Econometric analysis reveals minimal impact of transit station announcement on home values in nearby neighborhoods, suggesting limited initial capitalization from new rail infrastructure.
This paper examines the impact of the development of the Miami Metrorail system on residential property values proximate to its station locations. Comparing repeat-sales indices and applying hedonic regression methods yielded consistent results. In both cases the analyses support the hypothesis that residential values were, at most, only weakly impacted by the announcement of the new rail system.
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Gatzlaff et al. (1993) studied this question.
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