IDEAS home Printed from https://ideas.repec.org/a/eee/lauspo/v114y2022ics0264837721006797.html
   My bibliography  Save this article

Bridging land value capture with land rent narratives

Author

Listed:
  • Vejchodská, Eliška
  • Barreira, Ana Paula
  • Auziņš, Armands
  • Jürgenson, Evelin
  • Fowles, Steven
  • Maliene, Vida

Abstract

Urban land values have reached unprecedented levels in many parts of the world. Many scholars direct their research on their utilisation for public purposes. Two established research communities can be traced – the community referring to land value capture comprised mainly of urban planners and lawyers, and the community of economists discussing land rent. The relatively low level of interrelations between these communities prevents an effective sharing of their research outcomes. This contribution seeks to strengthen interconnections between these communities by characterising the narratives of both research communities, and synthesising their views.

Suggested Citation

  • Vejchodská, Eliška & Barreira, Ana Paula & Auziņš, Armands & Jürgenson, Evelin & Fowles, Steven & Maliene, Vida, 2022. "Bridging land value capture with land rent narratives," Land Use Policy, Elsevier, vol. 114(C).
    • Handle: RePEc:eee:lauspo:v:114:y:2022:i:c:s0264837721006797
    DOI: 10.1016/j.landusepol.2021.105956
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0264837721006797
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.landusepol.2021.105956?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Cheshire, Paul & Sheppard, Stephen, 2002. "The welfare economics of land use planning," Journal of Urban Economics, Elsevier, vol. 52(2), pages 242-269, September.
    2. Leggett, Christopher G. & Bockstael, Nancy E., 2000. "Evidence of the Effects of Water Quality on Residential Land Prices," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 121-144, March.
    3. Demetrio Muñoz Gielen & Sander Lenferink, 2018. "The role of negotiated developer obligations in financing large public infrastructure after the economic crisis in the Netherlands," European Planning Studies, Taylor & Francis Journals, vol. 26(4), pages 768-791, April.
    4. Satya Sai Kumar Jillella & Annie Matan & Peter Newman, 2015. "Participatory Sustainability Approach to Value Capture-Based Urban Rail Financing in India through Deliberated Stakeholder Engagement," Sustainability, MDPI, vol. 7(7), pages 1-25, June.
    5. Richard Arnott & Petia Petrova, 2006. "The Property Tax as a Tax on Value: Deadweight Loss," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 13(2), pages 241-266, May.
    6. Albouy, David & Ehrlich, Gabriel, 2018. "Housing productivity and the social cost of land-use restrictions," Journal of Urban Economics, Elsevier, vol. 107(C), pages 101-120.
    7. Ryan-Collins, Josh & Lloyd, Toby & Macfarlane, Laurie, 2017. "Rethinking the Economics of Land and Housing," University of Chicago Press Economics Books, University of Chicago Press, number 9781786991195, Febrero.
    8. Edward Glaeser & Joseph Gyourko, 2018. "The Economic Implications of Housing Supply," Journal of Economic Perspectives, American Economic Association, vol. 32(1), pages 3-30, Winter.
    9. Hu, Yingjie & Lu, Bin & Wu, Jiayu, 2019. "Value capture in industrial land renewal under the public leasehold system: A policy comparison in China," Land Use Policy, Elsevier, vol. 84(C), pages 59-69.
    10. Christian A. L. Hilber, 2017. "The Economic Implications of House Price Capitalization: A Synthesis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 45(2), pages 301-339, April.
    11. Rebelo, Emília Malcata, 2017. "Land betterment capture revisited: A methodology for territorial plans," Land Use Policy, Elsevier, vol. 69(C), pages 392-407.
    12. Gyourko, Joseph & Molloy, Raven, 2015. "Regulation and Housing Supply," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 1289-1337, Elsevier.
    13. Hughes, Cathy & Sayce, Sarah & Shepherd, Edward & Wyatt, Pete, 2020. "Implementing a land value tax: Considerations on moving from theory to practice," Land Use Policy, Elsevier, vol. 94(C).
    14. Paul Cheshire, 2018. "Broken Market or Broken Policy? The Unintended Consequences of Restrictive Planning," National Institute Economic Review, National Institute of Economic and Social Research, vol. 245(1), pages 9-19, August.
