Capturing the Value of Transit

Over the past decade, it has become increasingly clear that the presence of transit can increase property values and result in valuable development opportunities. In this era of constrained transit funding and widespread demand for new and expanded transit systems, policy makers, transit planners and elected officials are increasingly interested in harnessing a portion of the value that transit confers to surrounding properties to fund transit infrastructure or related improvements in station areas. This idea, known as value capture, is much discussed in planning, transit, and local government circles. However, confusion abounds. Where does the value come from. What is the best way to measure it. And, most importantly, what is the best way to capture this value. This purpose of this report is to offer a more nuanced and meaningful understanding of value capture strategies, focusing specifically on the potential to capture increased property values for the purpose of funding transit. There is a growing awareness in the United States that public transit offers numerous economic, social, and environmental benefits, and the perceived value of these benefits is, to a certain extent, reflected in increased property values near transit stations. Americans are increasingly prioritizing the advantages provided by neighborhoods near transit, including economic savings to households, reduced carbon emissions, healthier lifestyles, fewer traffic accidents, and reduced suburban sprawl

• Record URL:
  • http://www.reconnectingamerica.org/public/download/ctodvalcapture110508v2
• 
• Corporate Authors:

  Reconnecting America's Center for Transit-Oriented Development

  Oakland, CA  United States 

  Federal Transit Administration

  1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Publication Date: 2008-11

Language

• English

Media Info

• Media Type: Print
• Features: Figures; Maps; References; Tables;
• Pagination: 38p

Subject/Index Terms

• TRT Terms: Demographics; Economic development; Households; Property values; Public transit; Rail transit facilities; Rapid transit; Transportation planning; Travel demand; Urban areas
• Subject Areas: Planning and Forecasting; Public Transportation; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01135505
• Record Type: Publication
• Files: TRIS, USDOT
• Created Date: Jul 21 2009 8:12AM