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Value capture: Difference between revisions
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[[File:Everybody-works-but-the-vacant-lot.jpg|thumb|right|600px|Everybody-works-but-the-vacant-lot.jpg]] '''Value capture''' is a type of [https://en.wikipedia.org/wiki/Public_financing public financing] that recovers some or all of the value that [https://en.wikipedia.org/wiki/Public_infrastructure public infrastructure] such as transit generates for private landowners. The concept may also be applied more generally to methods of capturing the value gain that result from [[Upzoning|upzoning]] or any change in the environment that is not attributed to actions of the landowner -- this is also called [[Land_value_tax|Land value tax]].
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== Description ==
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== Application to proposed California legislation [[SB827|SB 827]], Transit Zoning Bill ==
Schweitzer, Lisa. "[https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/ What I’d fix about SB827, aka that white paper has sooooooo been written already]." 02/09/2018. <br/> [https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. ]
<blockquote>'''''"Since we are with
on general idea of taxing land value, Schweitzer notes:
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"Value capture is not one thing but a bundle of tools that raise revenue by capturing the value generated by public infrastructure improvements and/or a strong or strengthening real estate market. Value capture can entail the creation of a new assessment, tax, or fee (such as a special localized tax or development impact fee), the diversion of new revenues generated by an existing tax (as in tax increment financing), or a revenue-sharing agreement that allows a government agency to share in some of the revenues generated by developing publicly owned land (known as joint development).
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Dean J. Misczynski, Dean J. "[https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf Special Assessments in California: 35 Years of Expansion and Restriction]." <br/> in: Ingram, Gregory K., and Yu-Hung Hong, editors (2012). "Value Capture and Land Policies: Proceedings of the 2011 Land Policy Conference." Lincoln Institute of Land Policy, 2012. <br/>
<blockquote>'''''From [https://www.fhwa.dot.gov/ipd/value_capture/ FHWA here.]'''''</blockquote>
Federal Highway Administration. "[https://www.fhwa.dot.gov/ipd/value_capture/ Value Capture]" (web site section). [https://www.fhwa.dot.gov/ipd/value_capture/ https://www.fhwa.dot.gov/ipd/value_capture/].<br/> Subsections:
*Value Capture Defined
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*Value Capture A-Z<br/>
<blockquote>'''''[https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover We might, for example, just tweak this approach a bit.]'''''</blockquote>
[California's new Enhanced Infrastructure Funding District (EIFD) system.
Kaufman, Rachel. "[https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover New California Financing Twist Could Help L.A. River Makeover]." ''Next City'', FEBRUARY 5, 2015.<br/> [https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover].<br/>
<blockquote>'''''[http://www.draconsultants.com/aff-taxinc.html Some private consultants have been working on this VERY IDEA in affordable housing!]'''''</blockquote>
David Paul Rosen & Associates. "[http://www.draconsultants.com/aff-taxinc.html Tax Increment Financing]."
David Paul Rosen (2011). "[http://www.draconsultants.com/pdf/CRA-CalALHFA_DR_Keynote_102511.pdf Out of the Wreckage: A New Agenda for Affordable Housing in California]." <br/> California Housing Conference: CRA/CalALHFA - Keynote Address). See slide 45 onward for value-capture proposal - proposed successor system to Redevelopment Agencies. <br/>
<blockquote>'''''[https://en.wikipedia.org/wiki/Value_capture OH BOY OH BOY IT’S GOT ITS OWN WIKIPEDIA PAGE!! ](A little light; David L, go fix it. )'''''</blockquote>
[https://en.wikipedia.org/wiki/Value_capture https://en.wikipedia.org/wiki/Value_capture].
