Rail Transit’s Value-Added & the Commons Jennifer Kenyan PA 395 Common Assets January 29,2008

Transit-Oriented Development Case-study: Rail Transit’s Value-Added: Effects of Proximity to Light and Commuter Rail Transit on Commercial Land Values in Santa Clara, California by Robert Cervero and Michael Duncan Does proximity to a light-rail station increase the value of commercial property?

Benefits and perceived drawbacks of TOD Accessibility Transit boards become entrepreneurial Public-private joint investments BUT Incursion of noise, vibration, increased transit, partial takings that reduce usable size of residential land parcels that reduces property values

Policy Implications Increased land values Increased commercial property value Employer access to labor markets improves Local governments capture value-added

TOD and Common Assets Environmental impacts Community- “The commons is the village tree, the public square, Main Street, the neighborhood and the Internet. Outside of families, it’s the glue that holds us together.” (State of the Commons, p. 4)