Can value capture work in a car dependent city? Willingness to pay for transit access in Perth,Western Australia

This paper investigates the impact of transit on urban land markets in the highly car dependent corridors of Perth with a focus on where new fast rail transit services have recently been built. It determines people’s willingness to pay for transit access within different pedestrian catchments for each of the corridors based on hedonic price modelling using land value data on over 460,000 households. The case study uses cross sectional and panel data hedonic price modelling methodology for the calculation of willingness to pay for transit. It finds that land market increases of up to 40% can be achieved, and is particularly relevant to car dependent cities looking to capture the financial and economic value created to build transit extensions or entirely new systems, thus making a strong case for value capture funding of transit projects into car dependent suburbs and the potential for density increases near stations.     

Impacts of rail transit access on land and housing values in China: a quantitative synthesis

ABSTRACT

Rail transit investment has been viewed as a prominent policy instrument for local and regional development. However, little is known about to what extent the theorised changes in land and housing values arising from rail transit access can be substantiated by evidence in a large developing country context. This paper presents a quantitative review of empirical studies that analysed the impacts of rail transit access on land and housing values in China. We review empirical analyses in 67 studies from 1997 to 2018 for which we encode quantitative results along with a range of theoretically combinations of spatially contextual characteristics, data and methodological-design characteristics. The results show that there are significant variations in the size estimates of effects of rail transit access across studies. Such variations are associated with rail project types, data and methodological designs. Our study provides the insights on what has already been known and what needs to be known on evaluating real estate consequences of rail transit improvements in developing countries.     

Evaluation of transit proximity effects on residential land prices: an empirical study in Austin,Texas

The Austin MetroRail line in Texas, U.S.A. began operations in 2010 and since then transit-oriented development projects have been fuelled around train stations. Traditional location theory holds that proximity to a transit station should be capitalized into land prices, and numerous empirical studies have demonstrated the effects with mixed results. However, to date no empirical study has investigated this relationship between the newly built rail line and land prices in Austin. This study fills the research gap and suggests a positive effect associated with transit proximity by employing spatial hedonic models. This study also contributes to the existing literature especially in the context of Texas cities where there is a lack of relevant research on transit-capitalization-related topics, and provides insights for decision-makers with different perspectives regarding further rail investment or transportation financing strategies such as value capture programs.     

An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions

We estimate spatial hedonic price functions to examine local and regional accessibility benefits of commuter rail service in Eastern Massachusetts, while controlling for proximity-related negative externalities and other confounding influences. The data include 1,860 single-family residential properties from four municipalities with commuter rail service, and three municipalities without commuter rail service. We find some evidence of the capitalization of accessibility to commuter rail stations. Two model specifications suggest that properties located in municipalities with commuter rail stations exhibit values that are between 9.6% and 10.1% higher than properties in municipalities without a commuter rail station. With a third model we detect weak evidence of the capitalization of auto access time or walking time to the stations, suggesting that properties located within a one-half mile buffer of a station have values that are 10.1% higher than properties located outside of this buffer area and that an additional minute of drive time from the station is related to a decrease of 1.6% in property values. Our results also indicate that proximity to commuter rail right-of-way has a significant negative effect on property values, which suggests that for every 1,000 ft. in distance from the commuter rail right-of-way, property values are between $732 and $2,897 higher, all else held equal. At the mean sample values, this result translates into an elasticity of between 0.03 and 0.13, depending on the functional form of the hedonic price equation.     

轨道交通建设前期工作对工程造价的影响分析

结合部分城市轨道交通前期工作的实际,介绍了轨道交通建设中线网规划、线路沿线土地利用规划的制定、客流预测以及线路敷设方式的确定等前期工作对地铁造价不同的影响方式和影响程度,提出了降低前期投资的几个方法和建议。     

Do high income households reduce driving more when living near rail transit?

Transportation planning today requires an understanding of how income and near-rail residence jointly influence household travel behavior. This article fills a gap in the literature by showing how vehicle miles traveled (VMT) and transit trips taken (TT) vary with income and rail transit access by neighborhood type. Results indicate that, when comparing households with similar incomes and examining how the “near-rail” versus “far from rail” VMT and TT gap varies by income, the cross-sectional reduction in nominal VMT and the increase in TT on a percentage basis is generally larger for higher-income households (>$50,000), and particularly so in neighborhoods dense with both jobs and population. These findings offer support for the notion that near-transit housing targeting higher-income households can have both sustainability and transit use benefits. We note, though, that equity considerations are a strong reason to include low-income housing near rail transit, and argue that policies focusing overly singly on either low-income or high-income housing near rail transit will not be as impactful as a robust focus on mixed-income housing developments in rail transit-oriented developments (TODs).     