'''"Value capture''' is a type of [https://en.wikipedia.org/wiki/Public_financing public financing] that recovers some or all of the value that [https://en.wikipedia.org/wiki/Public_infrastructure https://en.wikipedia.org/wiki/Public_infrastructure] public infrastructure generates for private landowners.<br/> <br/> Public investments, such as building transportation or sewer facilities, can increase adjacent land values, generating an unearned profit for private landowners. The unearned value (increases in land value which otherwise profit private landowners cost-free) may be "captured" directly by converting them into public revenue (see [https://en.wikipedia.org/wiki/Georgism Georgism]). Thus, value capture internalizes the positive [https://en.wikipedia.org/wiki/Externalities externalities] of public investments, allowing public agencies to tax the direct beneficiaries of their investments.<br/>
<blockquote>'''''[https://www.planetizen.com/news/2018/01/96983-value-capture-takes-prominent-controversial-role-fixing-new-york-subway New York City is eyeballing it.]'''''</blockquote>
Irvin Dawid. "[https://www.planetizen.com/news/2018/01/96983-value-capture-takes-prominent-controversial-role-fixing-new-york-subway Value Capture Takes Prominent but Controversial Role in Fixing New York Subway]." ''Planetizen, ''January 31, 2018.<br/> "Value capture, collecting tax increment from subway adjacent properties to help provide money needed to repair the 114-year old subway system, is proposed by New York Gov. Andrew Cuomo and opposed by the New York City Mayor Bill de Blasio."
"Value capture is “the solution of the moment,” said [http://pfnyc.org/our-organization/leadership/ Kathryn S. Wylde], the president and chief executive of the [http://pfnyc.org/ Partnership for New York City], an influential group of business leaders."<br/>
<blockquote>'''''And of course, the very [http://www.vtpi.org/smith.pdf nice VTPI Report from Jeffery J. Smith and Thomas A. Gihring, which is a GIGANTICALLY LARGE annotated bibliography]. '''''</blockquote>
Jeffery J. Smith and Thomas A. Gihring, with Todd Litman. "[http://www.vtpi.org/smith.pdf Financing Transit Systems Through Value Capture: An Annotated Bibliography]." Victoria Transport Policy Institute, 27 February 2017.
"This paper summarizes the findings of more than 100 studies concerning the impacts transit service has on nearby property values, and the feasibility of capturing a portion of the incremental value to finance transit improvements. The results indicate that proximity to transit<br/> often increases property values enough to offset some or all of transit system capital costs."<br/> A shorter version of this paper was published as,<br/> “Financing Transit Systems Through Value Capture: An Annotated Bibliography.” ''American Journal of Economics and Sociology'', Volume 65, Issue 3, July 2006, p. 751. <br/>
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*Center for Transit-Oriented Development. "[http://www.reconnectingamerica.org/resource-center/books-and-reports/2008/capturing-the-value-of-transit-3/ Capturing the Value of Transit]." November 19, 2008<br/> [http://www.reconnectingamerica.org/resource-center/books-and-reports/2008/capturing-the-value-of-transit-3/ http://www.reconnectingamerica.org/resource-center/books-and-reports/2008/capturing-the-value-of-transit-3/].<br/> The Center for TOD is a partnership of the national nonprofit Reconnecting America, the Center for Neighborhood Technology, and Strategic Economics, an urban economics firm in Berkeley, CA.<br/>
*Center for Transportation Studies, University of Minnesota. "[ttp://www.cts.umn.edu/research/featured/value-capture Value Capture for Transportation Finance]." 2008-2010. [http://www.cts.umn.edu/research/featured/value-capture http://www.cts.umn.edu/research/featured/value-capture].<br/>
*Dawid, Irvin. "[https://www.planetizen.com/news/2018/01/96983-value-capture-takes-prominent-controversial-role-fixing-new-york-subway Value Capture Takes Prominent but Controversial Role in Fixing New York Subway]." ''Planetizen, ''January 31, 2018.<br/> "Value capture, collecting tax increment from subway adjacent properties to help provide money needed to repair the 114-year old subway system, is proposed by New York Gov. Andrew Cuomo and opposed by the New York City Mayor Bill de Blasio.<br/> [https://www.planetizen.com/news/2018/01/96983-value-capture-takes-prominent-controversial-role-fixing-new-york-subway. https://www.planetizen.com/news/2018/01/96983-value-capture-takes-prominent-controversial-role-fixing-new-york-subway. ]<br/>
*George, Henry. ''Progress and Poverty. ''1879. [http://www.econlib.org/library/YPDBooks/George/grgPPCover.html http://www.econlib.org/library/YPDBooks/George/grgPPCover.html].<br/>
*Goldman, Michael. "[https://www.theurbanist.org/2017/10/17/affordable-housing-platform-seattle/ An Affordable Housing Platform for Seattle]." ''The Urbanist, ''October 17, 2017.<br/> [https://www.theurbanist.org/2017/10/17/affordable-housing-platform-seattle/ https://www.theurbanist.org/2017/10/17/affordable-housing-platform-seattle/]<br/> ''"3. Capture land capital gains by charging a fee on development so that it scales with the value of the land. Then put those fees into non-profit housing development."''<br/>
*Ingram, Gregory K., and Yu-Hung Hong, editors (2012). "Value Capture and Land Policies: Proceedings of the 2011 Land Policy Conference." Lincoln Institute of Land Policy, 2012. <br/> ▼
▲Ingram, Gregory K., and Yu-Hung Hong, editors (2012). "Value Capture and Land Policies: Proceedings of the 2011 Land Policy Conference." Lincoln Institute of Land Policy, 2012.
