On September 6, 2018, Andrew Schmerzler was quoted in GlobeSt.com in an article about developing near a transit system. For example, New York City Mayor Bill de Blasio's administration is moving forward with plans for the Brooklyn Queens Connector (BQX) light rail, noting the line will be shorter, will cost more money, and will take longer to complete than originally planned.
Investing near proposed infrastructure like New York City's BQX always poses a gamble, noted Mr. Schmerzler.
"It's a really good idea if there's a demand for it. If there is no demand it's a waste of money. But I don't think New York has ever regretted investing in public transportation," Schmerzler added.
Los Angeles now has four light rail lines, one which runs from Santa Monica and the beach through Culver City, through the University of Southern California to downtown. Schmerzler opines that for developers who placed bets around the light rail in Culver City, it looks as if their investments are paying off. Once a sleepy suburb, Culver City now ranks as a top destination for attracting millennials. Those investors "got in years and years ago," he observes.
LA's two subway lines include the Purple Line, which is now under construction to extend beneath Beverly Hills High School. Schmerzler points out that the Olympics coming to LA in 10 years motivates the subway's completion. And the Obama administration provided hefty grants and loans to extend the Purple Line.