advertisement advertisement advertisement The pandemic has been devastating for public transit. According to the American Public Transportation Association, transit ridership in 2020 was down 79% nationally compared to pre-pandemic rates. And though no public transit agencies in the United States get all their revenue from ridership alone, the shortfall of riders is putting many transit agencies in a bind. Agencies face a collective budget shortfall of nearly $40 billion through the end of 2023. advertisement advertisement This has pushed some transit agencies to think creatively about how else they can pull in revenue from diverse sources, with many transit agencies now looking at land development. It's a path that can help the bottom line and maybe even turn more people into transit riders. "They've lost a lot of ridership, and this is going to substantially impact their operational abilities," says Robyn Brown, an associate director at IBI Group , an urban development professional services firm. "They often own a lot of land around their stations. I think you're going to see them become bigger players in transit-oriented development not only because they need the revenue, but also to support larger operational and ridership goals." Developing transit-agency-owned land is not just… Read full this story
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