When and How Much Did the Green Line LRT Increase Single-Family Housing Values in St. Paul, Minnesota?
economics - benefits, economics - value capture, land use - impacts, mode - tram/light rail, place - north america, place - urban
value capture, gentrification, rail transit, economic development, before–after analysis
Studies quantifying value added of transit often cannot differentiate whether the premiums are transit effects or location effects. Limited studies have examined the timing of value added. Using before and after data, this study explores the impact of the Green Line LRT on housing sales prices. Compared to the studied period before its funding announcement, its announcement increased housing values by $9.2/sq ft and its commencement increased sales prices by $13.7/sq ft. Further analyses show that housing value appreciation actually occurred after the announcement but before the commencement. Thus, using the right timing of value added is critical for value capture programs and benefit–cost analysis.
Permission to publish the abstract has been given by SAGE, copyright remains with them.
Cao, X., & Lou, S. (2018). When and How Much Did the Green Line LRT Increase Single-Family Housing Values in St. Paul, Minnesota? Journal of Planning Education and Research, Vol. 38, pp. 427-436.