Investment in public transportation such as a metro line extension is often capitalized partially into housing values due to the spatiotemporal effects. Using housing transaction data from 2014 to 2019, this paper studies the Second Avenue Subway or Q-line extension in New York’s City’s Manhattan borough. Multiple metro station catchment areas were investigated using spatial autocorrelation-corrected hedonic pricing models to capture the variation of housing price dynamics. The results indicate that properties in closer proximity to the Q-line extension received higher price discounts. The effect varied by occupancy type and building form: condominiums experienced the highest price discount, while walk-up and elevator co-ops experienced a price premium. After controlling for location variations, we observed price discounts on the westside and price premiums on the eastside of the Q-line. Residential properties within 150 m west to the Q-line extension received the highest price discount post operation, while on the eastside, properties in the same proximity received the highest price premium. The anticipation effect varies by distance to metro extension stations, both before and after the operation of metro line extension. We discuss the disruption of metro construction on the housing market depending on housing type, location variation, and changes over time.

中文翻译：

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靠近地铁延长线对纽约市曼哈顿房价动态的时空影响

由于时空效应，对地铁线路延伸等公共交通的投资通常会部分资本化为住房价值。本文使用 2014 年至 2019 年的住房交易数据，研究纽约市曼哈顿区的第二大道地铁或 Q 线延长线。使用空间自相关校正的特征定价模型研究了多个地铁站集水区，以捕捉房价动态的变化。结果表明，靠近 Q 线延长线的房产获得了更高的价格折扣。影响因入住类型和建筑形式而异：公寓的价格折扣最高，而无电梯和电梯合作公寓的价格溢价。在控制位置变化后，我们观察到 Q 线西侧的价格折扣和东侧的价格溢价。Q 线延长线以西 150 m 范围内的住宅物业在运营后获得的价格折扣最高，而在东侧，相同附近的物业价格溢价最高。在地铁线路延长线运营之前和之后，预期效果因到地铁延长线站的距离而异。我们讨论了地铁建设对住房市场的影响，具体取决于住房类型、位置变化和随时间的变化。在地铁线路延长线运营之前和之后，预期效果因到地铁延长线站的距离而异。我们讨论了地铁建设对住房市场的影响，具体取决于住房类型、位置变化和随时间的变化。在地铁线路延长线运营之前和之后，预期效果因到地铁延长线站的距离而异。我们讨论了地铁建设对住房市场的影响，具体取决于住房类型、位置变化和随时间的变化。