With financial concerns weighing heavily on New Yorkers, a new report points to the value of pedestrian-friendly streets as a way to boost local economies. "Streets to Live By" compiles information gathered at cities across the country and around the world, on pedestrian zones, bike lanes, parks, street trees, transit access and parking—in short, many of the street designs unfolding in New York City today. The data show the latent potential of city streets to raise property values and invigorate storefront retail. The report finds:
- Quiet streets with no thru-traffic can boost property values up to 9%.
- Pedestrian zones can boost foot traffic by 20% and retail sales by 10%.
- Every decibel decrease in noise level raises property values .4%.
- Nearby community gardens increase the value of apartments by up to 7%.
- Traffic-calming can raise the value of homes by one-third.
"What makes sense for walkable, healthy, people-friendly streets is also good for the bottom line of businesses and home owners," says Paul Steely White, Executive Director of Transportation Alternatives. "Fighting congestion, air pollution and all the problems of sedentary living goes hand in hand with boosting economic growth."
Many of the "livable street" treatments examined in the report, from pedestrian plazas to traffic-calming, are being rolled out by the NYC Department of Transportation as part of its Sustainable Streets strategic plan. To build on these efforts, and reap the full benefits of "livable streets" in New York City and around the country, Transportation Alternatives recommends:
- Reduce traffic levels through parking reform and greater access to biking, walking and transit.
- Increase the percentage of trips taken on foot 10% by 2015.
- Incorporate better walking conditions into new zonings, street reconstruction and private development.
- Educate businesses and community boards on the economic value of livable streets.
The full report is available for download at:
transalt.org/files/newsroom/reports/streets_to_live_by.pdf (PDF)
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