    15. Samuelson, Paul A, 1983. "Thunen at Two Hundred," Journal of Economic Literature, American Economic Association, vol. 21(4), pages 1468-1488, December.
    16. Matthias Kalkuhl & Ottmar Edenhofer, 2017. "Ramsey meets Thünen: the impact of land taxes on economic development and land conservation," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 24(2), pages 350-380, April.
    17. Marco Gonzalez-Navarro & Climent Quintana-Domeque, 2016. "Paving Streets for the Poor: Experimental Analysis of Infrastructure Effects," The Review of Economics and Statistics, MIT Press, vol. 98(2), pages 254-267, May.
    18. Janine Aron & John V. Duca & John Muellbauer & Keiko Murata & Anthony Murphy, 2012. "Credit, Housing Collateral, And Consumption: Evidence From Japan, The U.K., And The U.S," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(3), pages 397-423, September.
    19. Jan K. Brueckner, 2000. "Urban Sprawl: Diagnosis and Remedies," International Regional Science Review, , vol. 23(2), pages 160-171, April.
    20. David Moher & Alessandro Liberati & Jennifer Tetzlaff & Douglas G Altman & The PRISMA Group, 2009. "Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement," PLOS Medicine, Public Library of Science, vol. 6(7), pages 1-6, July.
    21. H. William Batt, 2001. "Value Capture as a Policy Tool in Transportation Economics: An Exploration in Public Finance in the Tradition of Henry George," American Journal of Economics and Sociology, Wiley Blackwell, vol. 60(1), pages 195-228, January.
    22. Medda, Francesca, 2012. "Land value capture finance for transport accessibility: a review," Journal of Transport Geography, Elsevier, vol. 25(C), pages 154-161.
    23. Crook, Tony & Whitehead, Christine M E, 2019. "Capturing development value, principles and practice: why is it so difficult?," LSE Research Online Documents on Economics 101263, London School of Economics and Political Science, LSE Library.
    24. María Jesús Gozalvo Zamorano & Demetrio Muñoz Gielen, 2017. "Non-Negotiable Developer Obligations in the Spanish Land Readjustment: An Effective Passive Governance Approach that ‘de facto’ Taxes Development Value?," Planning Practice & Research, Taylor & Francis Journals, vol. 32(3), pages 274-296, May.
    25. Jeffery J. Smith & Thomas A. Gihring, 2006. "Financing Transit Systems Through Value Capture," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 751-786, July.
    26. Banzhaf, H. Spencer & Lavery, Nathan, 2010. "Can the land tax help curb urban sprawl? Evidence from growth patterns in Pennsylvania," Journal of Urban Economics, Elsevier, vol. 67(2), pages 169-179, March.
    27. McAllister, Pat & Shepherd, Edward & Wyatt, Peter, 2018. "Policy shifts, developer contributions and land value capture in London 2005–2017," Land Use Policy, Elsevier, vol. 78(C), pages 316-326.
    28. John Muellbauer & Anthony Murphy, 2008. "Housing markets and the economy: the assessment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 1-33, spring.
    29. Dekle, Robert & Eaton, Jonathan, 1999. "Agglomeration and Land Rents: Evidence from the Prefectures," Journal of Urban Economics, Elsevier, vol. 46(2), pages 200-214, September.
    30. Foldvary, Fred Emanuel & Minola, Luca Andrea, 2017. "The taxation of land value as the means towards optimal urban development and the extirpation of excessive economic inequality," Land Use Policy, Elsevier, vol. 69(C), pages 331-337.
    31. Laure Latruffe & Chantal Le Mouël, 2009. "Capitalization Of Government Support In Agricultural Land Prices: What Do We Know?," Journal of Economic Surveys, Wiley Blackwell, vol. 23(4), pages 659-691, September.
    32. Paul C. Cheshire, 2013. "Land market regulation: market versus policy failures," Journal of Property Research, Taylor & Francis Journals, vol. 30(3), pages 170-188, September.
    33. David Albouy, 2016. "What Are Cities Worth? Land Rents, Local Productivity, and the Total Value of Amenities," The Review of Economics and Statistics, MIT Press, vol. 98(3), pages 477-487, July.
    34. Richard J. Arnott & Joseph E. Stiglitz, 1979. "Aggregate Land Rents, Expenditure on Public Goods, and Optimal City Size," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 93(4), pages 471-500.
    35. Linus Mattauch & Jan Siegmeier & Ottmar Edenhofer & Felix Creutzig, 2018. "Financing Public Capital When Rents Are Back: A Macroeconomic Henry George Theorem," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 74(3), pages 340-360, September.
