According to Bloomberg Technology, a driverless future could threaten real estate law. The link between property and transport has perhaps been the most dependable in human history. But, it may no longer be about "location, location, location."
Few things have delivered higher land values with more certainty than advances in transport, from roads to canals railways to highways. People hate a long commute, meaning they will pay more to be closer to work and the city.
But now with driverless cars on the horizon, its predicted that this could threaten the real estate business. Driverless cars promise stress free commutes and end of parking hassles. This could make the price of homes in popular areas now decrease, and the price of homes in suburbs increase.
The much-hyped transition to autonomous cars, according to experts, is an opportunity and challenge that has wide potential to reshape our transportation systems.
The futuristic vision offered by automated vehicles gives the freedom to be active during your commute instead of wasting away behind the wheel while stuck in traffic. Although this seems like it would only solve problems, not create them, this isn’t quite as utopian a scenario when you run it past concerned city planners.
For now, this is just something for real estate to start thinking about. The earliest examples of driverless cars have already arrived, but widespread consumer adoption might not be here for a decade. But that hasn’t stopped many planning and development experts from thinking about the ways this technology will reshape planning, cities, and, eventually, real estate. As local governments deal with important transportation and land-use issues, the results of these decisions will potentially inflate or depress real estate values and change the way developers operate.
Not just affecting real estate, self-driving cars will also accelerate a shift in how we design roadways and parking, specifically pick-up and drop-off zones for vehicles. The growth in services such as Lyft and Uber are beginning to make this issue clear, but as autonomous vehicles eventually hit the streets, the way buildings and developments welcome and adapt to traffic flow will become increasingly important.
Self-driving cars have the potential to reshape real estate, development, and city planning which will rival that of the introduction of the automobile.
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