To fix ailing subway system, experts say MTA should get funding from rising property values
“Value capture,” as it’s known, is “the solution of the moment,” according to some
- Amy Plitt for Curbed January 29th, 2018
- Source: {short_url}
The article cites research by Giancarlo Falcocchio and Constantine Kontokosta, professors in the department of civil and urban engineering at NYU Tandon.
… One proposition that’s begun to generate chatter—and even has Cuomo’s support—is “value capture,” or taxing building owners whose properties increase in value as a result of being near transit. … In Manhattan’s main business corridors, from 60th Street south, the benefit of being near a subway adds $3.85 per square foot to the value of commercial property, according to calculations by two New York University [Tandon School of Engineering] engineers.
