Housing in cities and neighborhoods that require lengthy commutes and provide few transportation alternatives to the private vehicle are falling in value more precipitously than in more central, compact and accessible places," begins a May 2008 study by CEOS for Cities. The full 27-page study, available without charge at the web site above, looks at housing values in five cities with housing both close to and far from the city core. The well-documented report gathers data from dozens of other cities and concludes with five policy implications:

* The relative decline in prices in sprawling suburbs is likely to persist because of the continued high price of gas, and governments should plan accordingly.

* The market for higher density and redevelopment in close-in neighborhoods is likely to grow stronger, and local land use plans should accommodate this shift.

* Government can help families save money by making it easy and convenient to live in mixed-use, close-in neighborhoods served by transit.

* Reducing vehicle miles traveled reduces oil consumption, cuts greenhouse gases and the trade deficit, and saves families money that can be spent on other things that better stimulate the local economy.

* Many distant exurban developments may no longer be economical, and propping up building and homeownership in these areas encourages unsustainable settlement that makes families even more vulnerable to future gas price increases.

Founded in 2001, CEOs for Cities is a national network of mayors, corporate CEOs, university presidents, foundation officials and business and civic leaders who are urging cities to make the most of their assets by building new leadership partnerships around urban innovations.

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