Explaining Value Capture Implementation in New York, London, and Copenhagen

Negotiating Distributional Effects

Dados Bibliográficos

ID6404864
AutoresSimon Van Zoest (0000-0003-4500-725X, Delft University of Technology, autor correspondente), T A Daamen (0000-0001-5882-2013, Delft University of Technology)
Ano2024
Volume60
Fascículo5
Páginas1349-1381
Data de publicação2024-09-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoUrban Affairs Review (JOURNAL)
Identificadores do periódicoISSN: 1078-0874 • E-ISSN: 1552-8332
EditoraSAGE Publications Inc (PUBLISHER)
DOI10.1177/10780874231222174
OpenAlexW4390542585
IdiomaEN
Citações recebidas3
Referências citadas66

Value capture (VC) is widely cited as a method for local authorities to provide urban public goods to their cities in the face of fiscal stress. Its application in practice however remains limited. In this article, we aim to explain the implementation process of VC as a strategy to fund public transportation infrastructure through case studies in London, New York, and Copenhagen. Adopting a theory of gradual institutional change, we argue that the implementation of VC depends on the capacity to change distributional institutions that are inherently contested. Particularly relevant is the role of the beneficiary, whose support of VC is necessary but not likely. Our results show that a strategic urban development project can act as a driver to overcome this barrier, but that this driver can, simultaneously, also hinder the institutionalization potential of a VC strategy. We therefore suggest that, for VC strategies to become more commonplace, sharing value uplifts among beneficiaries must become more commonplace too

Beneficiary · Business · Economics · Industrial organization · Institutionalisation · Microeconomics · Negotiation · Political science · Process (computing · Public economics · Public good · Value (mathematics · Value capture · Value creation · Computer Science · Economic and Environmental Valuation · Law · Local Government Finance and Decentralization · Public Administration · Public Policy and Administration Research · Finance