Value capture, an important tool for premium recovery in urban rail transit, acts as an essential method for reducing urban transport debt and enabling revenue redistribution among various income groups. However, due to market competition, the implementation of uniform value capture policies across income groups will lead to deteriorate spatial equity in rail transit accessibility. Taking Shanghai as example, this study investigates how to capture the value of rail transit to improve spatial equity among different income groups which categorized by housing prices. The results show that: (1) Spatial differentiation of station location, network accessibility, and the maturity of the built environment surrounding the station are critical factors in triggering market segmentation of rail transit; (2) The effect of rail transit on house values varies depending on the type of rail transit market and income group. Lower-income groups rely more on public transportation and are more tolerant of nuisances at subway stations, but higher-income groups are more willing to pay to avoid nuisances at stations; (3) Traditional fixed-premium recovery policies of rail transit may exacerbate spatial equity among different income groups. Low-income groups face rising housing costs, whereas higher-income groups, driven by their greater ability to pay and profit-driven capital, intensify spatial agglomeration, resulting in a ‘Matthew effect’ of residential differentiation. This paper suggests we need be aware of the phenomenon of gentrification that can be triggered by rail transport, and promote the achievement of the dual goals of social equity and sustainable urban transport development. • Station characteristics is a critical factor in triggering the market segmentation of rail transit. • Rail transit's impact on housing values varies by rail transit market type and income group. • Meeting housing and transit needs of low-income groups is key to spatial equity. • High-income groups enjoy a significantly higher premium effect than low-income groups. • Value capture policies should consider differences in rail transit submarkets and income groups.
Liu et al. (Wed,) studied this question.