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

Abstract

Abstract 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.

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