Urban wealth fund
An urban wealth fund (UWF) is an investment fund that is set up to manage the assets of a city, often with the objective of maximizing return on the assets as a means of generating revenue for the city government. Its operation is similar to a Sovereign wealth fund but on a smaller scale. Such funds are publicly owned by the city but administered by an independent management structure that is free from political influence and concentrates on maximization of value.[1]
Examples include HafenCity GmbH in Hamburg, Germany, and the City & Port Development Company in Copenhagen, Denmark.
Some economists[2] and politicians[3] advocate for the establishment of UWFs as a means of making more efficient use of city-owned assets such as land in order to generate revenue without necessarily resorting to tax increases or borrowing.
References
- ^ Detter, Dag; Fölster, Stefan (July 18, 2017). The Public Wealth of Cities: How to Unlock Hidden Assets to Boost Growth and Prosperity. Brookings Institution Press.
- ^ Klein, Matthew C (July 21, 2017). "US cities must unlock the value of the land they sit on". Financial Times.
- ^ Smeltz, Adam (February 12, 2018). "Peduto looking beyond city hall as policy goals take shape". Pittsburgh Gazette.
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