This course deals with financial mechanisms behind urban (re)development.
Urban (re)development influences land prices in an area, on the short as well as on the long term. For urban (re)development, different kinds of investment are needed. Besides investments in the construction or the renewal of real estate, also investments in public services and public space are necessary.
Often, urban development takes place in a multi actor context, with different property owners, tenants, project developers, investors, the government as well as people living and working in de surrounding areas, companies, interest groups, etc. This multi actor context also changes, during the life cycle of a project.
As a consequence of this, costs and profits of urban (re) development often are not distributed equally amongst the different stakeholders having an interest in the development. This might lead to a suboptimal decision process, a less sustainable outcome and sometimes to a stalemate.
In which way can the rise of property values in urban (re)development be re-used within the project, to pay for the less profitable parts of the development, including the provision of merit goods like social housing and public goods like landscape elements, parks, infrastructure and parking facilities? Which strategies can be used by the government involved? How can be dealt with issues that might complicate such a strategy, like uncertainty within these projects, necessity of public accountability, protection of private ownership? How can value capturing be integrated in the management of urban areas? Which system boundaries or scale level needs to be taken into account: can value capturing help engineering metropolitan solutions?
Value CapturingEducation BOSS2022-04-08T11:03:39+02:00