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Land value capture (LVC) is based on a simple core premise: public action should generate public benefit. As challenges mount from rapid urbanization, deteriorating infrastructure, climate change, and more, this funding source has never been more important to the future of municipalities. LVC tools include special assessments, exactions, impact fees, linkage fees, incentive zoning, transferable development rights with contribu-tions, and upzoning with contributions. To date, American law has permitted LVC tools, subject to some limitations. As a result, land value capture is a viable and potentially important method for funding much-needed public infrastructure, improvements, and programs. Policy makers should seriously consider increasing LVC-based financing.
Price: $20.00
Pages: 64
Publisher: Lincoln Institute of Land Policy
Imprint: Lincoln Institute of Land Policy
Series: Policy Focus Reports
Publication Date:
15 November 2022
Trim Size: 10.00 X 8.00 in
ISBN: 9781558444423
Format: Paperback
BISACs:
“Disruptions associated with real estate development often bring political strife, and Gerald Korngold has produced an analysis of land value capture that will be highly valuable to every municipality. Though it has played a role in helping governments fund projects and address public needs for more than a century, land value capture is increasingly essential for a municipality to effectively address public concerns about mobility, resiliency, affordable housing, and equity. This narrative will prompt policy makers and stakeholders to think anew about how to harness real estate development to deliver important social goods.”
Gerald Korngold is a Professor of Law at New York Law School and serves as a Distinguished Scholar at the Lincoln Institute of Land Policy in Cambridge, Massachusetts. An elected member of the American Law Institute and the American College of Real Estate Lawyers, he has lectured nationally and internationally on land ownership and transactions, land use, and property law.