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That's one way to look at it.
Another way, is to consider what a successful Transit station can do to property values - it can double or triple them, raising more taxes for the city. Would it be right to pass back some of those revenues to subsidise the mass transit system?
This is most important at the Capital Expenditures stage. Once a rail system is built, it may require less maintenance expenditure (per person moved) than a highway.
Just saying... these are things that should be part of the analysis.
Just wanted to say, I. . . don't. . . think. . . so!
Just wanted to say, I. . . don't. . . think. . . so!
??
You don't think a success transit station can double or triple property values?
Of course it can... and has, in cities where I have lived.
But there are many "issues" that need addressing for that to be possible.
??
You don't think a success transit station can double or triple property values?
Of course it can... and has, in cities where I have lived.
But there are many "issues" that need addressing for that to be possible.
No, I do not think a transti station nearby, no matter how successful, can double or triple property values. Perhaps you'd like to give a couple of examples.
Just wanted to say, I. . . don't. . . think. . . so!
It does happen but it is the exception, not the rule. Generally existing residential property within 1/4-3/4 mile of a station does see a substantial increase, so long as we're talking about a well used, frequent transit like. If I remember correctly from my research, residential properties that are very close to the train station also are likely to increase in value, but sometimes not at as high a rate (perhaps due to an annoyance factor). Commercial property near a new station skyrockets.
It does happen but it is the exception, not the rule. Generally existing residential property within 1/4-3/4 mile of a station does see a substantial increase, so long as we're talking about a well used, frequent transit like. If I remember correctly from my research, residential properties that are very close to the train station also are likely to increase in value, but sometimes not at as high a rate (perhaps due to an annoyance factor). Commercial property near a new station skyrockets.
I don't doubt these properties may increase in value d/t being close to a transit station; I'm disputing the 2-3 fold increase. A 200,000 home doesn't suddenly become worth 400,000-600,000. Commercial property I can understand.
I don't doubt these properties may increase in value d/t being close to a transit station; I'm disputing the 2-3 fold increase. A 200,000 home doesn't suddenly become worth 400,000-600,000. Commercial property I can understand.
I found a number of examples between 20-40%, there's probably a higher example somewhere dunno if it would be as high as 2x, especially if we're excluding commercial property.
I don't doubt these properties may increase in value d/t being close to a transit station; I'm disputing the 2-3 fold increase. A 200,000 home doesn't suddenly become worth 400,000-600,000. Commercial property I can understand.
Yeah. The 2 and 3 fold increases ive seen occur in undervalued neighborhoods that suddenly attract more attention due to the addition of the transit.
I found a number of examples between 20-40%, there's probably a higher example somewhere dunno if it would be as high as 2x, especially if we're excluding commercial property.
Personally, look at prices, in my self-interest, I'd like property values to go down 20-40%. Judging by the recession, seems like that would be unpleasant.
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