Public transit is an essential infrastructure enabling access to employment, healthcare, education, and recreational facilities. While accessibility to transit is important in general, some sections of the population depend critically on transit. However, existing public transit is often not designed equitably, and often, equity is only considered as an additional objective post hoc, which hampers systemic changes. We present a formulation for transit network design that considers different notions of equity and welfare explicitly. We study the interaction between network design and various concepts of equity and present trade-offs and results based on real-world data from a large metropolitan area in the United States of America.