February 21st, 2012
Urban Planet: Public Perception and the Economic Benefits of Light Rail Transit
By Hilary Best // No Comments
Urban Planet is a daily roundup of blogs from around the world dealing specifically with urban environments. We’ll be on the lookout for websites outside the country that approach themes related to urban experiences and issues.
It's generally accepted that light rail transit spurs positive economic impacts along the length of the planned corridor. Property values rise, commercial sites experience more customer traffic, and further development is encouraged. But as a recent article in The Atlantic Cities points out, the window of time one looks at and the nature of public perception of the LRT can have very real economic implications. Author Eric Jaffe uses the example of New Jersey Transit's River LRT Line which opened in 2004. With expectations of noise, disruption and increased crime, property values along the line dropped during construction. After the line came into service, properties within a half mile of stations rose in value by roughly 12-14 per cent.
Image from The Atlantic Cities
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