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Old Posted Feb 10, 2017, 6:33 PM
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Building apartments near transit brings in more money for cities and counties

Building apartments near transit brings in more money for cities and counties


February 2, 2017

By Susan Balding

Read More: https://ggwash.org/view/62253/buildi...ies-and-counti

PDF Report: http://washington.uli.org/wp-content...nal-12-1-1.pdf

Quote:
In the Washington region, apartments near train stops and bus routes bring in more tax money for cities and counties than apartments farther away from the same resources. That’s according to a new report that shows that cities and counties have a lot to gain from building apartments near public transportation.

- The findings bring good news for people who would like to see more apartments built near train stations and along bus corridors—and also for local governments looking to improve their bottom line. Thanks to things like real estate taxes, property taxes, permits, and fees, apartments near transit brought in between $1.13 and $2.20 per year in government revenue for every $1 spent on public services for residents. If these apartments had been farther away from transportation, the study found, they would have generated less revenue—between $0.77 and $1.35 for every $1 spent.

- The study found that the type of people living in apartments near public transit have a lot to do with how much revenue these units generate. For instance, fewer families with school-age children live in apartments located near public transportation. This means that the residents in these apartments put less demand on public schools—and that translates into savings. Opponents of higher-density developments in DC and the greater Washington area have often used concern over burdens on local public schools to justify their opposition. But this study’s findings might give them one less thing to worry about.

- This raises a few concerns: Are apartments near transit only affordable for older residents or professionals without kids? Or do older residents simply prefer to live closer to non-car transportation? And if a certain number of apartments in buildings located near transit are set aside for affordable housing, will this affect the money generated for cities and counties? Housing affordability is a notoriously difficult problem to address, especially for families. --- If larger, family-friendly units are mixed in with smaller units in transit-oriented developments, perhaps the savings generated by the latter would offset the higher costs imposed on amenities like public schools.

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Old Posted Feb 10, 2017, 6:52 PM
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Better late than never. Maybe our band of development/transit geeks can receive honorary degrees in rocket science for knowing this long ago.
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Old Posted Feb 11, 2017, 3:50 AM
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Originally Posted by mSeattle View Post
Better late than never. Maybe our band of development/transit geeks can receive honorary degrees in rocket science for knowing this long ago.
They're called TODs ! Where have these people been ?

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Old Posted Feb 14, 2017, 12:54 AM
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TOD deniers, till they can't deny anymore.
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Old Posted Mar 14, 2017, 7:48 AM
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lol
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Old Posted Mar 14, 2017, 9:17 PM
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Originally Posted by mSeattle View Post
TOD deniers, till they can't deny anymore.
TODs are fake news

sad!
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