The brand new 10 min film from the 2007 Earthsharing Challenge. A dozen high school students interviewed local experts on the pressures of housing affordability. Questions are asked about whether holiday home owners, locals or speculators own Anglesea? Where do young people or the community’s values fit in? This important analysis is vital viewing.
Toronto Collects Economic Rent to Finance Infrastructure
Frank de Jong, Green Part of Ontario Leader
Frank toured Australia this time last year for the True Cost Economics Forum. He wrote this piece in lieu of exciting developments in Canada.
For the first time to my knowledge, Toronto will be collecting economic rent to pay for infrastructure — in this case to redevelop a section of a busy shopping street. (The wealth that accrues to locations is known as economic rent).
It was reported in the Globe and Mail as follows: “The city will borrow the money up front, to be paid off gradually by the businesses along the ritzy strip.”
Significantly, although the city has refused to pay for the street redevelopment out of property taxes, the adjacent businesses know the benefits to them will outweigh the costs, and are therefore willing to pay for it themselves. These Toronto businesses know that if infrastructure is warranted and beneficial it will raise the value of their land by more than the cost of that infrastructure. When redevelopment makes locations more desirable, more economic rent is attracted, over time, than the cost of the initial redevelopment.
Read More
I Want to Live Here Film Competition
Busting the myths of housing affordability
We’ve set up a competition to inspire film makers to look into the eyes of the housing and land affordability quagmire. There’s a $3000 cash first prize and more to come. We rarely hear the real story of how land price appreciation is driving affordability pressures, so here’s the chance for film makers to go straight to the source. The I Want to Live Here film website has a guidelines page for film makers to read up on these issues, what the judges will be looking for and other technical details. Stay tuned for more details on this exciting chance for young people and renters to tell the real story!
Land Value Capture in Geelong?
The City of Greater Geelong has sent in an interesting submission to the Commonwealth Senate Housing Affordability inquiry. We could hardly have said it any better ourselves:
In the submission, the council says the capital being acquired by the private market when land is rezoned could be captured by the Government.
“Across Australia, communities are creating billions of dollars of value through their rationing of development rights,” the submission says.
“This value, or betterment, is currently flowing into the hands of a lucky few, rather than being effectively captured by the communities who created it. Sound public policy dictates that this inequity be addressed as a matter of urgency.”
The submission goes on to say the public acquisition of land would provide a substantial public funding source that could be used “to meet important housing and urban development objectives”.
Another similar adaption of the principal of capturing economic rent can be see in Community Land Trusts
2am Nightclub Lock Out
Victorian Premier Brumby has acted swiftly to be on the so-called front foot over late night violence. The 2am lock for 75% of Melbourne’s vibrant venues has opened up a slimy can of worms. Brumby has allowed 112 license holders an exemption. Such a protection of privilege has enriched those lucky few by many thousands of dollars in the revenue these late night hours, reduced competition and types of gigs will enable. This revenue capacity will be capitalised into greater license value. Will the government increase the licensing fee on these new special licenses?
Particularly concerning is that the King St strip club district and its devious cousin, Crown Casino, were amongst the first to be exempted. Much of the violence surrounds these late night zones and should have been the most closely monitored. Instead, the law has been turned around to enrich those abetting the problem. Melbourne is renowned for its small boutique bars. Unfortunately these will be the licence holders who suffer most, whilst the big commercial, culturally devoid late night venues found in any capital city will benefit immensely.