    36. Beatriz Cuenya, 2019. "Planning Approaches to the Management of Land Value Increments in Argentina," Planning Practice & Research, Taylor & Francis Journals, vol. 34(4), pages 406-418, August.
    37. Sun, Jun & Chen, Tian & Cheng, Zuchen & Wang, Cynthia C. & Ning, Xin, 2017. "A financing mode of Urban Rail transit based on land value capture: A case study in Wuhan City," Transport Policy, Elsevier, vol. 57(C), pages 59-67.
    38. Wallace E. Oates & William A. Fischel, 2016. "Are Local Property Taxes Regressive, Progressive, or What?," National Tax Journal, National Tax Association;National Tax Journal, vol. 69(2), pages 415-434, June.
    39. Ihlanfeldt, Keith R. & Shaughnessy, Timothy M., 2004. "An empirical investigation of the effects of impact fees on housing and land markets," Regional Science and Urban Economics, Elsevier, vol. 34(6), pages 639-661, November.
    40. Marcus Enoch & Stephen Potter & Stephen Ison, 2005. "A Strategic Approach to Financing Public Transport Through Property Values," Public Money & Management, Taylor & Francis Journals, vol. 25(3), pages 147-154, June.
    41. Stephen Gibbons & Stephen Machin, 2008. "Valuing school quality, better transport, and lower crime: evidence from house prices," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 99-119, spring.
    42. Glaeser, Edward L, 1996. "The Incentive Effects of Property Taxes on Local Governments," Public Choice, Springer, vol. 89(1-2), pages 93-111, October.
    43. Quigley, John M., 2007. "Regulation and Property Values in the United States: The High Cost of Monopoly," Berkeley Program on Housing and Urban Policy, Working Paper Series qt5692w323, Berkeley Program on Housing and Urban Policy.
    44. Christopher D. Higgins & Pavlos S. Kanaroglou, 2016. "Forty years of modelling rapid transit’s land value uplift in North America: moving beyond the tip of the iceberg," Transport Reviews, Taylor & Francis Journals, vol. 36(5), pages 610-634, September.
    45. Joseph E. Stiglitz, 2015. "The Origins of Inequality, and Policies to Contain It," National Tax Journal, National Tax Association;National Tax Journal, vol. 68(2), pages 425-448, June.
    46. William S. Vickrey, 2001. "Site Value Taxes and the Optimal Pricing of Public Services," American Journal of Economics and Sociology, Wiley Blackwell, vol. 60(5), pages 85-96, November.
    47. Chang, Zheng & Phang, Sock-Yong, 2017. "Urban rail transit PPPs: Lessons from East Asian cities," Transportation Research Part A: Policy and Practice, Elsevier, vol. 105(C), pages 106-122.
    48. Sharma, Rohit & Newman, Peter, 2018. "Can land value capture make PPP's competitive in fares? A Mumbai case study," Transport Policy, Elsevier, vol. 64(C), pages 123-131.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Nikos Karadimitriou & Sonia Guelton & Athanasios Pagonis & Silvia Sousa, 2022. "Public Value Capture, Climate Change, and the 'Infrastructure Gap' in Coastal Development: Examining Evidence from France and Greece [Captation de valeur foncière, changement climatique et le "," Post-Print halshs-03690708, HAL.
    2. Nikos Karadimitriou & Sonia Guelton & Athanasios Pagonis & Silvia Sousa, 2022. "Public Value Capture, Climate Change, and the ‘Infrastructure Gap’ in Coastal Development: Examining Evidence from France and Greece," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    3. Gao, Fugang & Ma, Xianlei & van der Krabben, Erwin & Ploegmakers, Huub & Shi, Xiaoping, 2022. "Causes of industrial land-use regulations in China: A share tenancy perspective," Land Use Policy, Elsevier, vol. 122(C).
    4. Jean-Marie Halleux & Berit Irene Nordahl & Małgorzata Barbara Havel, 2022. "Spatial Efficiency and Socioeconomic Efficiency in Urban Land Policy and Value Capturing: Two Sides of the Same Coin?," Sustainability, MDPI, vol. 14(21), pages 1-20, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Richters, Oliver & Siemoneit, Andreas, 2021. "Making markets just: Reciprocity violations as key intervention points," ZOE Discussion Papers 7, ZOE. institute for future-fit economies, Bonn.
    2. Wang, Weifang & van Noorloos, Femke & Spit, Tejo, 2020. "Stakeholder power relations in Land Value Capture: comparing public (China) and private (U.S.) dominant regimes," Land Use Policy, Elsevier, vol. 91(C).
