Public land leasing: an instrument of land value capture to promote urban development and housing in the GTHA
Leasing public land has become an increasingly common practice for governments wishing to retain control over significant public assets while being able to capture land values, promote urban development, as well as create opportunities to address social needs in the community. Although several instruments of land value capture currently exist, there is limited implementation of public land leasing in the GTHA. The strategic use of land is needed in order to execute important city building initiatives, and there are few regions better positioned to take advantage of this tool. As population projections continue to rise sharply, public land will be a critical resource to sustainably grow these metropolitan areas.
Urban planners and public authorities can take advantage of ground leasing models to facilitate land redevelopment, affordable housing, and transit-oriented development. However, ideal conditions must still be instituted before cities can successfully capitalize these benefits. The research presented in this paper aims to provide an understanding of the land leasing model in a local and international context in order to help cities and urban planners better comprehend its potential and avoid missed opportunities in the GTHA.
Key words: public land leasing, urban development, land value capture, implementation policy