SEPTA’s proposal for massive service cuts could lower property values in nearby communities, reduce tax revenues for public services and slow the economy, according to a recent economic impact analysis. On July 1, the transit agency will face a $213 million budget shortfall. Philadelphia-based consultancy Econsult Solutions calculated what it would mean if the “death spiral” continued. SEPTA has proposed shuttering the Cynwyd, Chestnut Hill West, Paoli/Thorndale, Trenton and Wilmington/Newark rail lines, and cutting service by 45% across the five-county area. There are about 682,000 single-family homes and about $73 billion of commercial property value within a three-mile radius of the five Regional Rail lines on the chopping block. If there are no trains running, the collective value of those homes would drop by nearly $20 billion. That means less tax revenue for local schools and municipalities. Many commercial corridors along transit routes rely on foot traffic, so fewer riders means fewer sales and business taxes paid to the state. According to the analysis, office space vacancies are expected to increase if daily commutes are longer. Read more at PlanPhilly.
Source: PlanPhilly; 4/18/2025