Transportation and housing markets in cities
综述了城市交通投资和出行政策对住房市场影响的因果证据，涵盖可达性资本化、外部性内部化和绿色出行倡议，发现交通改善通常推高房价，但噪音、污染等负外部性可能抵消这一效应，而拥堵收费、分区改革等政策可缓解负面影响。
This paper surveys recent literature estimating the causal effects of urban transport investments and urban mobility policies on housing markets. We synthesise evidence along three dimensions: the capitalisation of accessibility gains, the internalisation of transport-related externalities, and the rise of green mobility initiatives. Results indicate that while improved accessibility is generally capitalised into higher property values, negative externalities—such as noise, pollution, and congestion—can attenuate or reverse these effects. Policies such as congestion pricing, zoning reforms, and low-emission zones also influence these outcomes, highlighting how institutions, network design, and local environmental conditions shape the housing market’s response to transport investments. Recent green interventions in city centres have shown an even stronger impact on housing prices, although they can also create spillover effects in nearby neighbourhoods. • Transport investments generally influence housing prices in cities • Negative externalities can offset these gains, while well-designed mitigation policies help restore them. • Recent green urban mobility initiatives show particularly strong impacts on housing prices. • Further research should address context dependence and identification challenges.