A fair city. Value, time and the cap rate

The paper deals with some features of the “ecology of value”, centred on the “ethics of valuation”, and of the “ecology of time” cantered on the “ethics of time”. In this framework it indicates what influence the encyclical Laudato si’ exerts on the evaluation processes, starting from the relationship between judgments of fact and value judgments, and between value and price. Referring to the normative function of appraisals, these reflections specify in which sense the capitalization rate is a framework for the representation and the government of the transformation processes concerning the urban housing stock, in a specific sense, and the city, in a general sense. For this purpose, the Keynesian macro-economic model is recalled as a general matrix explaining the constructive role that the monetary and real estate capital plays within the urban policies.