ARC to Raise Home Values by $18 Billion

UPDATE 10/14/10: Check out our new interactive map of anticipated commute time savings.

A new groundbreaking study released today by Regional Plan Association shows how the Access to the Region's Core project (ARC), the new trans-Hudson passenger rail tunnel being built by NJ TRANSIT and the Port Authority of New York and New Jersey, will significantly increase New Jersey and New York home values near train stations on the NJ TRANSIT system and MetroNorth's Port Jervis and Pascack Valley lines by $19,000 on average if homes are within two miles of train stations and by $29,000 for homes within walking distance. Cumulatively, this increase in home value will be an astonishing $18 billion, creating a higher tax base and relieving pressure to increase tax rates in communities across New Jersey and New York. The report also shows that, because ARC shortens commuting times, the number of people who live west of the Hudson River within a reasonable (50-minute) commute of Midtown Manhattan will double when ARC is completed, expanding the workforce for New York City's highest-value businesses.

Cumulatively, this increase in home value will be an astonishing $18 billion, creating a higher tax base and relieving pressure to increase tax rates in communities across New Jersey and New York. The report also shows that, because ARC shortens commuting times, the number of people who live west of the Hudson River within a reasonable (50-minute) commute of Midtown Manhattan will double when ARC is completed, expanding the workforce for New York City's highest-value businesses.

Read the news release, the full report, and the appendices.