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作者

Arpit Gupta;Stijn Van Nieuwerburgh;Constantine Kontokosta

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.129,P.

语言

英文

关键字

Infrastructure finance;Real estate;House prices;Public finance;Urban transit;Value capture;Commuting;G10;G50;R32;R41;R42;R51

作者单位

Department of Finance, Stern School of Business, New York University, 44 W. 4th St, New York, NY 10027, United States;Department of Finance, Graduate School of Business, Columbia University, Uris Hall 809, 3022 Broadway, New York, NY 10027, United States;NBER;CEPR;Marron Institute for Urban Management, New York University, 60 5th Ave, 2nd Floor, New York, NY 10011, United States;Department of Finance, Stern School of Business, New York University, 44 W. 4th St, New York, NY 10027, United States;Department of Finance, Graduate School of Business, Columbia University, Uris Hall 809, 3022 Broadway, New York, NY 10027, United States;NBER;CEPR;Marron Institute for Urban Management, New York University, 60 5th Ave, 2nd Floor, New York, NY 10011, United States

摘要

Transit infrastructure is a critical asset for economic activity yet costly to build in dense urban environments. We measure the benefit of the Second Avenue Subway extension in New York City, the most expensive urban transit infrastructure project in recent memory, by analyzing local real estate prices which capitalize the benefits of transit spillovers. We find 8% price increases, creating $5.5 billion in new property value. Using cell phone ping data, we document substantial reductions in commuting time especially among subway users, offering a plausible mechanism for the price gains. The increase in prices reflects both higher rents and lower risk. Infrastructure improvements lower the riskiness of real estate investments. Only 30% of the private value created by the subway is captured through higher property tax revenue, and is insufficient to cover the cost of the subway. Targeted property tax increases may help governments capture more of the value created, and serve as a useful funding tool.