Article

Land-Use Regulations and Property Values: The “Windfalls Capture” Idea Revisited

Rachelle Alterman

in The Oxford Handbook of Urban Economics and Planning

Published in print December 2011 | ISBN: 9780195380620
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780195380620.013.0034

Series: Oxford Handbooks

 Land-Use Regulations and Property Values: The “Windfalls Capture” Idea Revisited

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The issue of land use regulations and property values carries deep economic, social, and distributive-justice implications. This article revisits the upward side of the land-value coin to examine its relevance in today's world. It first addresses the issue and debates over real-property rights and the history of value capture policies. It also proposes a theoretical distinction between macro, direct, and indirect instruments for value capture. Following this, it focuses on direct value capture, and surveys the laws and policies in thirteen advanced-economy countries and draws out the lessons that may be learned from these experiences. Furthermore, it explains why the idea of value capture has been incrementally transformed into a plethora of indirect value capture instruments with growing popularity around the world. Finally, the article sets out challenges for future cross-national learning.

Keywords: land use regulations; property values; land-value coin; value capture; real-property rights; cross-national learning

Article.  13834 words. 

Subjects: Economics ; Urban, Rural, and Regional Economics

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