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Better Cities Project
  • Home
  • About Us
    Our Vision
    BCP’s vision is that free-market municipal policy solutions are broadly available, widely acceptable, and regularly employed, enabling American cities to achieve their full potential as engines of economic prosperity. We reject the idea that cities are lost to free-market principles or policies.
    Our Mission
    BCP uncovers ideas that work, promotes realistic solutions, and forges partnerships that help people in America’s largest cities live free and happy lives.
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    Address

    304 S. Jones Blvd #2826
    Las Vegas NV 89107

    Phone

    (702) 608-2046‬

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    Monday through Friday, 8 a.m. - 5 p.m.

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    info@better-cities.org

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Home Community, Growth and Housing

Cities can thrive by leveraging their assets

Underused properties could be turned into affordable housing, community centers or sold to make new businesses

Patrick TuoheybyPatrick Tuohey
July 17, 2024
in Community, Growth and Housing, Economic Prosperity
Reading Time: 2 mins read
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Cities can thrive by leveraging their assets
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A piece over at the Brookings Institution offers ways local governments can overcome tight budgets and limited resources. The authors offer a refreshing perspective: making the most of what cities already have. By thoughtfully managing public assets like real estate and infrastructure, cities can boost economic growth, address community needs and generate revenue without burdening taxpayers.

One idea: adopt an asset management approach. This means taking stock of public assets, evaluating their current use and figuring out how to put them to better use. For example, underused properties could be turned into affordable housing, community centers or sold to make new businesses. The goal is to ensure every asset serves the community’s interests and supports the local economy.

Public-private partnerships (PPPs) are also essential. By teaming up with private companies, cities can attract investment and expertise that might be lacking in the public sector. Successful PPPs can revitalize public spaces, upgrade infrastructure, and stimulate economic activity. However, it’s crucial to manage these partnerships transparently and fairly to protect public interests.

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Another innovative idea is “land value capture.” When public investments, like new transit systems, increase nearby property values, cities can reclaim some of this added value through special assessments or taxes. This revenue can then be reinvested into further improvements, creating a positive cycle of development.

The article also underscores the importance of proactive planning by local governments. This means not just addressing immediate needs but also looking ahead to anticipate future trends and challenges. Thoughtful planning can guide sustainable development, making cities more resilient to economic and environmental shifts.

In short, by adopting a strategic and forward-thinking approach to managing their assets, local governments can unlock hidden potential within their communities. This not only fosters economic growth but also enhances residents’ quality of life, making cities more dynamic and sustainable places to live.

Tags: BudgetsEconomic DevelopmentHousing AffordabilityReal Estate
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Patrick Tuohey

Patrick Tuohey

Patrick Tuohey is co-founder and policy director of the Better Cities Project. He works with taxpayers, media, and policymakers to foster understanding of the consequences — sometimes unintended — of policies such as economic development, taxation, education, and transportation. He also serves as a senior fellow at Missouri's Show-Me Institute and a visiting fellow at the Virginia-based Yorktown Foundation for Public Policy.

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