When the train comes : exploring the use of property and land acquisition funds to ensure affordability in future transit station areas

Abstract

Living in walkable, transit-accessible neighborhoods has many economic, health and social advantages. Yet, as demand for housing in this type of neighborhood increases, low-income people already living in or who would like to live in these areas can be "priced out" of these desirable locations. Planners, policy makers and advocacy organizations recognize this situation and have identified a standard set of tools that can be used to help produce and protect affordable housing near transit. Nevertheless, these are not always sufficient for the policy, financial and bureaucratic hurdles that must be overcome to develop affordable housing near transit. Over the past decade, a growing number of partnerships made up of non-profit organizations, private foundations, and public agencies have turned to Transit - Oriented Development (TOD) land acquisition funds to preemptively preserve affordability in future transit station areas. This thesis examines the role of land acquisition within the array of tools for preserving affordability near transit through three case studies: Denver FastTracks, Atlanta BeltLine, and the Boston Fairmount Corridor. Through these case studies and researching this practice, I shed light on the vital role that land acquisition can play in the effort to ensure affordability near new transit investment.