Abstract
The purpose of this chapter is to provide a microeconomic framework for tracing the impact of urban rail transit on the residential real estate market. It presents an urban polycentric model that is quite simple, yet it is complex enough to handle automobile traffic congestion as well as transit and park-and-ride. The model is derived from a long line of microeconomic monocentric urban models. The model is estimable, but not empirically estimated here; instead, it is run as a spreadsheet simulation with artificial parameter values. Results are computed and shown graphically and geographically; they support the claim that transit introduction is likely to raise real estate values, but are conditional with regard to instigating inner city redevelopment.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Alonso W (1964) Location and Land Use: Toward a General Theory of Land Rent. Harvard University Press, Cambridge, Massachusetts
Anas A, Arnott RJ, Small KA (2000) The Pan-Exponential Monocentric Model. Journal of Urban Economics 47:165–179
Bernick M, Cervero R (1997) Transit Villages in the 21st Century. McGraw-Hill, New York
Bertaud A, Brueckner JK (2003) Analysing Building Height Restrictions: Predicted Impacts, Welfare Costs and a Case Study of Bangalore India. In: Alain Bertaud’s Academic Homepage
Bowes D, Ihlanfeldt KR (2001) Identifying the Impact of Rail Transit on Residential Property Values. Journal of Urban Economics 50:1–25
Cervero R (1998) The Transit Metropolis. Island Press, Washington
Florida R (2005) Cities and the Creative Class. Routledge, Oxford
Frank LD, Engelke PO, Schmid TL (2003) Health and Community Design. Island Press, Washington
Frumkin H, Frank L, Jackson R (2004) Urban Sprawl and Public Health: Designing, Planning and Building for Healthy Communities. Island Press, Washington
Hatta T, Okawara T (2001) Population, Employment, and Land Price Distribution in the Tokyo Metropolitan Area. The Journal of Real Estate Finance and Economics 6:103–128
Jacobs J (1969) The Economy of Cities. Random House, New York
Jacobs J (1984) Cities and the Wealth of Nations. Random House, New York
Mills ES (1972) Urban Economics. Scott Foresman, London
Mills ES (1999) Truly Smart’ smart Growth.’ Illinois Real Estate Letter, Office of Real Estate Research, University of Illinois, Urbana
Muth RF (1969) Cities and Housing: The Spatial Pattern of Urban Residential Land Use. University of Chicago Press, Chicago
Newman P, Kenworthy J (1999) Sustainability and Cities. Island Press, Washington
Pandit SNN (1961) A New Matrix Calculus. Journal of the Society for Industrial and Applied Mathematics 9:632–639
Richardson HW (1983) The New Urban Economics. Routeledge, Oxford
Romanos MC (1976) Residential Spatial Structure. Lexington Books, Lanham
Ryan S (1999) Property Values and Transportation Facilities: Finding the Transportation-Land Use Connection. Journal of Planning Literature 13
Scheurer J, Newman P, Kenworthy J, Gallagher T (2001) Can Rail Pay? Institute for Sustainability and Technology Policy, Murdoch University, Perth
Sheffi Y (1985) Urban Transportation Networks. Prentice-Hall, New Jersey
Wheaton W (1998) Land Use and Density in Cities with Congestion. Journal of Urban Economics 43:258–272
Webber M (1963) Order in Diversity: Community without Propinquity. In: Wingo Jr L (ed) Cities in Space: The Future Use of Urban Land. Johns Hopkins Press, Baltimore
Webber M (1995) Bart: The Lesson. Discussion paper, University of California Transportation Center, Berkeley
Webber M (1998) The Joys of Spread City. Urban Design International 3:201–206
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2008 Physica-Verlag Heidelberg
About this chapter
Cite this chapter
Gat, D. (2008). Rail-transit and real estate values in a polycentric city: A theoretic simulation approach. In: Bruinsma, F., Pels, E., Rietveld, P., Priemus, H., van Wee, B. (eds) Railway Development. Physica-Verlag HD. https://doi.org/10.1007/978-3-7908-1972-4_17
Download citation
DOI: https://doi.org/10.1007/978-3-7908-1972-4_17
Publisher Name: Physica-Verlag HD
Print ISBN: 978-3-7908-1971-7
Online ISBN: 978-3-7908-1972-4
eBook Packages: Business and EconomicsEconomics and Finance (R0)