In this article, I quantify the value of access to public transit in New York using the surprise, hurricane‐related announcement of the temporary shutdown of an important piece of transportation infrastructure: the L‐train connecting Brooklyn and Manhattan. My approach allows me to measure changes in housing sales prices by using a change in public transit infrastructure, that is, (a) temporary, and (b) not an outcome of city transit planning, but rather an unexpected consequence of a natural disaster. I find that the L‐train's shutdown announcement caused a temporary decrease in sales prices for affected housing units of 6.4%. This estimate suggests a monthly capitalization rate of public transit access of around $863 for housing units where the L‐train is the nearest subway stop, demonstrating that households in NYC ascribe a high value to transit access. Using these estimates, the benefits of the repair outweigh the costs, with the benefit‐to‐cost ratio of the repairs ranging from 2.76 to 2.78.

中文翻译：

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重视公共交通：L 型列车停运

在本文中，我使用与飓风相关的重要交通基础设施（连接布鲁克林和曼哈顿的 L 型列车）临时关闭的意外公告来量化纽约公共交通的价值。我的方法使我能够通过公共交通基础设施的变化来衡量住房销售价格的变化，即（a）暂时的，（b）不是城市交通规划的结果，而是自然灾害的意外后果。我发现 L-train 的停运公告导致受影响住房的销售价格暂时下降了 6.4%。该估计表明，L-train 是最近的地铁站的住房单元的公共交通设施的月资本化率约为 863 美元，这表明纽约市的家庭对交通设施的重视程度很高。根据这些估计，修复的效益超过成本，修复的效益成本比范围为 2.76 至 2.78。