Financing Approaches in Urban Transformation  Projects: Land Value Capture

Muhammed Said Yılmaz; Harun Tanrıvermiş

Makale detayları

Financing Approaches in Urban Transformation Projects: Land Value Capture

Yazarlar:

Muhammed Said Yılmaz | Harun Tanrıvermiş

Yayıncı:

İdeal Kent Yayınları

Ana Başlıklar:

Kent Ekonomisi | Kentsel Politika | Şehir ve Bölge Planlama

Dergi:

İDEALKENT Vol.16 Issue 46, pp.2159-2189

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001338630

pISSN:

1307-9905

Anahtar kelimeler:

Özet:

 This study focuses on addressing the financial challenges of urban transformation projects, based on the premise that the reflection of individual and societal change in space necessitates the transformation of urban areas. Within this framework, it examines the role of Land Value Capture LVC policies in financing urban transformation projects. Urban transformation is conceptualized as a complex process encompassing economic, social, environmental, and spatial dimensions, and its effectiveness becomes limited when financial sustainability is not ensured. LVC policies are highlighted as a mechanism designed to transform the increases in property values resulting from public interventions into societal benefits. The study analyzes Brazils Porto Maravilha project as a case study and uses this experience as a basis for evaluating the applicability of LVC policies in the Turkish context. The Porto Maravilha example demonstrates that innovative financing instruments, such as development rights certificates, can support economic sustainability while simultaneously enhancing societal benefits. However, it is observed that factors such as fragmented property ownership, lack of voluntary participation, and insufficient public resources limit the applicability of LVC policies in Turkey. The study emphasizes that for LVC policies to be effective, they must focus not only on economic sustainability but also on the principles of spatial justice and social equity. Expanding the scope of the value increment tax to include urban transformation projects has the potential to reduce project costs in Turkey while increasing their social impact. Furthermore, it is suggested that social regulations and policies aimed at improving access to housing and infrastructure for low-income groups can enhance the societal acceptance of these projects. In this context, the study seeks to provide policy recommendations to improve the applicability of LVC policies in urban transformation projects, offering both theoretical and practical contributions.

 This study focuses on addressing the financial challenges of urban transformation projects, based on the premise that the reflection of individual and societal change in space necessitates the transformation of urban areas. Within this framework, it examines the role of Land Value Capture LVC policies in financing urban transformation projects. Urban transformation is conceptualized as a complex process encompassing economic, social, environmental, and spatial dimensions, and its effectiveness becomes limited when financial sustainability is not ensured. LVC policies are highlighted as a mechanism designed to transform the increases in property values resulting from public interventions into societal benefits. The study analyzes Brazils Porto Maravilha project as a case study and uses this experience as a basis for evaluating the applicability of LVC policies in the Turkish context. The Porto Maravilha example demonstrates that innovative financing instruments, such as development rights certificates, can support economic sustainability while simultaneously enhancing societal benefits. However, it is observed that factors such as fragmented property ownership, lack of voluntary participation, and insufficient public resources limit the applicability of LVC policies in Turkey. The study emphasizes that for LVC policies to be effective, they must focus not only on economic sustainability but also on the principles of spatial justice and social equity. Expanding the scope of the value increment tax to include urban transformation projects has the potential to reduce project costs in Turkey while increasing their social impact. Furthermore, it is suggested that social regulations and policies aimed at improving access to housing and infrastructure for low-income groups can enhance the societal acceptance of these projects. In this context, the study seeks to provide policy recommendations to improve the applicability of LVC policies in urban transformation projects, offering both theoretical and practical contributions.

 This study focuses on addressing the financial challenges of urban transformation projects, based on the premise that the reflection of individual and societal change in space necessitates the transformation of urban areas. Within this framework, it examines the role of Land Value Capture LVC policies in financing urban transformation projects. Urban transformation is conceptualized as a complex process encompassing economic, social, environmental, and spatial dimensions, and its effectiveness becomes limited when financial sustainability is not ensured. LVC policies are highlighted as a mechanism designed to transform the increases in property values resulting from public interventions into societal benefits. The study analyzes Brazils Porto Maravilha project as a case study and uses this experience as a basis for evaluating the applicability of LVC policies in the Turkish context. The Porto Maravilha example demonstrates that innovative financing instruments, such as development rights certificates, can support economic sustainability while simultaneously enhancing societal benefits. However, it is observed that factors such as fragmented property ownership, lack of voluntary participation, and insufficient public resources limit the applicability of LVC policies in Turkey. The study emphasizes that for LVC policies to be effective, they must focus not only on economic sustainability but also on the principles of spatial justice and social equity. Expanding the scope of the value increment tax to include urban transformation projects has the potential to reduce project costs in Turkey while increasing their social impact. Furthermore, it is suggested that social regulations and policies aimed at improving access to housing and infrastructure for low-income groups can enhance the societal acceptance of these projects. In this context, the study seeks to provide policy recommendations to improve the applicability of LVC policies in urban transformation projects, offering both theoretical and practical contributions.

