New book explores value capture in financing infrastructure, urban development

terça-feira, Maio 8, 2012

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

Specific Applications

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

Potential Extensions

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

ISBN: 978-1-55844-227-6

eISBN: 978-1-55844-237-5

Review copies are available by contacting Anthony Flint at

The Lincoln Institute of Land Policy is a leading resource for key issues concerning the use, regulation, and taxation of land. Providing high-quality education and research, the Institute strives to improve public dialogue and decisions about land policy.

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