darwink
Senior Member
Known known risk versus known unknown risk. The city has lots of projects killed by the later which were good ideas. It in my opinion as far too risk averse on somethings (liek demanding fixed costs and no chance of legal exposure; and, believing that certainty of spending $2 billion on a tunnel is far better than the risk of a 20% chance of a 100% cost overrun on a $1 billion tunnel). The city trying to get zero risk for the Olympics is a big one.I have no ground on to dispute this but I do not see how the property value goes down five or ten percent being next to a elevated rail line. Maybe there's some value lost on certain floors adjacent to a line and you charge less rent on those floors (these floors are likely much cheaper to begin with anyways) but having a direct connection to Grand Central, the Entertainment District, etc.) can be a big benefit.
Is there evidence for something like a new transit line decreasing property value in a downtown? Or is this like the "events centre and convention catalyst in an entertainment district", line of thought and just something people tell themselves.?
They also shouldn't forget the increased property values of being near a LRT or actually having the T as part of expected TOD.
So the tunnel had its risks, and I guess they were just willing to accept those risks but not other risks related to land value.
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