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The Public Wealth of Cities - How to Unlock Hidden Assets to Boost Growth and Prosperity (Hardcover)
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The Public Wealth of Cities - How to Unlock Hidden Assets to Boost Growth and Prosperity (Hardcover)
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Mobilizing existing resources to meet the current and future needs
of cities Crumbling streets and bridges. Poorly performing schools
and other social services. These are common themes in cities, which
too often struggle just to keep the lights on, much less make the
long-term investments necessary for future generations. It doesn't
have to be this way. This book by two Swedish experts in public
finance describes a new way of restoring economic vitality and
financial stability to cities, using steps that already have proven
remarkably successful in some cities. The key is unlocking hidden
social, human, and economic wealth in cities. A focus on public
wealth shifts attention and resources from short-term spending to
longer-term investments that can vastly raise the quality of life
for many generations of urban residents. A crucial first step is
gaining a proper understanding of the city's balance sheet-an
understanding that that too many cities now lack. With this in
hand, taxpayers, politicians, and investors can better recognize
the long-term consequences of political decisions and make choices
that mobilize real returns rather than relying on more taxes, debt,
or austerity. Even poor cities own large swathes of poorly utilized
real estate, or they control underperforming utilities and other
commercial assets. Most cities could more than double their
investments with smarter use of these commercial assets. Managing
the city's assets smartly through the authors' proposed Urban
Wealth Funds-at arms-length from short-term political
influence-will enable cities to ramp up much needed infrastructure
investments.
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