23RD AND UNION: LAND VALUE PATTERNS IN AN UPZONED URBAN VILLAGE

Abstract

Millions of dollars in additional land value is presumed to be created through upzoning urban villages across Seattle as part of Housing Affordability and Livability Agenda legislation. This study utilizes publicly available property sale, property value and property assessment data to identify land value and land use patterns among upzoned and non-upzoned parcels surrounding the 23rd and Union Street intersection. Upzoned parcels within the study area were not found to have sold at significantly higher prices than non-upzoned parcels when factoring in lot sizes. On a buildable square footage basis, upzoned parcels sold for significantly less than non-upzoned parcels. The implications of this research may better inform academics and the public at large about who benefits from upzoning local urban village areas with respect to monetary gains. This study may spur additional research across Seattle to help shape policy decisions around upzoning and value capture tools in the future.