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Capitalization of Transit Investments into Single-Family Home Prices: A Comparative Analysis of Five California Rail Transit Systems

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  • Landis, John
  • Guhathakurta, Subhrajit
  • Zhang, Ming

Abstract

It has become popular in recent days to suggest that rail mass transit investment can be a useful implementation lever for guiding urban growth (Calthorpe, 1993; Katz, 1993). It is often argued that rail mass transit extensions, along with supportive land use policies, will encourage higher residential densities and the development of mixed-use, pedestrian-oriented urban "villages," particularly at transit stations. By helping to cluster development at station nodes and along rail corridors, investments in rail mass transit will discourage low-density suburban sprawl, promote open-space preservation, reduce development pressures on the natural environment, and make better use of existing infrastructure -- thereby lowering total public service costs. Moreover, to the extent that residents of such station area villages substitute transit use for auto use, vehicle emissions and traffic congestion will also be reduced. Because congestion and auto-based emissions reductions are key goals of the Intermodal Surface Transportation Efficiency Act of 1991 (ISTEA) and the Clean Air Act Amendments of 1990, numerous agencies charged with implementing these two acts are seriously considering programs that emphasize rail mass transit construction and the coordinated development of urban or transit villages.

Suggested Citation

  • Landis, John & Guhathakurta, Subhrajit & Zhang, Ming, 1994. "Capitalization of Transit Investments into Single-Family Home Prices: A Comparative Analysis of Five California Rail Transit Systems," University of California Transportation Center, Working Papers qt80f3p5n1, University of California Transportation Center.
    • Handle: RePEc:cdl:uctcwp:qt80f3p5n1
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    Cited by:

    1. Lin, Boqiang & Du, Zhili, 2017. "Can urban rail transit curb automobile energy consumption?," Energy Policy, Elsevier, vol. 105(C), pages 120-127.
    2. Mulley, Corinne & Ma, Liang & Clifton, Geoffrey & Yen, Barbara & Burke, Matthew, 2016. "Residential property value impacts of proximity to transport infrastructure: An investigation of bus rapid transit and heavy rail networks in Brisbane, Australia," Journal of Transport Geography, Elsevier, vol. 54(C), pages 41-52.
    3. Annette M. Kim, 2004. "A market without the ‘right’ property rights," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(2), pages 275-305, June.
    4. Yuting Hou, 2017. "Traffic congestion, accessibility to employment, and housing prices: A study of single-family housing market in Los Angeles County," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3423-3445, November.
    5. Tian, Chuanhao & Peng, Ying & Wen, Haizhen & Yue, Wenze & Fang, Li, 2021. "Subway boosts housing values, for whom: A quasi-experimental analysis," Research in Transportation Economics, Elsevier, vol. 90(C).
    6. Rennert, Lindiwe, 2022. "A meta-analysis of the impact of rail stations on property values: Applying a transit planning lens," Transportation Research Part A: Policy and Practice, Elsevier, vol. 163(C), pages 165-180.
    7. Jian Liang & Kang Mo Koo & Chyi Lin Lee, 2021. "Transportation infrastructure improvement and real estate value: impact of level crossing removal project on housing prices," Transportation, Springer, vol. 48(6), pages 2969-3011, December.
    8. Sharma, Rohit & Newman, Peter, 2018. "Can land value capture make PPP's competitive in fares? A Mumbai case study," Transport Policy, Elsevier, vol. 64(C), pages 123-131.
    9. Nij Tontisirin & Sutee Anantsuksomsri, 2021. "Measuring transit accessibility benefits and their implications on land value capture: a case study of the Bangkok Metropolitan Region," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 67(2), pages 415-449, October.
    10. Robert Cervero & Michael Duncan, 2004. "Neighbourhood Composition and Residential Land Prices: Does Exclusion Raise or Lower Values?," Urban Studies, Urban Studies Journal Limited, vol. 41(2), pages 299-315, February.
    11. Zhang, Min & Yen, Barbara T.H. & Mulley, Corinne & Sipe, Neil, 2020. "An investigation of the open-system Bus Rapid Transit (BRT) network and property values: The case of Brisbane, Australia," Transportation Research Part A: Policy and Practice, Elsevier, vol. 134(C), pages 16-34.
    12. Devaux, Nicolas & Dubé, Jean & Apparicio, Philippe, 2017. "Anticipation and post-construction impact of a metro extension on residential values: The case of Laval (Canada), 1995–2013," Journal of Transport Geography, Elsevier, vol. 62(C), pages 8-19.
    13. Kevin Credit, 2018. "Transit-oriented economic development: The impact of light rail on new business starts in the Phoenix, AZ Region, USA," Urban Studies, Urban Studies Journal Limited, vol. 55(13), pages 2838-2862, October.
    14. Dubé, Jean & Legros, Diègo & Devaux, Nicolas, 2018. "From bus to tramway: Is there an economic impact of substituting a rapid mass transit system? An empirical investigation accounting for anticipation effect," Transportation Research Part A: Policy and Practice, Elsevier, vol. 110(C), pages 73-87.
    15. Kamruzzaman, Liton, 2024. "Subjective vs. objective assessment of the economic impacts of light rail transit: The case of G:Link in Gold Coast, Australia," Journal of Transport Geography, Elsevier, vol. 117(C).
    16. Bollinger, Christopher R. & Ihlanfeldt, Keith R., 1997. "The Impact of Rapid Rail Transit on Economic Development: The Case of Atlanta's MARTA," Journal of Urban Economics, Elsevier, vol. 42(2), pages 179-204, September.
    17. Helen X. H. Bao & Doris Ka Chuen Mok, 2020. "A Link between East and West: How the Guangzhou-Shenzhen-Hong Kong Express Rail Link Affects Property Prices in Hong Kong," International Real Estate Review, Global Social Science Institute, vol. 23(3), pages 993-1021.
    18. Dubé, Jean & Le Gallo, Julie & Des Rosiers, François & Legros, Diègo & Champagne, Marie-Pier, 2024. "An integrated causal framework to evaluate uplift value with an example on change in public transport supply," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 185(C).
    19. Dubé, Jean & Thériault, Marius & Des Rosiers, François, 2013. "Commuter rail accessibility and house values: The case of the Montreal South Shore, Canada, 1992–2009," Transportation Research Part A: Policy and Practice, Elsevier, vol. 54(C), pages 49-66.
    20. Jesper Bláfoss Ingvardson & Otto Anker Nielsen, 2018. "Effects of new bus and rail rapid transit systems – an international review," Transport Reviews, Taylor & Francis Journals, vol. 38(1), pages 96-116, January.

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