Analysis of light rail rider travel behavior: Impacts of individual,built environment,and crime characteristics on transit access

This paper analyzes factors that influence the mode choice for trips between home and light rail stations, an often neglected part of a person’s trip making behavior. This is important for transit planning, demand modeling, and transit oriented development. Using transit survey data describing St. Louis MetroLink riders in the United States, this study found that some of the factors associated with increased shares of walking relative to other modes were full-time student status, higher income transit riders, and trips made during the evening. It was also found that crime at stations had an impact. In particular, crime made female transit riders more likely to be picked-up/dropped-off at the station. Females are more likely to be picked-up or dropped-off at night. Bus availability and convenience showed that transit riders that have a direct bus connection to a light rail station were more likely to use the bus. Private vehicle availability was strongly associated with increased probability of drive and park, when connecting to light rail.     

城市轨道交通企业多元化发展对比研究

城市轨道交通投资周期长、成本高、收益见效慢,许多轨道交通企业负债累累,但随着城市轨道交通在我国的高速发展,越来越多的轨道交通企业开启多元化经营进而实现多元化发展。本文列举了四个我国典型大都市的轨道交通多元化发展情况,结合政府颁布的土地政策,可以看出轨道交通多元化发展的重要性,以及政府将土地交由轨道交通企业自行开发、使用,政府在其中主要充当监管者的角色。这样有助于实现其多元化经营,进而带动多元化发展与城市可持续发展。     

Optimal housing supply in a bid-rent equilibrium framework

In this study, we examine how the spatial distribution of housing supply impacts people’s residential choices and developers’ profitability. By optimally providing housing supply in a region, developers attempt to maximize their profits; on the other hand, if residents were given a chance to decide on housing supply, what patterns of housing supply they would prefer in order to maximize their consumer surpluses. This paper studies the interplay between these two perspectives. A nested multinomial-logit choice structure that encapsulates the bid-rent process is used to capture residents’ location and travel choices simultaneously, and the resultant rents at different locations. To investigate the optimal housing supply for these two stakeholders, we conduct sensitivity analyzes to explore the impact of different housing supply patterns on total rental profit and total consumer surplus. Specifically, analytical results are derived for a simple linear network with two residential locations and one destination under homogeneous and heterogeneous value(s) of time. The results of the sensitivity analyzes indicate that segregation of housing supplies at different locations for different income classes is, surprisingly, a “preferred” outcome by residents under consumer surplus maximization, whereas creating housing supply shortages at convenient locations is a natural outcome under housing profit maximization. These results provide insights on revealing the differences and tradeoffs in performance between these two different perspectives, and on where land use regulations may be needed to balance these two objectives.     

伦敦的新建轨道交通系统——Tramlink

新建轨道交通系统作为一种重要的公共交通工具,正在得到越来越广泛的应用。介绍了伦敦新建轨道交通系统——Tramlink的线路、车辆、运营管理、客流及特点等内容。作为地铁系统的补充,Tramlink在伦敦公共交通领域发挥着重要的作用。     

Secrets of success: assessing the large increases in transit ridership achieved by Houston and San Diego transit providers

This paper summarizes and updates the findings from an earlier study by the same authors of transit systems in Houston (all bus) and San Diego (bus and light rail). Both systems achieved unusually large increases in transit ridership during a period in which most transit systems in other metropolitan areas were experiencing large losses. Based on ridership models estimated using cross section and time series data, the paper quantifies the relative contributions of policy variables and factors beyond the control of transit operators on ridership growth. It is found that large ridership increases in both areas are caused principally by large service increases and fare reductions, as well as metropolitan employment and population growth. In addition, the paper provides careful estimates of total and operating costs per passenger boarding and per passenger mile for Houston's bus operator and San Diego's bus and light rail operators. These estimates suggest that the bus systems are more cost-effective than the light rail system on the basis of total costs. Finally, the paper carries out a series of policy simulations to analyze the effects of transit funding levels and metropolitan development patterns on transit ridership and farebox recovery ratio.     

Land use around suburban transit stations

Land use change in some form is cited by both supporters and critics of rapid transit deployment. This paper examines and categorizes land use around twenty stations located in suburban Washington, D.C. and San Francisco/Oakland through the use of aerial photographs and field investigations. As a case study of local economic development, it documents the land use pattern associated with two modern heavy rail, rapid transit networks — BART and METRO.Both BART and METRO impact land use around suburban stations. The primary contributors to station area development are residential and commercial developers in addition to the transportation providers themselves. The trend toward more intense development away from the regional CBD toward suburban station areas indicates a wave of influence moving into the hinterland via transit lines. While trends of land use are apparent, individual station areas seem to be dictated by local conditions such as markets, land use restrictions, accessibility, population, and physical geography.     

