CUT! How BART's Financial Challenges Affect Bay Area Housing and Property Values

CUT! How BART’s Financial Challenges Affect Bay Area Housing and Property Values

WFCN –

BART produced a study in June that described the pandemic’s slow recovery of the transit system and the possibility of service cuts in the event that the agency runs out of emergency financing.

A significant portion of the “Role in the Region” report focused on the ways that BART fosters community development and provides advantages to all Bay Area citizens—even those who choose not to use it.

As of 2023, BART’s transit-oriented development had constructed almost 4,000 housing units on property that it either owned or managed.

There are another 200 more in the process of being built, and another 4,000 are in the pre-development stage. Balboa Park in San Francisco, Millbrae, and San Leandro are a few communities with properties constructed by BART.

CUT! How BART's Financial Challenges Affect Bay Area Housing and Property Values

BART spokesperson James Allison told SFGATE that “the TOD program at a very high level is twofold.” The main goal is to enhance transit ridership because, according to studies, those who reside close to transit stops are more likely to take public transportation. Secondly, to supply housing in an area where it is desperately needed.

SEE MORE –

Finance Expert Says! MVLA Board Passes Strong Budget, Predicts Growth in Property Tax Revenue

Chief planning and development officer Val Menotti claims that the housing units not only boost passengers but also give the organization an additional source of income.

Menotti stated, “To ensure that any community needs are reflected in the development, we work closely with local governments on what their preferences are.”

For instance, there will be both subsidized and market-rate homes near El Cerrito Plaza. Menotti stated that BART’s ambitions to construct a public library have been “a priority” for El Cerrito.

See also  Line-Break Now ! An Unexpected Layoffs Announced by Leading Food Company

Since the site is already owned and paid for, the financial difficulties highlighted in the most recent BART report do not directly threaten the housing or library.

“The only expense is the staff time required for development work,” Allison stated. It isn’t as though we are purchasing the land and then hiring a developer afterward. We only use these already-existing assets for the purpose of using these TOD.

Leave a Reply

Your email address will not be published. Required fields are marked *