For cities and states with big dreams but limited budgets, value capture is quickly emerging as a silver bullet strategy to finance urban development. The premise is simple: cities should recover the value generated by public expenditures from private property owners. Leveraging regulatory tools and public financing instruments—taxation, fees, permits, rights, options, bonds, trust, and local service agreements—cities unlock value in the under-utilized built environment, bolster demand for these assets in the private sector, and reclaim value at a later date. While value capture unites a wide range of urban actors from central and local states to think tanks, development banks, and Keynesian economists, critics argue that in practice value capture is a resource frontier to channel windfall gains. These critiques ultimately call into question the state’s ability to wrestle value back from the private sector and financial markets. At both an empirical and conceptual level, the emergence of value capture interweaves fiscal geographies (Tapp and Kay 2019) with real estate financing (Chen 2019; O’Neill 2018; Tapp 2019; Weber 2016) as the cyclical imperative of devaluing and revaluing property (Knuth et. al 2019) becomes both the means and ends that drive urban futures (Dunning et al. 2019).
To explore the various linkages between public and private finances, this session seeks to bring together scholars and researchers working across the globe on issues related to the promises, operations, and pitfalls of value capture.
|Presenter||Sarah Knuth*, Department of Geography, Durham University, Capturing Green Value? Clean Energy’s Speculative Fiscal Geographies||15||1:30 PM|
|Presenter||Keavy McFadden*, , Robin Wright, University of Minnesota, Tax increment financing (TIF) in Chicago||15||1:45 PM|
|Presenter||Mi Shih*, Rutgers University, What Value Is Captured? Public-Private Dynamics in Zonal Expropriation in Taiwan||15||2:00 PM|
|Presenter||Michelle Padley*, University of North Carolina - Chapel Hill, Constructing Urban Futures in the Military City: Affective Municipal Aspirations and Property Relationships at Brooks, San Antonio.||15||2:15 PM|
|Presenter||Martine Drozdz*, CNRS LATTS UMR8134, The archipelago of value: space, expertise and the politics of land value capture in contemporary Paris||15||2:30 PM|
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