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Calculate and Display Financial consideration estimates #2570

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jacobburrell opened this issue Jun 12, 2023 · 0 comments
Open

Calculate and Display Financial consideration estimates #2570

jacobburrell opened this issue Jun 12, 2023 · 0 comments

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@jacobburrell
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Is your feature request related to a problem? Please describe.
The problem I want to address is the lack of consideration for financial impacts in Streetmix, a tool used for designing streets. When using Streetmix, I often encounter financial considerations that are not taken into account.

Describe the solution you'd like
These considerations include:

  1. Cost of implementation: There is a need to factor in the cost associated with implementing a certain change in street design. Different design elements may have varying costs, and it would be beneficial to have this information available while using Streetmix.
  2. Ongoing maintenance costs: It is important to consider the ongoing maintenance costs associated with different design choices. For example, maintaining trees requires regular upkeep, while bollards may not require as much maintenance. Similarly, car lanes might require more frequent repairs compared to bike lanes or sidewalks. Understanding these differences can help in making informed decisions during the street design process.
  3. Appreciation/depreciation based on property values: The addition or modification of certain street features can have an impact on property values. For instance, cul-de-sacs might increase the value of surrounding properties, while adding a tree to a barren street might enhance its desirability and value. However, adding one more tree to a street that already has plenty may not provide significant returns. Considering these appreciation or depreciation factors can help in designing streets that maximize their overall value.

Describe alternatives you've considered
An alternative solution or feature to address the issue is to involve an appraiser during the later stages of the street design process. This approach would allow for a more accurate estimation of the value of homes on the impacted street. By obtaining input from an appraiser, the financial implications of the design choices can be considered before reaching the final design.

However, there is a limitation to this approach. It lacks bidirectionality, meaning that the consideration of financial impacts occurs toward the end of the process. This approach may require everyone involved to sign off on the design before the financial considerations are taken into account. This can be problematic because if the financial implications make the design unlikely, it would require approval for an entirely different design, causing delays and potentially frustrating stakeholders.

A better approach would be to integrate financial considerations throughout the street design process. By providing users with an estimate of the potential financial benefits or drawbacks associated with different design choices in real-time, it would enable stakeholders to make informed decisions and understand the financial implications early on. For example, if changing a car lane to another feature could result in significant cost savings and increase property values by 10-20% (just a rough example), stakeholders would have a clearer understanding of the financial benefits, which could help mitigate resistance to such changes.

Therefore, incorporating financial considerations as an integral part of Streetmix, rather than an afterthought, would provide a more comprehensive and user-friendly approach to evaluating and understanding the financial impacts of different street designs.

Additional context
Currently, Streetmix provides estimates on how many people can travel per hour based on the transportation options selected. However, it lacks a rudimentary baseline for assessing the financial impacts associated with different design choices. Therefore, my feature request is to incorporate at least a basic framework for evaluating the financial implications of street design in Streetmix. This would enable users to make more comprehensive and well-informed decisions during the design process.

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