People want to live in places that are well-connected to businesses, schools and other recreational facilities.
This in itself is not a new sentiment. People will use the space around them when they have the very best access to it.
We all know the important role public transport plays in moving people around our cities – and the access it provides to people every single day.
As our cities grow, the importance of land use is growing in interest. Yet the concept of land use and value capture is not a new one, it has been discussed and debated for years. The positive links with transport, as well as commercial and residential properties have been reported and complied.
And now UITP is providing the best connection with public transport – and the valuable role it plays within the discussion on Land Value Capture.
So what exactly is Land Value Capture (LVC) and how do we implement it?
UITP tackles 'The Value of Public Transport: How to Implement Land Value Capture' in our latest Policy Brief.
The value of land is determined by the amount of public works and development projects carried out in the area. Land value can increase with the delivery of transport infrastructure and services – and Land Value Capture is about creating the governance framework that integrates transport and land use.
But LVC is more than just a funding method; it is about a framework that integrates transport and land use, so the developments can be undertaken jointly for an optimised urban environment.
To implement LVC, there is a need to rethink how we plan and deliver transport infrastructure and services in relation to our cities.
During the recent UITP Global Public Transport Summit (Stockholm, 9-12 June 2019) top executives from 40 public transport organisations from 23 countries gathered to discuss the crucial topic of funding and financing to ensure sustainable urban mobility.
The sector leaders all agreed on a common declaration that will address urbanisation and the enormous pressure it puts on urban mobility.
They urged authorities to make cities benefit from public transport by exploring new funding mechanisms, such as Land Value Capture, to allocate a fair part of the economic value generated by the increase in land value where public transport is developed.
Our detailed and informative Policy Brief explores how best to implement LVC; the research and findings behind this exciting topic, and considers the set of recommendations on how best to meet the challenges and developments that lie ahead. Guiding principles are provided to Public Transport Authorities (PTAs) on how to implement LVC.
UITP remains at the forefront of informing sector leaders on the latest developments and how, by working together, we can lead from the front.