01750960

Component

https://doi.org/10.1177/0361198120943201

There already exist some rail transit lines linking the new towns to the center business district (LTC) in megacities. However, few lines between the new towns (LTT) exist. The paper examines whether, when, and how LTT cause land value uplift with LTC as the benchmark, which in turn can be used for feasibility analysis for value capture financing for the implementation of LTT. Evaluate the value in catchment and control area over time to confirm uplift. Difference-in-difference model (DID) is used to analyze when and how LTT raise the uplift. In the case study of Tokyo, DID estimators show the following homogenous results: firstly, the implicit land value (ILV) of LTT is all lower than LTC except that related to time saving to the center business district (CBD) in the announcement period, implying LTT are expected significantly to link to CBD then; secondly, ILV goes down over time sharply for LTT than LTC, implying the impact of LTT on the uplift is less sustainable than that of LTC; thirdly, sustainability of ILV as to time saving to the capital of the new town is more than that to CBD for LTT; lastly, ILV in the announcement period presents significantly distance-decay performance for both lines. Heterogeneity among the stations is detected for both lines; for LTT, the impact of proximity to the huge interchange station on land value uplift is slight. These results provide an evidence base for policy-makers to quantify the potential to raise financial funding for LTT.

© National Academy of Sciences: Transportation Research Board 2020.

English

pp 317-328

2020-11

Transportation Research Record: Journal of the Transportation Research Board

Web

References

Central business districts; Land values; Large cities; Rail transit; Statistical analysis; Towns

Tokyo (Japan)

Economics; Planning and Forecasting; Public Transportation; Railroads

TRIS, TRB, ATRI

Aug 28 2020 3:04PM