NYC-WTC_000187725

NYC 9/11 Public Portal Document IF'

53 streetcar service in Toronto with a subway line. Contrary to expectations, the major impact was determined to be a steepening in the property rent gradient with distance from the subway station rather than a change in slope with distance along the corridor from the Toronto central business district. Similar empirically-based, hedonic studies of externalities focus on producer and consumer benefits generated by access to open space. Among them, at the simplest level. Kitchen and Hendon (1967) utilized linear correlation analysis to demonstrate that distance of residential properties from a small neighborhood park in Lubbock, Texas, affected assessed land value inversely. More detailed multiple regression analysis by Weicher and Zerest (1972) analyzed sales prices of residential properties situated around five parks in Columbus, Ohio. Their study measured significant value differences when properties faced open space, but not backed onto parks or overlooked recreational facilities, though these positive externalities were not reflected in tax assessments. At an intermediate level. Hammer et. al. (1974) computed the declining location rent for sixteen residential property types surrounding a large urban park in Philadelphia. From 40 to 2,500 feet from the park, the producer surplus was shown to decline from 33 percent of land value to less than 5 percent. By applying the value of these external benefits to all dwellings at corresponding distances, the aggregate value of location rent generated by the park was determined. At a somewhat more complex level of analysis, Sexton et. aj^ (1983) measured the consumer surplus of access to seven beachfront parks on Long Island by decomposing the estimation of consumer demand curves into allocation and generation components which separately valued the benefit of park access and the cost of attaining it. The resulting measure of net benefit was associated with trip origins at distance intervals from the parks to show the declining value of externality, while the economic value of each park was computed by comparing differences between the consumer b surplus of all origin zones with the park open versus that with the park closed (based on recomputed travel costs to substitute parks).

What Questions Does NYSTA Address ? L The NYSTA model is concerned with determining the producer surplus or externality conferred on a range of property surrounding transit stations by the benefit of accessibility capitalized into the value of land. The land value benefit will differ by type of land and distance from the station given an array of differences in transit service, all other factors influencing the value of land having been explained. Three areas of research inquiry relate to the equations that can be modeled using NYSTA methodology. These subject areas can be characterized as issues. areas appropriate to the neighborhood k

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NYC-WTC_000187784