Where Is It?
Source: Tom Wright, Regional Plan Assc. Ted X London (December 2013)
Dear Tom –
Nice talk, but why did you flat out lie about the reason for cancellation of the ARC?
After demonstrating $18 billion in residential property value increases in NJ that would result from the $12 billion ARC investment, you said this:
But the tunnel was cancelled because of funding concerns, because there wasn’t enough money to do it.
Surely you must know that Gov. Christie cancelled the ARC so that he could reallocate funds to NJ transportation projects to avoid a gas tax required to replenish the depleted Transportation Trust Fund.
I also was interested in your “value capture” ideas, having examined that issue back in my early days as a transportation planner at a regional MPO in Binghamton NY.
My work looked at capturing the increment of value created by public transit investments – defined as increases in commercial activity at downtown business locations.
This was in the mid 1980’s, when President Reagan was talking about terminating federal operating subsidies for public transit, so public transit systems were looking to diversify revenue sources.
Curious that your “value capture” analysis was limited to the residential sector as measured by increase in property values.
But how on earth did you ignore the huge commercial real estate property value increases? (and associated commercial activity)?
Your narrow focus lets the corporate real estate barons off the hook for providing revenues to support transit investments, while unfairly allocating that burden to residential homeowners.
That approach would tax the middle class and let the billionaires off the hook.
Is this work published somewhere? Am I mischaracterizing it?
Why present it in London instead of Trenton?
Your friend,
Wolfe
ps – and just what is wrong with the old public authority model of finance?