*Kaufman, Rachel. "[https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover New California Financing Twist Could Help L.A. River Makeover]." ''Next City. ''FEBRUARY 5, 2015.<br/> [https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover. https://nextcity.org/daily/entry/new-california-funding-tool-eifd-financing-la-river-makeover. ]<br/> on EIFDs (Enhanced Infrastructure Funding Districts).<br/>
*David M. Levinson and Emilia Istrate. "[https://www.brookings.edu/wp-content/uploads/2016/06/0428_transportation_funding_levinson_istrate.pdf Access for Value: Financing Transportation Through Land Value Capture]." ''Brookings, ''April 2011. <br/> [https://www.brookings.edu/wp-content/uploads/2016/06/0428_transportation_funding_levinson_istrate.pdf https://www.brookings.edu/wp-content/uploads/2016/06/0428_transportation_funding_levinson_istrate.pdf].<br/>
*Levinson, David. "[https://www.citylab.com/transportation/2014/06/how-to-make-mass-transit-financially-sustainable-once-and-for-all/372209/ How to Make Mass Transit Financially Sustainable Once and for All]." CityLab, JUN 5, 2014.<br/> [https://www.citylab.com/transportation/2014/06/how-to-make-mass-transit-financially-sustainable-once-and-for-all/372209/ https://www.citylab.com/transportation/2014/06/how-to-make-mass-transit-financially-sustainable-once-and-for-all/372209/].<br/>
*David Paul Rosen & Associates. "[http://www.draconsultants.com/aff-taxinc.html Tax Increment Financing]." web site, accessed 10 Feb 2018. [http://www.draconsultants.com/aff-taxinc.html http://www.draconsultants.com/aff-taxinc.html].<br/>
*Manville, Michael, Paavo Monkkonen, and Michael Lens (2017). "[http://www.latimes.com/opinion/op-ed/la-oe-manville-monkonnen-linkage-fee-20170719-story.html A better way to solve the housing crisis—tax land, not development]." ''LA Times, ''JUL 19, 2017. [http://www.latimes.com/opinion/op-ed/la-oe-manville-monkonnen-linkage-fee-20170719-story.html http://www.latimes.com/opinion/op-ed/la-oe-manville-monkonnen-linkage-fee-20170719-story.html].<br/>
*Misczynski, Dean J. (2012). "S[https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf pecial Assessments in California: 35 Years of Expansion and Restriction]." In [Ingram and Hong, 2012].<br/> [https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf.
