| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26789 |
| 来源ID | Working Paper 26789 |
| Take the Q Train: Value Capture of Public Infrastructure Projects | |
| Arpit Gupta; Stijn Van Nieuwerburgh; Constantine Kontokosta | |
| 发表日期 | 2020-03-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 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 $6 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. |
| 主题 | Financial Economics ; Financial Markets ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w26789 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584463 |
| 推荐引用方式 GB/T 7714 | Arpit Gupta,Stijn Van Nieuwerburgh,Constantine Kontokosta. Take the Q Train: Value Capture of Public Infrastructure Projects. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26789.pdf（682KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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