Meanwhile, the 47 Muni bus that connects the Van Ness transit corridor to Caltrain has been “suspended” since 2020, and the extension of Caltrain to the transit center is still unfunded.
I appreciate solutions that meet us where we are, but it’s depressing that we don’t seem to actually have the will to make a sustainable, integrated mass transit plan.
Yes, but public transit does create value - the question is who captures it.
BART likely created huge profits for people who owned land in the areas it services - house prices and rents would have increased substantially. Public investment, private profits. Subsidies in the form of low-cost fares like this are just further welfare for the landowners.
Interestingly, about a third of BART's cost was acquiring land - if/when that same land is cleared and sold on market, the project would have operated at an enormous profit. Certainly, BART's current assets would far exceed 'total fares collected'.
That's a minuscule amount of the value it creates. And that's a problem, and a problem we can only fix by privatizing it. But most of the value it creates is for the landowners around it. And that's why successful transit companies are also real estate developers. Even in our own history, that's how private transit worked before we killed it.
That's the value, but not what capture means. If you have to pay $50/week extra rent to get that benefit, then the true value was 'captured' by your landlord. If you owned your house before the trainline was built, you probably captured more of that value yourself.
dcrazy · · focus · HN ↗
I appreciate solutions that meet us where we are, but it’s depressing that we don’t seem to actually have the will to make a sustainable, integrated mass transit plan.
tristanj · · focus · HN ↗
For comparison, federal spending for the interstate highway system is about 2-3 cents per passenger mile.
skew-aberration · · focus · HN ↗
BART likely created huge profits for people who owned land in the areas it services - house prices and rents would have increased substantially. Public investment, private profits. Subsidies in the form of low-cost fares like this are just further welfare for the landowners.
Interestingly, about a third of BART's cost was acquiring land - if/when that same land is cleared and sold on market, the project would have operated at an enormous profit. Certainly, BART's current assets would far exceed 'total fares collected'.
xnx · · focus · HN ↗
Overpaid transit employees, engineering firms, and construction companies.
Schiendelman · · focus · HN ↗
vkou · · focus · HN ↗
skew-aberration · · focus · HN ↗