Abstract
Many U.S cities invest in large public transit projects in order to reduce private vehicle dependence and to reverse the downward trend in public transit use. Using a unique panel data set for five major cities that upgraded their transit systems in the 1980s, we estimate new transit's impact on usage and housing values. New rail transit has a small impact on usage and housing values. High transit subsidization from non-local sources explains the continued push to build new rail transit lines. New transit's benefits are not uniformly distributed. We document which demographic groups are over represented in transit growth areas and the changes in transit usage by different demographic groups.
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