    3. Richters, Oliver & Siemoneit, Andreas, 2019. "Marktwirtschaft reparieren: Entwurf einer freiheitlichen, gerechten und nachhaltigen Utopie," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 213814, July.
    4. Kim, Minjee, 2020. "Upzoning and value capture: How U.S. local governments use land use regulation power to create and capture value from real estate developments," Land Use Policy, Elsevier, vol. 95(C).
    5. Gregor Schwerhoff & Ottmar Edenhofer & Marc Fleurbaey, 2020. "Taxation Of Economic Rents," Journal of Economic Surveys, Wiley Blackwell, vol. 34(2), pages 398-423, April.
    6. Li, Xinjian & Love, Peter E.D. & Luo, Hanbin & Fang, Weili, 2022. "A systemic model for implementing land value capture to support urban rail transit infrastructure projects," Transportation Research Part A: Policy and Practice, Elsevier, vol. 156(C), pages 90-112.
    7. Christian A. L. Hilber, 2017. "The Economic Implications of House Price Capitalization: A Synthesis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 45(2), pages 301-339, April.
    8. Christian A. L. Hilber, 2019. "Immobilienpreise und Immobilienzyklen und die Rolle von Angebotsbeschränkungen [The impact of local supply constraints on house prices and price dynamics]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 5(1), pages 37-65, November.
    9. Howard, Greg & Liebersohn, Jack, 2021. "Why is the rent so darn high? The role of growing demand to live in housing-supply-inelastic cities," Journal of Urban Economics, Elsevier, vol. 124(C).
    10. Viguie, V. & Hallegatte, S., 2014. "Urban infrastructure investment and rent-capture potentials," Policy Research Working Paper Series 7067, The World Bank.
    11. Ehrlich, Maximilian V. & Hilber, Christian A.L. & Schöni, Olivier, 2018. "Institutional settings and urban sprawl: Evidence from Europe," Journal of Housing Economics, Elsevier, vol. 42(C), pages 4-18.
    12. Andreas Hendricks & Peter Lacoere & Erwin van der Krabben & Cynthia Oorschot, 2021. "Limits of Negotiable Developer Obligations," Sustainability, MDPI, vol. 13(20), pages 1-20, October.
    13. Yen, Barbara T.H. & Mulley, Corinne & Shearer, Heather & Burke, Matthew, 2018. "Announcement, construction or delivery: When does value uplift occur for residential properties? Evidence from the Gold Coast Light Rail system in Australia," Land Use Policy, Elsevier, vol. 73(C), pages 412-422.
    14. Gyourko, Joseph & Hartley, Jonathan S. & Krimmel, Jacob, 2021. "The local residential land use regulatory environment across U.S. housing markets: Evidence from a new Wharton index," Journal of Urban Economics, Elsevier, vol. 124(C).
    15. zu Ermgassen, Sophus & Drewniok, Michal & Bull, Joseph & Walker, Christine Corlet & Mancini, Mattia & Ryan-Collins, Josh & Serrenho, André Cabrera, 2022. "A home for all within planetary boundaries: pathways for meeting England’s housing needs without transgressing national climate and biodiversity goals," OSF Preprints 5kxce, Center for Open Science.
    16. Odran Bonnet & Guillaume Flamerie de La Chapelle & Alain Trannoy & Etienne Wasmer, 2019. "Secular Trends in Wealth and Heterogeneous Capital: Land is Back... and Should Be Taxed," Working Papers hal-03570837, HAL.
    17. Gyourko, Joe & Krimmel, Jacob, 2021. "The impact of local residential land use restrictions on land values across and within single family housing markets," Journal of Urban Economics, Elsevier, vol. 126(C).
    18. Bento, Antonio M. & Franco, Sofia F. & Kaffine, Daniel, 2011. "Is there a double-dividend from anti-sprawl policies?," Journal of Environmental Economics and Management, Elsevier, vol. 61(2), pages 135-152, March.
    19. Weihang Gong & Jing (Victor) Li & Mee Kam Ng, 2021. "Deciphering Property Development around High-Speed Railway Stations through Land Value Capture: Case Studies in Shenzhen and Hong Kong," Sustainability, MDPI, vol. 13(22), pages 1-16, November.
    20. Paul C. Cheshire & Christian A. L. Hilber, 2008. "Office Space Supply Restrictions in Britain: The Political Economy of Market Revenge," Economic Journal, Royal Economic Society, vol. 118(529), pages 185-221, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:lauspo:v:114:y:2022:i:c:s0264837721006797. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joice Jiang (email available below). General contact details of provider: https://www.journals.elsevier.com/land-use-policy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.