Funding public transport through land use and value capture

Many cities are renewing, extending and developing their public transport networks in response to the sustainability agenda. Value capture is viewed as one of the most promising alternative funding sources. However, several key elements need to be considered before implementing a value capture scheme. The value capture concept is underpinned by land rent theory which identifies the land value increases or value uplift following changes in accessibility provided by new public transport infrastructure. Therefore, this chapter provides a review of value uplift before turning to the key elements of value capture as a funding tool for public transport infrastructure. Value capture is considered as a number of different strategies including an assessment of equity and concludes with the case study of Crossrail in London.