Gentrification Near Rail Transit Areas: A Micro-Data Analysis of Moves Into Los Angeles Metro Rail Station Areas

This report seeks to shed light on this latter concern. It begins with a brief summary of the evidence from prior studies on both rail-related housing price increases and changing composition. It then introduces a newly available data source, which we use to examine the relationship between new rail transit station opening and neighborhood income composition. This report aims to determine whether a rail station opening in Los Angeles County is associated with the share and income composition of residents who move in and out of neighborhoods near that rail station. Specifically, we address the following questions regarding gentrification and its tie to rail transit stations: \u2022 Who moves into rail-station neighborhoods and when? \u2022 Are higher income households growing as a share of station area population relative to lower-income households? \u2022 Do rail stations cause this phenomenon or is this happening regardless of the transit investment? The Los Angeles metropolitan area presents an ideal study area for analyzing transit-oriented development (TOD) and potential displacement. Prior to 1990, Los Angeles had not had any intra-urban rail transit service for decades. Since then, 93 new rail-transit stations (see Figure 1 for map) were opened by the Los Angeles Metropolitan Transit Authority (L.A. Metro) and an additional 17 are currently under construction (Boarnet et al., 2015). This buildout amounts to about half of the U.S. spending on new rail transit (L.A. Metro, 2009). Within L.A. Metro, 21% of its budget from 2005-2040 will go toward rail transit capital and operations expenditures (L.A. Metro, 2009). Concurrently, regional and local plans envision that over half of new housing and employment to occur within a half-mile of a well-serviced transit corridor, including rail (L.A. Metro, 2009; SCAG, 2012)

Monthly review.

Other slight variations in title.Vol. for 1953-67 issued without volume numbering but constitute v. 38-52.Mode of access: Internet.Also available in microform: Microfiche

New financing trends in Latin America: a bumpy road towards stability

In May 2007 the Bank for International Settlements (BIS) and the Federal Reserve Bank (FRB) of Atlanta hosted a meeting in Mexico City on “New financing trends in Latin America: a bumpy road towards stability”. The meeting, which was chaired by Philip Turner of the BIS, brought together senior officials from central banks, finance ministries, the private sector, multilateral institutions and academia to discuss issues and challenges from the most recent financing developments observed across the region. Five main issues were addressed at the meeting: recent trends in Latin America, the influence of certain idiosyncratic features on financial developments in the region, the benefits and challenges of the development of domestic local currency bond markets, the implications for monetary policy and the coordination of debt management policies between central banks and finance ministries and, finally, the implications for financial stability. This meeting was a “first” as a collaborative effort between the BIS and the FRB Atlanta, and was organised at t he initiative of the BIS Representative Office for the Americas (inaugurated in 2002) and the FRB Atlanta Americas Center (created in 2005). Given the significance of the topics discussed, we decided to publish in this BIS Papers series the contributions by José Antonio Ocampo (United Nations Under-Secretary General for Economic and Social Affairs) and Professor Barry Eichengreen (University of California, Berkeley), a contribution by the Bank of Spain, and the background documents prepared for this event.