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If you dont want government to compulsorily purchase land first, you can also do "value capture" which is in essence saying "anything developed to the new plann
by twelvechairs 2y ago
If you dont want government to compulsorily purchase land first, you can also do "value capture" which is in essence saying "anything developed to the new planning controls needs to pay money based on the difference between old and new controls". The economics is quite simple for developers to cost in but it needs to be there early, not imposed after all the developers have bought land without factoring it in.
- nothercastle 2y agoIt’s better and more transparent if done early but later is better than never
- twelvechairs 2y agoLater just doesnt work as developers wont be able to make a profit so they wont build. Most of the 'profit' (plus or minus some risk premium depending on site/location/timeframe purchased/etc.) will have already gone to whoever sold their land to the developer so government will find it impossible to extract in the same way