Captura de plusvalía: Una fuente de financiamiento olvidada
Por Víctor Rocco*
Quienes estudiamos modelos de localización entendemos accesibilidad como la facilidad con la cual se pueden realizar actividades y como el gran vínculo entre los modelos de sistemas de transporte y los de uso de suelo.1 La accesibilidad se mide usualmente como el número de actividades que pueden realizarse en un tiempo determinado. La duración del traslado entre las actividades espacialmente distribuidas, es clave en la elección de dónde y con qué frecuencia realizarlas. Además, influencian la decisión del lugar en el que vivir. Por ello, existe una natural disposición a pagar, ceteris paribus, por mejor accesibilidad. La construcción de nuevas obras de infraestructura y transporte público mejora la accesibilidad y aumentan la plusvalía de las viviendas, pero requiere fondos que, en el caso de corredores o líneas de metro, alcanzan cifras importantes. Por ello es relevante discutir sobre alternativas para su financiamiento.
Un mecanismo un tanto olvidado en la realidad chilena corresponde a la Captura de la Plusvalía o Value Capture en inglés. En este mecanismo, la idea es que parte del valor extra obtenido por los beneficiarios de un proyecto sea empleado para aportar a la inversión necesaria para su realización. Esto es de particular interés en el caso del financiamiento del transporte público, donde la construcción de nuevas obras de infraestructura está asociada a incrementos en los valores de los terrenos o propiedades a los que sirve directamente.
El mecanismo de Captura de la Plusvalía ha sido empleado con distintas versiones en diversos países en el mundo: En Estados Unidos, por ejemplo, la agencia de planificación de transporte de Washington D.C. lo ha usado por décadas. En la ciudad de Los Ángeles en la década de 1980, se fijó un sistema donde a las propiedades a menos de un tercio de milla de distancia de una estación se les cobró una proporción del incremento de su valor, con lo que se cubrió aproximadamente un 9% de los costos estimados. En Europa, otras ciudades como Milán han cobrado un impuesto especial a las propiedades que se encuentran a 500 metros o menos de cada estación. En Asia, tanto Tokio como Hong-Kong, construyeron extensiones para sus trenes soportando parte de sus costos mediante ganancias de sus inversiones inmobiliarias. En Latinoamérica, Colombia y Brasil han sido pioneros en implementar estrategias de captura de plusvalía. La ciudad de Sao Paulo ha promovido la venta de bonos en sectores designados, los cuales son rematados por empresas constructoras. Estos bonos permiten a los constructores edificar infraestructura sobre el límite de altura que la ley impone. Las utilidades de las ventas se reinvierten en la ciudad, ya sea en obras de infraestructura o vivienda social.
En Santiago, no somos ajenos a esta experiencia de captura de plusvalía: la extensión de la Línea 1 al este, en la década de 1970, se construyó al mismo tiempo que una nueva avenida paralela al eje principal este-oeste de la ciudad (Avenida Nueva Providencia). La Municipalidad de Providencia presentó un plan para cobrar una contribución especial a los propietarios, la cual sería proporcional a la distancia a la avenida y las estaciones. Pese a que este esfuerzo fracasó, el experimento de captura de plusvalía fue igualmente exitoso, pues el terreno sobrante de las expropiaciones por construcción fue revendido en montos superiores al valor original de expropiación. Posteriormente, se consideró inconstitucional el procedimiento y la facultad expropiatoria se restringió solo al terreno que el proyecto demandaba de manera estricta, limitando la capacidad de recuperación de plusvalía mediante compra y venta de terrenos.2
Los beneficios de financiar mediante la captura de valor son diversos, entre ellos se reduce la especulación de suelo, se crea una fuente estable de financiamiento y se vuelven más transparentes para el gobierno los beneficios de las inversiones (Wenzer, 1999).
Por ello, hoy cuando nuestro sistema de transporte público requiere de fuertes subsidios para operar, y nos enfrentamos a la oportunidad de realizar cambios en nuestra constitución política, resulta interesante preguntarse cuánto podríamos haber ahorrado en estos montos si se hubiese implementado un mecanismo de captura de plusvalía ante los anuncios de nuevas inversiones en infraestructura de transporte. O mejor aún, preguntarse cuánta infraestructura de transporte público extra podría haberse financiado.
* Ingeniero en Transportes y doctor en Sistemas de Ingeniería de la Universidad de Chile. Ha trabajado desarrollando modelos de localización para Singapur (SimMobility) y Boston. Realizó un postdoctorado en el MIT, en el Departamento de Urban Studies and Planning (DUSP). Actualmente es profesor adjunto de la UC y postdoc en CEDEUS.
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