Public transport allows transport at an economy of scale not available through private transport. Through stimulating public transport it is possible to reduce the total transport cost for the public. Time costs can also be reduced as cars removed from the road through public transit options translate to less congestion and faster speeds for remaining motorists. Transit-oriented development can both improve the usefulness and efficiency of the public transit system as well as result in increased business for commercial developments.
Investment in public transport also stimulates the economy locally, with between $4 and $9 of economic activity resulting from every dollar spent. Well-designed transit systems can have a positive effect on real estate prices. The Hong Kong metro MTR generates a profit by redeveloping land around its stations. Much public opposition to new transit construction can be based on the concern about the impact on neighborhoods of this new economic development. Few localities have the ability to seize and reassign development rights to a private transit operator, as Hong Kong has done. Increased land desirability has resulted around stations in places such as Washington, D.C..Conversely, the existence of a transit system can lower land values, either through perceived influence on a region's demographics and crime rate or simply through ambient noise the system creates.
Investment in public transport also stimulates the economy locally, with between $4 and $9 of economic activity resulting from every dollar spent. Well-designed transit systems can have a positive effect on real estate prices. The Hong Kong metro MTR generates a profit by redeveloping land around its stations. Much public opposition to new transit construction can be based on the concern about the impact on neighborhoods of this new economic development. Few localities have the ability to seize and reassign development rights to a private transit operator, as Hong Kong has done. Increased land desirability has resulted around stations in places such as Washington, D.C..Conversely, the existence of a transit system can lower land values, either through perceived influence on a region's demographics and crime rate or simply through ambient noise the system creates.
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