The impact of rail access on condominium prices in Hamburg

Using hedonic price functions, we study the influence of access to public railway stations on the prices of surrounding condominiums in Hamburg, Germany. The study examines the influence of rail infrastructure on residential property prices, not only of individual lines, but for the entire rail network of a metropolitan region. We test the stability of the coefficients for different sets of control variables. The study also estimates public-transit-induced increases in tax revenues due to real estate price increases for a study area outside the United States. We control for spatial dependence and numerous variables correlated with the proximity of railway stations and show that access to the public transit system of the city of Hamburg is to be rated with price increases of up to 4.6%. Such premiums for higher-income neighbourhoods and for subterranean stations tend to be higher. The premiums calculated are significantly lower than average price premiums reported in previous studies, which were mostly based on much fewer variables that rail access might be correlated to.     

The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows

We compare two estimates of benefits arising from the construction of new bridges in south-west Norway. One estimate comes from a hedonic property value model. Rather than follow an approach which is strictly theoretically correct, we adopt Rosen’s simple first-stage approach. To investigate and validate whether this simplified approach gives a reasonable estimate, we compare it to an estimate derived from a travel demand model. We find that a variant of an ex post hedonic house price model gives very similar estimates to the estimates from the travel demand model. This supports a hypothesis that the simplistic hedonic approach is reasonable.     

东京涩谷站TOD开发模式及其借鉴意义

中国的城市建设已经由原有的扩张阶段,转入了对存量的提质增效阶段。相应地,我国各大城市的轨道交通也进入了新的发展时期,以TOD为核心理念的公共交通开发模式开始受到政府和专家学者的重视。本文以东京涩谷站中心及周边地区基础设施更新建设为重点案例,分析涩谷站更新建设过程中的制度保障、战略目标和开发内容,总结其开发的特色和优势,并结合我国实际,探讨轨道交通站点的开发策略,以期为未来中国城市轨道交通站点的开发提供借鉴。     

轨道综合监控系统SIL评估中的风险管理

安全完整性等级SIL评估已经成为目前地铁安全系统工程的重要部分,也是国内外高度重视和着手研发的重要课题。风险管理是安全完整性评估中的重要环节,文中阐述了轨道交通综合监控系统中风险管理的要点和过程,包括风险分析范围、风险源识别、风险分析、风险评估、风险缓解与控制、风险跟踪与关闭,重点阐述了风险分析和风险评估的方法,为其他安全相关系统的开发和安全评估提供了参考。     

城市轨道交通地下车站及区间中消防设计的有关问题

本文结合各地轨道交通工程建设的实况,详细分析了国内现有轨道交通地下车站消防设计模式的差异性,并就如何使地下车站布局对人员疏散及消防扑救更为有利的问题进行了论述。     

弹性需求下的轨道交通客流分配模型和算法研究

文章分析了轨道交通客流需求量的影响因素,以拥挤条件下的出行阻抗函数为基础,通过引入弹性需求条件下的轨道交通均衡配流条件,构建了弹性需求的均衡配流模型。根据模型的特点,给出了改进的用于求解弹性需求下的轨道交通均衡配流模型的Frank-wolfe算法。最后通过一个算例说明了算法的有效性和合理性。     

Capitalization of BRT network expansions effects into prices of non-expansion areas

A before and after hedonic model is used to determine the property value impacts on properties already served by the transit system caused by extensions to Bogotá’s bus rapid transit system. Asking prices of residential properties belonging to an intervention area (N = 1407 before, 1570 after) or a control area (N = 267 before, 732 after) and offered for sale between 2001 and 2006 are used to determine capitalization of the enhanced regional access provided by the extension. Properties offered during the year the extension was inaugurated and in subsequent years have asking prices that are between 13% and 14% higher than prices for properties in the control area, after adjusting for structural, neighborhood and regional accessibility characteristics of each property. Furthermore, the appreciation is similar for properties within 500 m and properties between 500 m and 1 km of the BRT.     

The impact of rail transit on land use: Evidence and a change of perspective

On the basis of available evidence we cannot clearly establish a causal relationship between rail transit and changes in land use and development patterns. At best, such changes would seem to occur only in the presence of other favorable factors, such as supportive local land use policies and development incentives, availability of developable land and a good investment climate. In any event, however, determining the precise extent of rail investment's effect on urban structure is less important than assessing the role it could play in an overall strategy for reaching larger urban goals.