NYC-WTC_000187725

NYC 9/11 Public Portal Document

¥

71 transit related variables not included in the overall equation. As the baseline, the vacant land value model is utilized for reasons of best fit and overall portrayal of the development gradient. Whereas measures of statistical significance were good for all variables in the generalized vacant land model, with stratification by transit policy variables some t-statistics would not otherwise be acceptable.

Type of Transit Structure Where transit access is provided by elevated, open cut (surface), or tunnel service at the station, the land value gradient measured by walking distance from the station declines most steeply for underground or subway service, and less steeply for elevated transit service. The land value gradient for tunnel service is expressed as:

RATLSPAi T = 6.505332 - 0.193137(WDST) - 0.045060(ADW) (.0001) (.2851) + 0.052585(WDP) - 0.773082(POVERTY) (.2317) (.0001) + 0.253747(EMP) - 1.018307(MIDTM) (.0001) (.0001) - 0.223302(DNTM) - 0.166260(CRIME.'rape) (.0025) (.0010) r2 = 0.2641

As Figure 3.3 shows, the beneficial effect of subway service confers a steeper rise on land value with access to the station, than does elevated transit service, or all fixed rail service irrespective of structure type (the baseline condition). The land value gradient for elevated service is expressed as: I RATLSP_Ai,e =3.463235 - 0.080113(WDST) - 0.097116(ADW) f (.1267) (.0920) - 0.184767(WDP) - 0.396274(POVERTY) (.0003) (.0035) + 0.192826(EMP) + 0.457052(MIDTM) 1 (.0062) (.0227) - 0.246268(DNTM) - 0.308270(CRIME rape) (.1407) (.0001) r2 = 0.0953

The value of land accessible to fixed rail service in an open cut or surface configuration does not have a clear relationship to distance from the station. With an open cut, land value rises as distance increases, but the estimated coefficient for the walking

CITY_21MC100_006662302

NYC-WTC_000187802