NYC-WTC_000187725

NYC 9/11 Public Portal Document

123

Table 4.11 (Continued) Change in Benefits

Change of %change Benefit Level Share(%)

Housing Consumer Surplus $10,734,796,800/year 0.97 99.31 = $2,847/worker/year Producer Surplus $35,588,096/year 0.38 0.33 = $9.65/house/year Total Rent $37,208,941/year 0.24 = $ll/house/year Commercial Producer Surplus $38,635,008/year 3.55 0.36 = $0.22/sq ft/year Total Rent $60,027,131/year 3.55 = $0.35/sq ft/year Total Benefit = $10,809,020,416/year = $2,867/worker/year = $2,930/house/year = $7.02/trip

Equilibrium Simulation 7: A Reduction in Subway Waiting Times Using the network times for transit, it was assumed that trains could be doubled on the system so that average waiting times per trip would be halved from five minutes to two and a half minutes throughout the subway system.Such an improvement attracts households from the suburbs into the four boroughs since a more central location allows households to use the transit system and take part in the benefits of the reduced travel time. Indeed, with the simulation, it was observed that commuters switched to the subway from all other modes, increasing subway ridership by 1.33%. Housing demands and rents in the boroughs increased for 0.89% to 1.25% for single family housing. For

It may not be necessary to double the number of trains to halve rush hour travel times nor does doubling the number guarantee that times can be halved. The assumption is meant to be a rough, illustrative one.

CITY_21MC100_006662354

NYC-WTC_000187854