ECONOMICS UNIQUENESS

OVERVIEW ■ xxiii
account. Chapter 9 explores the use of GIS in valuation and includes a relevant
and feasible application in developing countries.
How Can Heritage Values Be Maintained?
Th rough a balanced blend of regulations and incentives, the public and
private values of heritage can be enhanced and leveraged for job creation.
It is widely acknowledged that heritage has a value to the community in which
it is located. While landmarks are oft en in public ownership, the vast majority
of other assets identifi ed as heritage are in private hands (e.g., housing, former
industrial areas of signifi cant cultural value in central locations). Most countries
have some form of identifi cation for heritage, called listing or designation.
Th e most appropriate way to protect this value is through a blend of regulations
and incentives. Designation is usually accompanied by regulations that
may limit what individual owners can do to their properties (e.g., specifi c uses,
prohibition to demolish, specifi c materials to use, dedicated approval process for
building permits). However, regulation alone might not be suffi cient, because of
the legitimate concern to limit property rights of individual owners, so it is oft en
best coupled with incentives (e.g., tax reduction, grants). Th rough a balanced
blend of regulation and incentives, the public and private values of heritage can
be enhanced and leveraged for job creation and integrated conservation.
Are There City-Wide Benefi ts from Heritage-Related
Projects?
Th ey contribute to urban livability, attracting talent, and providing an
enabling environment for job creation.
Th e cities that will be most successful at meeting the jobs and growth aspirations
of their inhabitants, while alleviating poverty and working toward
inclusion, will be those that leverage all of their resources to do so. Among
the resources that these cities need to harness are their heritage assets, which
are unique features that diff erentiate them from other cities. Investing in historic
city cores and underutilized land in central locations can attract investment for
job creation. As chapter 1 shows, heritage is a diff erentiator that attracts talent to
cities. Furthermore, the linkage between a livable historic core and a city’s ability
to attract business is not confi ned to businesses that locate in or near the core:
proximity to a livable historic core is also important for companies located on the