BEST ANSWER
Hello Ashley and thanks for your question.
According to a friend of mine who is extremely knowledgeable about the high-speed train, the project has already been reviewed according to the provisions of the California Environmental Quality Act (CEQA--often pronounced "see-kwa") and that the preliminary Environmental Impact Report (EIR) is available for review by most counties and cities. To obtain a copy or to see the path of the High Speed Train through Menlo Park, contact the City's Planning Department. If they do not have a copy of the EIR, then they'll know where you can obtain a copy or view it on a website.
Arn is absolutely correct that there appears to be very strong opposition brewing from homeowners who live near the railroad or will be lose homes or have property values reduced due to the introduction of the high-speed train. Although, to my knowledge, there is not yet been a class action suit filed against the project by a City in Northern California, there's been plenty of talk, and--at least here in Palo Alto (the mecca of litigation attorneys)--the chances are very high that something may happen soon. We'll have to wait and see.
In the meantime, the EIR should provide you with information regarding how the high speed train will impact noise in the area, traffic, pollution, environment and home life in the immediate vicinity of the train. While this won't tell you, as a buyer, how the home prices will fare with the introduction of the train, it can certainly provide you with important information to help you determine if living so near to the train is acceptable to you.
Good luck and happy house hunting!
Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
Fri Jun 5 2009, 18:14