tag:blogger.com,1999:blog-5862444008740250372.post5352921772192463748..comments2024-02-01T04:37:41.878-05:00Comments on Cap'n Transit Rides Again: In 2013, subways raise property valuesCap'n Transithttp://www.blogger.com/profile/17057887736728828646noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5862444008740250372.post-13329375808113893142013-04-17T14:50:33.521-04:002013-04-17T14:50:33.521-04:00Alen: yes - this negative effect is that the owner...Alen: yes - this negative effect is that the owners can't expect large price appreciation anymore with which to fund retirement.Alonhttps://www.blogger.com/profile/17267294744186811858noreply@blogger.comtag:blogger.com,1999:blog-5862444008740250372.post-13085647378524721492013-04-15T13:56:37.371-04:002013-04-15T13:56:37.371-04:00that's true, but building denser housing in a ...that's true, but building denser housing in a sea of single family homes also has negative effects for the owners who don't sell out to developers. <br /><br />i have taken the train to work from sheepshead bay. i have driven through richmond hill. i bet the schools have more to do with the price difference in housing.<br /><br />there is no way i would buy a house in richmond hill close to the subway after driving through there. Alenhttps://www.blogger.com/profile/10361839630596751189noreply@blogger.comtag:blogger.com,1999:blog-5862444008740250372.post-20290100155972294722013-04-15T13:50:51.888-04:002013-04-15T13:50:51.888-04:00It is not actually a positive thing that property ...It is not actually a positive thing that property values are going up, if it means that rents are going up. In a right-to-build situation, the higher desirability of land near the Q train would lead to higher density, as developers, buyers, and renters accepted slightly higher per-unit construction costs in order to satisfy demand for living near the subway. This is exactly what happened in the first third of the 20th century, when zoning was either nonexistent or lax. As a preexisting owner, you'd get some more money because of the extra profits that could be made from replacing your single-story house with a six-story apartment building, but not a lot.<br /><br />The problem is that the price appreciation that preexisting owners get from banning new development is much higher. And this means that the incentive for owners in areas that already have subways is to make it as hard as possible for people to build more there. Instead, the demand for housing has to be satisfied in areas where nobody lives, which means new exurbs, and the occasional brownfield industrial site (SoHo 30-40 years ago, the Brooklyn East River waterfront today), which aren't anywhere near good rail infrastructure.Alonhttps://www.blogger.com/profile/17267294744186811858noreply@blogger.com