Reconsidering the Impact of Access to Transit on Local Land Markets

There are two primary goals of this research: first, to reconsider the metrics and tools used to assess the spillovers of transit investment into local land markets; and second, to use these results in order to obtain more accurate and robust estimates of these spillovers. Beyond direct impacts such as changes in mode share and congestion, transit investment may have myriad indirect impacts. For example, it is argued that by changing the accessibility of locations through transit investment, the economics of proximal land markets are changed. If true, this could result in the capitalization of improved access into local property values, in changes in land uses and land-use intensity, in changes in employment and population density, and in changes in the types of employment around stations. This research analyzes these variables in order to develop a more robust, accurate, and comprehensive assessment of the broader impacts of transit investment on land proximal to transit stations and lines. Previous National Center for Metropolitan Transportation Research (METRANS) funded-research (METRANS Project 08-07 and the published version of it: Redfearn, 2009a), demonstrated that a set of "standard" tools for assessing capitalization of proximity to passenger rail stations are highly unstable in the presence of housing submarkets - a common feature of the urban areas served by mass transit. This research will expand and extend upon previous research 1) to include a much larger geographical area and to consider more and different instances of transit investment - moving from Los Angeles and two passenger rail lines to all California metropolitan areas and both rail and rapid bus lines; 2) to revisit the tools of assessment in light of the previous findings of parameter instability; 3) to use the results of this process to revisit capitalization for these larger samples, as well as other metrics of changes in proximal land markets such as firm births and deaths, changes in the types of employment, and employment density; and 4) to reconsider two types of policy in light of the findings. First, it would reconsider the evaluation of transit investment proposals and how indirect benefits and costs are forecast. Second, it may be that local land use policy prevents markets from responding to the changed accessibility and realizing potential benefits from transit investment. Both policy questions should be informed by this research.

Language

  • English

Project

  • Status: Completed
  • Funding: $89997.00
  • Contract Numbers:

    11-08

  • Sponsor Organizations:

    National Center for Metropolitan Transportation Research

    University of Southern California
    650 Childs Way, RGL 107
    Los Angeles, CA  United States  90089-0626
  • Project Managers:

    Valentine, Victoria

  • Performing Organizations:

    National Center for Metropolitan Transportation Research

    University of Southern California
    650 Childs Way, RGL 107
    Los Angeles, CA  United States  90089-0626
  • Principal Investigators:

    Redfearn, Christian

  • Start Date: 20100801
  • Expected Completion Date: 0
  • Actual Completion Date: 20110701
  • Source Data: RiP Project 27265

Subject/Index Terms

Filing Info

  • Accession Number: 01461203
  • Record Type: Research project
  • Source Agency: National Center for Metropolitan Transportation Research
  • Contract Numbers: 11-08
  • Files: UTC, RiP
  • Created Date: Jan 3 2013 1:41PM