New Finance for America's Cities

Abstract

Hebb T. and Sharma R. New finance for America's cities, Regional Studies. In the past, investment in cities' built environment was primarily carried out by government, with public good as the primary motivation. But governments are increasingly struggling to find the available capital required for public financing of cities' investment needs. This paper suggests that there are new sources of finance available for investment in America's cities. Retirement savings are being used to invest in these cities' future growth. While such investment generates positive ancillary benefits for the cities, it is not the primary purpose of this capital. The motivation for large institutional investors including pension funds and sovereign-wealth funds is the risk-adjusted rate of return. This private profit-driven motivation leads to different investment decision-making than was found in the past when public good was the primary driver.

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