Piercy was part of an online panel discussing "Tools for Fairly Funding Inclusive, Resilient Development," on Wednesday, April 26th.
Land-value capture (LVC) is based on a simple premise: public action should generate public benefit. Increases in private land values resulting from government actions should be – at least partially – shared with the public. As challenges mount from urbanization, climate change, deteriorating infrastructure, and more, this funding source has never been more important to municipalities.
This presentation introduced common LVC tools from the United States and around the globe, including special assessments, impact fees, exactions, and inclusionary housing. A panel of practitioners discussed experiences implementing tools to promote equity and climate goals, while sharing challenges and the innovative approaches they used to overcome them. The presentation demonstrated the crucial role planners and the public sector play in creating land value and emphasizes their responsibility to ensure public actions do not produce unearned windfalls for private-property owners and exacerbate inequalities. The magnitude of the issues facing cities opens opportunities for governments to explore new ways of financing climate action and managing development by taking an active role in land policy and leveraging land-value increments.