Abstract
Abstract This article presents an empirical study of the effects of traffic flow on residential property values in the community of Grand Rapids, Michigan. Residential values in two identical neighborhoods are compared over a twenty-five year period. One neighborhood serves as a control for the measurement of the impact of changes in traffic flow upon residential values in the other. The results show that residential property values exhibit a surprisingly high elasticity with respect to reductions in traffic flow. The policy implications of these findings for cities laid out in a gridiron street pattern are explored.
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