Comment by Maxion
8 hours ago
A park will generate less revenue than an apartment building, a sports complex, or a cafe.
Not all value is quantifiable in USD.
8 hours ago
A park will generate less revenue than an apartment building, a sports complex, or a cafe.
Not all value is quantifiable in USD.
this isn't necessarily true. While it generates less direct revenue, it increases nearby land value in two ways: 1) business activity which would have taken place on that parcel "overflows" to nearby parcels, ie, the demand for those other land uses doesn't go away and increases prices in the surrounding area. 2) the park provides real value to its users and access to that value also increases nearby ground rents.
Tycho didn't claim it was. In fact, they explicitly asked if such a heuristic existed.