Article
Spatial and Dynamic Features of Land Value Capture A Case Study from Bogotá, Colombia
Public Finance Review
(2019)
Abstract
This article assesses the neutrality of Captura de Plusvalía, a land value capture policy implemented in Bogotá (Colombia) in 2004. The case offers a rare opportunity for assessment because the policy application had a scattered spatial and temporal structure but on an urban agglomeration ruled by a single master plan and revenue collecting authority. The analysis reveals that (a) the relationship between value capture and prices is negative (static neutrality); (b) this result holds under various spatial specifications and controls; (c) the policy is not endogenous to the built output or the spatial distribution of the land prices; and (d) there is no evidence of preemption, a theoretical feature where landowners consider that the policy onset represents a regulatory taking, compelling them to accelerate developing timing (dynamic neutrality).
Keywords
- Land Value Capture,
- Land Market,
- Bogota,
- Public Finance
Disciplines
Publication Date
Spring April 1, 2019
DOI
10.1177/1091142117714551
Citation Information
Nestor Garza. "Spatial and Dynamic Features of Land Value Capture A Case Study from Bogotá, Colombia" Public Finance Review Vol. 47 Iss. 3 (2019) p. 603 - 622 Available at: http://works.bepress.com/nestor-garza/17/
Creative Commons license
This work is licensed under a Creative Commons CC_BY International License.