Can value capture work in a car dependent city? Willingness to pay for transit access in Perth, Western Australia

McIntosh, James R.; Trubka, Roman; Newman, Peter

doi:10.1016/j.tra.2014.07.008

Cited by 33 publications

(29 citation statements)

References 21 publications

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“…They encourage the use of public transport and NMT, and discourage that of private vehicle(s). Further, cities are adopting the TOD concept as an innovative financial tool to direct capitalized land values towards investing on transit and other social infrastructure [5]. The TOD concept was first introduced in the USA, to enable more socially, environmentally, and economically sustainable communities.…”

Section: Tod Concept and Its Adoption By Various Countriesmentioning

confidence: 99%

“…This increase in demand for TODs attracts higher capital investments [46] and increasing land and rental values [1,5,[47][48][49]. The higher housing cost of new developments and the increase in rental values of old ones can render the coveted TOD areas unaffordable for the poor who will, therefore, remain excluded from the new developments and be replaced by the affluent in the older ones and, thus, create gentrification issues [9,10,50].…”

Section: Gentrification In Todsmentioning

confidence: 99%

“…These enablers, combined with TOD amenities and high-quality public transit accessibility, are generating demand for transit neighbourhoods, and inevitably increasing land and rental values. Cities frequently use the TODs' potential to raise land value to capture this transit-generated land value, and invest it to finance transit and social infrastructure [1,5]. In the absence of inclusive affordable housing strategies, the high land and rental values of TODs induce displacement or exclusion of the poor from the coveted TOD areas [6][7][8][9][10].…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Stakeholder Deliberation on Developing Affordable Housing Strategies: Towards Inclusive and Sustainable Transit-Oriented Developments

Chava

Newman

2016

Sustainability

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Transit-oriented developments (TODs) are commanding high land and rental values due to improved accessibility and economic opportunities. Owing to the increase in land and rental values, the highly desirable TODs are gradually becoming inaccessible to the poor, creating social exclusion and housing inequities within the TODs. To address this consequence, the study proposes a three-level stakeholder deliberation framework (inform, involve, and collaborate) towards developing inclusive housing strategies for equitable and sustainable TODs. The framework is applied to the context of the Yeshwanthpur industrial area, Bengaluru, India. The first level of deliberation, 'information', foregrounds the need for affordable housing strategies for stakeholders. In the second level of deliberation, the stakeholders involved identify the major challenges in incorporating affordable housing into TODs. In the third level of deliberation, stakeholders collaborate to contemplate strategies to combat each challenge. The results show that mandatory inclusionary zoning, special-purpose planning vehicles, land banking entities, innovative financing tools, and local area level plans in collaboration with the community, emerged as potentially feasible strategies to create inclusive housing outcomes in the TOD case study area.

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Section: Tod Concept and Its Adoption By Various Countriesmentioning

confidence: 99%

Section: Gentrification In Todsmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Stakeholder Deliberation on Developing Affordable Housing Strategies: Towards Inclusive and Sustainable Transit-Oriented Developments

Chava

Newman

2016

Sustainability

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“…The Committee for Melbourne [15] ends "Moving Melbourne", a transport funding and financing discussion paper focused on the potential introduction of alternative mechanisms like VCF, by rhetorically asking the community of Melbourne whether the citizens would be prepared to accelerate improvements at a location of level crossing and similar locations by contributing to the funding and in case they are, if they are prepared to do so by a special levy on surrounding ratepayers. McIntosh et al [16], investigated the willingness to pay for transit access in Perth, Western Australia, by the use of cross-sectional and panel data hedonic price modelling methodology, which belongs to the family of revealed preference methods for estimating willingness to pay. Their research concluded that there is a noteworthy attractiveness of living near transit stations, even in car-dependent cities like Perth, and hence the potential for value capture is robust.…”

Section: Literature Reviewmentioning

confidence: 99%

Public acceptance in financing urban transportation projects using the Value Capture concept

Basbas

Mintsis

Taxiltaris

et al. 2015

WIT Transactions on the Built Environment

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The need for transportation infrastructure and services continuously increases in urban areas worldwide but at the same time the availability of public resources is shrinking. This paper refers to the potential use of alternative financing strategies for transportation infrastructure, which are based on the Value Capture Finance (VCF) concept. A factor which has a significant role in the potential success or failure of VCF implementation is public acceptance. The objective of the present paper is thus to examine the potential introduction of a VCF for the financing of Thessaloniki's metro system in Greece. More specifically, a questionnaire-based survey was conducted, focusing on the public acceptance factor. The case study is the area around a central metro station, located in the heart of the urban complex. The research presented is based on a questionnaire-based survey which took place in spring 2014 and was addressed to visitors of the area around the planned metro station. The majority of the survey's participants consider that the urban environment is very likely to be upgraded due to the enhancement of accessibility as an effect of the new metro station. Nevertheless, the public's enthusiasm is reduced significantly when the discussion reaches their willingness to pay in order to cover a part of the project's construction cost.

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“…This may be due to a lack of clarity over what urban and suburban centers are meant to become and which modes of transport will support their strategic ambitions. This article posits that there is a transparent method to understand the impact of transport as a strategic investment to help trigger the real-estate market to deliver the volume of new homes necessary in a low-carbon future and the overall floor space required to help pay down the expense of the investment in a value capture setting (McIntosh, Trubka, & Newman, 2014).…”

Section: Introductionmentioning

confidence: 99%

Dense, mixed-use, walkable urban precinct to support sustainable transport or vice versa? A model for consideration from Perth, Western Australia

Hendrigan

Newman

2016

International Journal of Sustainable Transportation

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Within the majority of the literature on sustainable transport, it is accepted as ideal to arrange new urban growth in close proximity to major public transit services. While the literature on this subject of transitoriented developments (TOD) is positive and optimistic, for the most part such assertions are conjectural. This article will attempt to fill this gap by revealing a modeling process undertaken for a local area's reurbanization project to understand the potential and limitations of several modes of transport to support the increased activity density in the precincts. Several of the most standardized policy levers were employed, such as parking ratios and mix of use and building height, and contrasted with the trip generation and transit mode's hourly capacity to reveal potential real-estate yields. The outcomes indicate not only the immediate yields but also the capacity for urban transformation due to each level of sustainable transport investments. The model is unique in that the capacity, parking ratios, and assumptions are highly transparent. KEYWORDSTransit oriented development; urban land and transportation modelling

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Can value capture work in a car dependent city? Willingness to pay for transit access in Perth, Western Australia

Cited by 33 publications

References 21 publications

Stakeholder Deliberation on Developing Affordable Housing Strategies: Towards Inclusive and Sustainable Transit-Oriented Developments

Stakeholder Deliberation on Developing Affordable Housing Strategies: Towards Inclusive and Sustainable Transit-Oriented Developments

Public acceptance in financing urban transportation projects using the Value Capture concept

Dense, mixed-use, walkable urban precinct to support sustainable transport or vice versa? A model for consideration from Perth, Western Australia

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