessments in California: 35 Years of Expansion and Restriction, Dean J. Misczynski; Commentary, Carol E. Heim
Land Value Capture Instruments
Collecting Land Value Through Public Land Leasing, John E. Anderson; Commentary, Guanzhong James Wen
A Better Way to Grow?: Town Planning Schemes as a Hybrid Readjustment Process in Ahmedabad, India, Bishwapriya Sanyal and Chandan Deuskar; Commentary, Bipasha Baruah
To What Extent Are Property-Related Taxes Effective Value Capture Instruments?, Lawrence C. Walters; Commentary, Jay K. Rosengard
Community Benefits Agreements in a Value Capture Context, Laura Wolf-Powers; Commentary, Julian A. Gross
Science Parks and Land Value Capture, Michael I. Luger and Justyna Dabrowska; Commentary, Weiping Wu
The Affordability Challenge: Inclusionary Housing and Community Land Trusts in a Federal System, Richard P. Voith and Susan M. Wachter; Commentary, Rachel G. Bratt
Transit Value Capture: New Town Codevelopment Models and Land Market Updates in Tokyo and Hong Kong, Jin Murakami; Commentary, Zhirong Jerry Zhao
Airport Improvement Fees, Benefit Spillovers, and Land Value Capture Mechanisms, Anming Zhang; Commentary, Jeffrey P. Cohen
Assessing the Nonprofit Property Tax Exemption: Should Nonprofit Entities Be Taxed for Using Local Public Goods?, Joseph J. Cordes; Commentary, Woods Bowman
Experimenting with Land Value Capture on Western State Trust Land, Susan K. Culp and Dan W. Hunting; Commentary, Amy W. Ando
About the editors
Gregory K. Ingram is president and CEO of the Lincoln Institute of Land Policy and co-chair of the Department of International Studies.
Yu-Hung Hong is a fellow at the Lincoln Institute of Land Policy and a visiting assistant professor at Massachusetts Institute of Technology.
Value Capture and Land Policies
Edited by Gregory K. Ingram and Yu-Hung Hong
May 2012/480 pages/Paper/$30.00
Review copies are available by contacting Anthony Flint at firstname.lastname@example.org.
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