Recognizing, Capturing, and Distributing Value

Authors: Minjee Kim*, Florida State University
Topics: Urban and Regional Planning, Land Use
Keywords: Value capture, real estate, land use
Session Type: Virtual Paper
Presentation File: No File Uploaded

A myriad of public interventions, spanning from direct infrastructure investments to regulatory reliefs, can add value to real estate development opportunities. However, the questions of how much value is being created and who should benefit from this value increase are deeply contested issues, answers to which are influenced by politics (McAllister, Street, & Wyatt, 2016; Weber 2019; Wolf-Powers, 2020), culture (Dunning et al., 2019), and legal institutions (Booth, 2012; Muñoz-Gielen, 2014; Calavita & Mallach, 2009).

I analyze how the key actors involved in land use and development decision-making perceive value capture opportunities. I use Citrus County, Florida as a case, where the Suncoast Parkway is being extended through the County, potentially unlocking the development value of the County’s predominantly rural, agricultural land. I ask how the actors involved in the respective policy discussion understand the value that’s being created and who should benefit from the value increase. I also ask whether these opportunities are being framed as value capture opportunities and if not, why. The analytic focus of this investigation is not only on understanding the perceptions, ideas, and values of those involved in decision-making, but also the institutions--such as local politics, planning culture, regulatory regimes, and analytical tools--shape their perceptions, ideas, and values. Ultimately, the goal is to identify the ways in which the public discourse around value capture can be altered so that value capture can be used as a tool to further social justice, responding to Fainstein’s call (2010; 2012).

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