Economics, Community and Methods
Edited by Richard D. Knowles and Fiona Ferbrache
Chapter 5: Funding public transport in Turin with transit oriented development land value capture
Funding public transport infrastructures is one of the most difficult challenges for delivering the benefits of a transit oriented development (TOD) policy. This is in contrast with the value created by the infrastructure and by the process of urban intensification around its stations that this policy involves. Value capture mechanisms exist; nevertheless, they face limitations and barriers. With an integrated theoretical framework, this chapter describes how planning decisions and land policies applied in TOD areas have been mobilized in the attempt to fund public transport infrastructure in Turin, explores whether this attempt was effective, and considers how such development-based funding processes can be improved. The chapter highlights the extreme complexity of these integrated policies which require exceptional governance capability for a long period of time. The project is exposed to market fluctuations and political instability, and the Italian land policy framework is still not supportive enough for this kind of strategy.
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