Legal Definitions - social value

Social value refers to the broader benefits or importance that an action, asset, or policy provides to society as a whole, extending beyond direct financial gain or individual utility. It encompasses contributions to community well-being, public good, environmental health, cultural preservation, and overall societal welfare. When assessing social value, decision-makers consider the collective impact on a community or the general public, rather than just private interests or market prices.

• Example 1: Community Arts Center
  A city council is evaluating proposals for the use of a vacant municipal building. One proposal is for a commercial retail space that would generate significant tax revenue. Another is for a non-profit community arts center, which would offer free workshops, exhibition space for local artists, and cultural events. While the retail space offers clear economic benefits, the arts center is often advocated for its "social value."

  Explanation: The community arts center provides social value by enriching the cultural life of the city, fostering creativity, making arts accessible to all residents regardless of income, and creating a sense of community identity and pride. These benefits contribute to the overall well-being and vibrancy of the community, even if they don't generate direct financial profit for the city.

• Example 2: Urban Wildlife Corridor Project
  A regional planning commission is considering a large infrastructure project that would involve building a new highway through a natural area. Environmental groups argue for an alternative route or the creation of an "urban wildlife corridor" alongside the highway, citing the project's potential "social value."

  Explanation: The urban wildlife corridor provides social value by preserving biodiversity, offering green spaces for recreation, improving air quality, mitigating urban heat island effects, and allowing for ecological connectivity within the urban landscape. These benefits contribute to the environmental health and quality of life for residents, extending beyond the immediate utility of the highway itself.

• Example 3: Affordable Housing Initiative
  A state government is debating legislation to incentivize the construction of more affordable housing units, even if these units might not yield the highest market-rate profits for developers. Proponents often highlight the "social value" of such initiatives.

  Explanation: An affordable housing initiative provides social value by ensuring that more people have access to safe and stable housing, which is fundamental to health, education, and employment. By reducing homelessness and housing insecurity, it contributes to a more equitable society, reduces strain on social services, and fosters stronger, more stable communities. The value here is in the broad societal benefits of housing stability, rather than solely the financial return on investment for property owners.