Financing Transportation Successes from other Jurisdictions

Transcription

1 Financing Transportation Successes from other Jurisdictions Presenter: Michael A. Goldberg Organization: Sauder School of Business, UBC January 28, 2015 Hilton Metrotown, Burnaby

2 Transportation and Land Use Basics: Some Background Theory Transport and land use are inseparable in theory/practice Transport-land use systems are key urban systems Ignoring one leads to unexpected outcomes in the other Need to think systemically and in an integrated way Source

3 Transport and Land Use: Indivisible Constructs Tightly linked, each influencing the other Trade-off between urban transportation costs and property prices Transport savings are capitalized into property prices transit can add huge land value IF land is zoned properly

4 Urban Transport and Land Use: Isolating Them Can be Dysfunctional and Counterproductive BART: hurt viable bus routes, low density zoning, poor station location SkyTrain unmatched by zoning: lost riders/fares, higher costs Seattle Freeway stimulated development & more traffic St. Louis Freeway led to urban core decline & decay

5 Urban Transport and Land Use: Thinking and Acting Systemically though can pay handsome rewards North York: land use solved TTC transit problem Hong Kong: land use paid for MTR, guaranteed riders, supported efficient land use Singapore: integrated transit and land development preserves scarce land supplies London: congestion charges reduce congestion, support transit and density

6 Ignoring One Can Create Negative Outcomes in the Other Un-tolled Freeways as an Example Generate Traffic Foster urban sprawl and emptying of urban cores Waste land and existing building stocks/neighbourhoods; make transit less viable Create demand for more freeways

7 Well Integrated Transport and Land Use Systems Hong Kong arguably the best ever and anywhere Passenger ferries, hydrofoils, fast cats, minivans, buses, trams, MTR, KCR trains Moving sidewalks, escalators, pedestrian subways and overpasses Highways, tunnels, bridges, port, airport, high speed barges/subways connect both Mixed and dense land uses closely tied to transit and goods transport Source: Goodman China Mult-level Properties

8 Hong Kong Multi-modal Redundancy Galore

9 MTR-World s Most Profitable Integrated Transit System Land use and transportation investments tightly linked Density-land use rights above stations sold to developers, paid capital cost MTR develops station retail/commercial and retail/commercial adjacent to stations

10 MTR Real Estate Corporation Signage at ICC Kowloon Station

11 Entrance to 118 Storey ICC and Elements Shopping Centre (MTR-owned) and MTR Kowloon Station

12 MTR Real Estate Corporation Signage at ICC Kowloon Station

13 Well Integrated Transport and Land Use Systems Singapore MRT and collector bus routes Port and airport all linked to transit and roads Transport and land use carefully integrated and planned Sands Casino, Shopping Centre, Roof Park, Botanic Garden, Highway and MRT Station Source:

14 Well Integrated Transport and Land Use Systems Toronto Yonge at St. Clair Station Area Yonge Street Line Aerial View

15 Identifying Some Keys to Success Land use and transportation responsibility cover entire city region Land use and transportation planning and development tightly linked Land value increases used to fund transportation infrastructure Road pricing coordinated with public transit to manage entire regional transportation system supply and demand

16 Road Pricing Putting Basic Supply and Demand Ideas to Work to Manage Congestion and Generate Revenue Generate Revenue Manage Congestion Reduce peak-period vehicle traffic. Use variable prices - peak pricing Shift travel to other modes and times Stockholm, Sweden Congestion Tax Zone

17 Singapore: First & Most Comprehensive Road Pricing Scheme Singapore ERP Highway Gantry Singapore Street Gantry 3e.jpg

18 London, UK Congestion Charge

19 Summary Cities are complex systems and must be managed as such Key link: land use and transportation policy and action as they affect and reinforce each other Pricing of transport system holistically also critical New transport investments require new land use and road pricing policies

20 Conclusions and Take Aways Financing transportation crucial and contentious in Metro and BC Most obvious, logical direct way is to finance using land value rises and road pricing These approaches build on solid simple ideas of land economics and supply-demand Lots of examples to borrow from, build on and use here to put transportation on a solid financial base