*Rosen, David Paul (2011). "[http://www.draconsultants.com/pdf/CRA-CalALHFA_DR_Keynote_102511.pdf Out of the Wreckage: A New Agenda for Affordable Housing in California.]" <br/> California Housing Conference: CRA/CalALHFA - Keynote Address). <br/> [http://www.draconsultants.com/pdf/CRA-CalALHFA_DR_Keynote_102511.pdf http://www.draconsultants.com/pdf/CRA-CalALHFA_DR_Keynote_102511.pdf].<br/> See slide 45 onward for value-capture proposal - proposed successor system to Redevelopment Agencies. <br/>
*Schweitzer, Lisa. "[https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/ What I’d fix about SB827, aka that white paper has sooooooo been written already]." 02/09/2018. <br/> [https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. ]<br/> ▼
▲Misczynski, Dean J. (2012). "S[https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf pecial Assessments in California: 35 Years of Expansion and Restriction]." In [Ingram and Hong, 2012].<br/> [https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf. https://www.lincolninst.edu/sites/default/files/pubfiles/special-assessment-california_0.pdf. ]
*Southern California Association of Governments. "Value Capture" [section on web site]. [http://iff.scag.ca.gov/Pages/ValueCapture.aspx http://iff.scag.ca.gov/Pages/ValueCapture.aspx]. Accessed 10 Feb 2018.<br/> ▼
*Smith, Jeffery J. and Thomas A. Gihring, with Todd Litman. "[http://www.vtpi.org/smith.pdf Financing Transit Systems Through Value Capture: An Annotated Bibliography]." Victoria Transport Policy Institute, 27 February 2017.<br/> [http://www.vtpi.org/smith.pdf http://www.vtpi.org/smith.pdf].<br/>
▲*Schweitzer, Lisa. "[https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/ What I’d fix about SB827, aka that white paper has sooooooo been written already]." 02/09/2018. <br/> [https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. https://lisaschweitzer.com/2018/02/09/what-id-fix-about-sb827-aka-that-white-paper-has-sooooooo-been-written-already/. ]
*Strategic Economics (2017). "[http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf Expanding the Use of Value Capture for Transportation and TOD in Massachusetts]." <br/> January 20, 2017. [http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf].<br/> prepared for Metropolitan Planning Area Council (MAPC), City of Somerville, Barr Foundation, A Better City.<br/>
▲Southern California Association of Governments. "Value Capture" [section on web site]. [http://iff.scag.ca.gov/Pages/ValueCapture.aspx http://iff.scag.ca.gov/Pages/ValueCapture.aspx]. Accessed 10 Feb 2018.
▲Strategic Economics (2017). "[http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf Expanding the Use of Value Capture for Transportation and TOD in Massachusetts]." <br/> January 20, 2017. [http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf http://www.mapc.org/wp-content/uploads/2017/09/MAPCValueCaptureExecSumm.pdf].<br/> prepared for Metropolitan Planning Area Council (MAPC), City of Somerville, Barr Foundation, A Better City.<br/> "The study examines the Commonwealth’s current value capture tools, drawing on examples from around the country, as well as interviews with 35 state, regional and local officials. The study also considers the potential for value capture through five case studies of transportation and TOD projects currently planned or underway in Massachusetts. Based on this research, the study recommends a number of ways in which Massachusetts laws, policies, and regulations could be changed in order to encourage broader use of value capture for transportation and TOD infrastructure generally, with a special focus on transit.
*Transportation Research Board (2016). "[http://www.trb.org/TCRP/Blurbs/175203.aspx Guide to Value Capture Financing for Public Transportation Projects]."<br/> [http://www.trb.org/TCRP/Blurbs/175203.aspx http://www.trb.org/TCRP/Blurbs/175203.aspx]. DOI: 10.17226/23682.<br/>
*Wikipedia. "[https://en.wikipedia.org/wiki/Value_capture Value capture]." accessed 9 Feb 2018. [https://en.wikipedia.org/wiki/Value_capture. https://en.wikipedia.org/wiki/Value_capture. ]<br/>
*Zhao, Zhirong, Michael Iacono, AdeelLari, and David Levinson (2012). "[https://doi.org/10.1016/j.sbspro.2012.06.1023 Value Capture for Transportation Finance]." Procedia - Social and Behavioral Sciences, Volume 48, 2012, Pages 435-448. Open Access. <br/> [https://doi.org/10.1016/j.sbspro.2012.06.1023 https://doi.org/10.1016/j.sbspro.2012.06.1023].
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