01591791

Component

Theory posits that rapid transit projects that increase accessibility and reduce transportation costs should result in a localized land value uplift (LVU) benefit for parcels of land near a station. A rich history of research has tested this hypothesis, generally operationalizing transit accessibility indirectly through a parcel’s distance from a transit station. However, a growing body of research has also demonstrated LVU effects from transit-oriented development (TOD) as individuals sort themselves into locations that best match their preferences and willingness to pay. In an age of coordinated land use and land use planning for rapid transit, this bundle of goods results in separate and potentially self-reinforcing drivers of LVU in transit station areas that measures of proximity alone cannot isolate. In response, the present paper utilizes spatial hedonic methods to capture LUV, but in contrast to previous studies, it incorporates a method that distils station area TOD contexts into a latent categorical variable that captures heterogeneous TOD submarket effects. Interactions between these submarkets and a distance variable reveals significant capitalization of transit and TOD into the value of single-detached homes in Toronto, though this capitalization differs by station type and time period.

This paper was sponsored by TRB committee ADD10 Standing Committee on Transportation and Economic Development.

01584066

16-6210

English

18p

2016

Transportation Research Board 95th Annual Meeting

Digital/other

Figures; References; Tables

Accessibility; Prices; Rapid transit; Transit oriented development

Toronto (Canada)

Economics; Planning and Forecasting; Public Transportation; I72: Traffic and Transport Planning

Transportation Research Board Annual Meeting 2016 Paper #16-6210

TRIS, TRB, ATRI

Jan 12 2016 6:44PM