Successful public transit systems increase the value of locations they serve. Capturing this location value to help fund transit is often sensible, but challenging. This article defines location value capture and synthesizes lessons learned from six European and North American transit agencies that have experience with location value capture funding. The opportunities for and barriers to implementing location value capture fall into three categories: agency institutional authority, agency organizational mission, and public support for transit. When any of these factors is incompatible with a location value capture strategy, implementation becomes difficult. In four of the cases studied, dramatic institutional change was critical for success. In five cases, acute crisis was a catalyst for institutional change, value capture implementation, or both. Using value capture strategies to fund transit requires practitioners to both understand agency organizational constraints and view transit agencies as institutions that can transform in response to changing situations.
- policy adoption
- public finance
ASJC Scopus subject areas
- Sociology and Political Science
- Urban Studies