The High Line is a 1.45-mile-long (2.33 km) elevated linear park, greenway and rail trail created on a former New York Central Railroad spur on the west side of Manhattan in New York City. It was opened in June 2009 and funded mostly with public money.
In this study we estimate the impact of opening the High Line Park in New York City on private property values in the surrounding areas.
Using publically available data we built a model to study property values change in relation to their proximity to High Line.
To explore the potential of this idea further we’ll be working to test how digital ledgers and smart contracts combine with property value data, and how this could rewrite the conventional property deed. We’re working towards creating a platform for localised investment in public infrastructure, and imagining a fairer and more democratic way for communities to invest in and own parts of the neighbourhood around them.
Over the next few months we want to prototype and test the technical and legal feasibility of a commons covenant, as well as the likely social and political implications it brings up. We’ll structure this work around three areas:
- Smart contract and digital property deed — a smart contract, linked to a digital property deed, that can automatically distribute value uplift between two parties.
- Property valuation — an API that automatically accesses the existing NYC property value dataset, calculates value uplift above background inflation and links this data to a digital spatial model.
- Investment platform — developing the user experience for a neighbourhood investment platform for residents to collectively propose, vote for, and contribute funding towards local infrastructure projects.
- A new democratic interface — for this to be socially.
We’re interested in working with experts in the fields of smart property contracting, land economics, mortgage and equity, and land and GIS data — so if you want to be involved or think you can help, we’d love to hear from you.