Transit Begets Transit
Or so is the hope of some in Charlotte, NC. Apparently, Charlotte’s light-rail network has been so effective at bringing on a development boom that some are now worried that the skyrocketing property prices are discouraging small businesses from opening up. Streetsblog covers the story today, picking up on a posting on the Overhead Wire. Here’s an excerpt:
You want to know why that property becomes so valuable? Because it is scarce! Contrary to popular belief, there is not enough supply of urban housing to meet the demand, so the speculators come in and jack up the prices…So if regions are feeling for local businesses and the skyrocket land values around transit, the escape valve that creates greater opportunities in places that want to change is to build greater transit networks. More escape valves means greater distribution of different development and less pressure and speculation.
This makes me wonder how the housing market is doing in Charlotte right now. Anyone have any good resources/links on this?