The synergistic influence of light rail stations and zoning on home prices

Michael Duncan

Document Type

Journal Article

Publication Date

2011

Subject Area

mode - tram/light rail, place - north america, land use - planning, land use - impacts

Keywords

rail, poroperty prices, proximity to light-rail station

Abstract

Part of the attraction of modern rail investment is the potential for such investment to influence property values and generate development impacts. The occurrence of such impacts relies upon the existence of land-use policy that permits the desired development. A hedonic price model with interaction terms is used to empirically explore the synergistic impact of proximity to light-rail stations and permissive zoning regulations on home prices in San Diego, CA. The model results provide evidence that the premium value associated with rail proximity is conditional upon permissive zoning regulation. At the same time, it is found that permissive zoning has a harmful influence on home prices except in the area immediately surrounding rail stations.

Rights

Permission to publish the abstract has been given by m.Environment and Planning, copyright remains with then

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