 Bu çalışma, bireysel ve toplumsal değişimin mekana yansımasının kentsel mekanın dönüşümünü gerektirdiği gerçeğinden hareketle, kentsel dönüşüm projelerinin finansman sorunlarının çözümüne odaklanmaktadır. Bu çerçevede kentsel dönüşüm projelerinin finansmanı için Değer Artışının Kamuya Aktarılması Land Value Capture - LVC politikalarının rolünü incelemektedir. Kentsel dönüşüm, ekonomik, sosyal, çevresel ve mekansal boyutlarıyla karmaşık bir süreç olarak ele alınmakta ve finansal sürdürülebilirlik sağlanmadığı durumlarda etkinliği sınırlı kalmaktadır. LVC politikaları, kamu müdahaleleri sonucu gayrimenkul değerinde meydana gelen artışların toplumsal faydaya dönüştürülmesini amaçlayan bir mekanizma olarak öne çıkmaktadır. Çalışmada, Brezilyadaki Porto Maravilha projesi bir örnek olay olarak analiz edilmekte ve bu deneyimden yola çıkarak Türkiye bağlamında LVC politikalarının uygulanabilirliği değerlendirilmektedir. Porto Maravilha örneğinde, yapılaşma hakkı sertifikaları gibi yenilikçi finansman araçları, ekonomik sürdürülebilirliği desteklerken toplumsal faydanın da arttırılabileceğini göstermektedir. Bununla birlikte, Türkiyede parçalı mülkiyet yapısı, gönüllü katılım eksikliği ve kamu kaynaklarının yetersizliği gibi faktörlerin LVC politikalarının uygulanabilirliğini sınırladığı görülmektedir. Çalışma, LVC politikalarının etkinliği için ekonomik sürdürülebilirliğin yanı sıra mekansal adalet ve sosyal eşitlik ilkelerine de odaklanılması gerektiğini vurgulamaktadır. Değer artış payı uygulamasının kentsel dönüşüm projelerini kapsayacak şekilde genişletilmesi, Türkiyedeki projelerin maliyetlerini azaltırken sosyal etkilerini artırabilecek potansiyele sahiptir. Ayrıca, sosyal düzenlemeler ve düşük gelirli grupların konut ve altyapı erişimini destekleyen politikaların, projelerin toplumsal kabulünü artırabileceği değerlendirilmektedir. Bu bağlamda çalışma, LVC politikalarının kentsel dönüşüm projelerinde uygulanabilirliğini artırmak için politika önerileri sunarak hem teorik hem de pratik katkılar sağlamayı amaçlamaktadır.

Makale detayları

Financing Approaches in Urban Transformation Projects: Land Value Capture

Yazarlar:

Muhammed Said Yılmaz | Harun Tanrıvermiş

Yayıncı:

İdeal Kent Yayınları

Ana Başlıklar:

Kent Ekonomisi | Kentsel Politika | Şehir ve Bölge Planlama

Dergi:

İDEALKENT Vol.16 Issue 46, pp.2159-2189

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001338630

pISSN:

1307-9905

Urban transformation projects

measurement of increment of land value

land value capture

taxation and Porto Maravilha ProjectKentsel dönüşüm projeleri

değer artışının ölçülmesi

değer artışının kamuya aktarılması

vergilendirme ve Porto Maravilha Projesi

Sayı

Makale detayları

Yazarlar: Muhammed Said Yılmaz | Harun Tanrıvermiş

Yayıncı: İdeal Kent Yayınları

Ana Başlıklar: Kent Ekonomisi | Kentsel Politika | Şehir ve Bölge Planlama

Dergi: İDEALKENT Vol.16 Issue 46, pp.2159-2189

Belge Tipi: Makale

Yayın Tarihi: 12/2024

Belge Dili: Türkçe

Document ID (Org No.): 2001338630

pISSN: 1307-9905

Sayı

Yazarlar:

Muhammed Said Yılmaz | Harun Tanrıvermiş

Yayıncı:

İdeal Kent Yayınları

Ana Başlıklar:

Kent Ekonomisi | Kentsel Politika | Şehir ve Bölge Planlama

Dergi:

İDEALKENT Vol.16 Issue 46, pp.2159-2189

Belge Tipi:

Makale

Yayın Tarihi:

12/2024

Belge Dili:

Türkçe

Document ID (Org No.):

2001338630

pISSN:

1307-9905