Streetcars will benefit DC's bottom line
One of the key differences between buses and streetcars is that streetcars induce land development. That benefits the city from a Smart Growth and urbanist perspective. It also turns out to be a big win for the city's coffers.
The DC Office of Planning's Streetcar Land Use Study was commissioned to determine the impact that the city's planned streetcar network will have on development, and on city tax revenue.
The findings are, to put it mildly, extremely positive.
Positive impacts
According to the study, the great benefit of streetcars will be that they tremendously expand the number of households and business properties that are within walking distance of a rail station. With streetcars complementing Metro, the share of DC residents within a quarter mile of a rail stop will increase from today's 16% up to 50%.
That will correspond to an increase in the value of properties along streetcar lines by $5-7 billion. Another $5-8 billion in new development can