VALUE CREATION IN PROXIMITY TO U.S. LIGHT RAIL TRANSIT STATIONS Public Deposited

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  • March 21, 2019
Creator
  • Bishop, William
    • Affiliation: College of Arts and Sciences, Department of City and Regional Planning
Abstract
  • A quasi-experimental, longitudinal spatial difference-in-differences design is employed to estimate differential rates of assessed value creation over time in proximity to light rail transit (LRT) stations. Over the 10-year period from 2005 through 2015, total assessed valuation within ½ mile (but non-overlapping) transit areas of influence (TAIs) surrounding 229 stations, located along 21 light rail transit lines within 14 U.S. transit systems, increased at an average annually compounded rate of 3.13% faster than within surrounding control/comparison areas between 1-mile and 2-miles from stations. Differential rates of assessed value creation varied significantly both within and between transit systems. Under an alternative definition of treatment areas (wherein all folios within the TAI were counted and attributed to treatment, whether or not treatment areas overlapped) , total assessed valuation within ½ mile (but non-overlapping) transit areas of influence (TAIs) surrounding 22- stations within 13 U.S. transit systems, increased at an average annually compounded rate of 3.21% faster than within surrounding control/comparison areas between 1-mile and 2-miles from stations, or a total of 63% over the period. Differential rates of assessed value creation varied significantly both within and between transit systems. Unique contributions of this work include quantification of actual differential rates of aggregate annual value creation over time within areas proximate to U.S. light rail transit stations compared to surrounding areas, unlike hedonic price models which estimate consumers' marginal willingness to pay for amenities such as proximity to transit. The comprehensive nature of the database studied has allowed identification of significant variation in market responsiveness across metropolitan regions as well as within single light rail corridors This variation underscores the importance of individual market and submarket characteristics including timing. Differential rates of assessed value creation varied widely across transit systems and individual stations. Effects of various station-specific characteristics and transit agency initiatives and objectives on variation in treatment effect across stations were estimated. Differential rates of assessed value creation are found to accrue disproportionately to improvements rather than to land.
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Advisor
  • Kaza, Nikhil
  • Rodriguez, Daniel
  • McDonald, Noreen
  • Quercia, Roberto
  • Song, Yan
Degree
  • Doctor of Philosophy
Degree granting institution
  • University of North Carolina at Chapel Hill
Graduation year
  • 2018
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