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Books > Reference & Interdisciplinary > Interdisciplinary studies > Area / regional studies
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Implementing Value Capture in Latin America - Policies and Tools for Urban Development (Paperback)
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Implementing Value Capture in Latin America - Policies and Tools for Urban Development (Paperback)
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Loot Price R501
Discovery Miles 5 010
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Urbanization in Latin America is associated with strong pressure
for the supply of serviced land, resulting in significant changes
in land values that are distributed unequally among landowners and
other stakeholders. Conventional fiscal policies and instruments
largely neglect how the costs of providing urban infrastructure and
services are socialized, and how their benefits are privatized.
The notion of value capture is to mobilize for the benefit of the
community at large some or all the land value increments (unearned
income or plusvalias) generated by the actions of others besides
the landowner, such as from public investments in infrastructure or
administrative changes in land use norms and regulations. Many
countries in Latin America, notably Brazil and Colombia, have
passed legislation that supports value capture principles, and some
jurisdictions have applied this potentially powerful financing
mechanism by using a variety of locally adapted tools and
instruments.
This discussion of the concept of value capture explains its
justification and increasing popularity, provides a brief review of
its antecedents in Latin America and elsewhere around the world,
and illustrates its many forms and longstanding presence in the
urban planning agenda. The reasons for its growing popularity are
manifold: regional economic stabilization and fiscal
decentralization; more progressive strategies for urban planning
and management; re-democratization, increased social awareness, and
demands for equitable public policy responses; changing attitudes
toward privatization and public-private partnerships; the influence
of multilateral agencies; and pragmatic considerations to capture
land value increments to raise funds for local community needs.
The report examines a variety of specific instruments and
applications in municipalities throughout the region under three
categories: property taxation and betterment contributions;
exactions and other direct negotiations for charges for building
rights or the transfer of development rights; and large-scale
approaches such as development of public land through privatization
or acquisition, land readjustment, and public auctions of bonds for
purchasing building rights. It concludes with a summary of lessons
learned and recommends steps that can be taken in three spheres:
Learn from Implementation Experiences: While value capture charges
in theory are neutral regarding land use and should fall entirely
on landowners, in practice successful implementation demands
management skills to deal with many complex factors and diverse
stakeholders. In addition it requires proper understanding of land
market conditions, comprehensive property monitoring systems, a
fluid dialogue among fiscal, planning, and judicial entities, and
the political resolve of local government leaders.
Increase Knowledge about Theory and Practice: Conducting research,
documenting and disseminating implementation experiences, and
providing evidence about how value capture policies work on the
ground are essential to overcome the disjunction between rhetoric
and practice and to change the behavior and attitudes of public
officials, landowners, and the community at large.
Promote Greater Public Understanding and Participation: Land value
increments are captured more successfully from landowners and other
stakeholders who perceive they are receiving greater benefits from
a public intervention than those accruing from business as usual.
Furthermore, value capture tools are more likely to succeed when
used to solve a locally recognized problem.
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