With the NSW government spending$107 billion on infrastructure over four years,a so-calledvalue capture mechanism has often been touted as a way for the state to help fund projects by recouping some of the windfall gains made by landowners.
“It is the holy grail but,like the holy grail,it has eluded discovery,” Mr Stokes said.
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“Conceptually it’s ideal. In practice,it’s much harder to distil and involves every level of government working together.”
A group representing eight councils in western Sydney has called for a review of public policy which,it argues,allows disproportionate private gains to be made from publicly funded works.
“We have already seen examples of enormous private windfalls from the land acquisition processes at Badgerys Creek,” Western Sydney Regional Organisation of Councils president Barry Calvert said.