Doncaster Railway Line Could be Built for $840m
|August 17, 2012||Posted by Jeffery J. Smith under News|
Self-Financing Made Evident Again
There’s never been a desired public works project that could not have paid for itself from the new land values it generates. Problem is, most governments don’t bother to recover the very values that their spending creates. This 2012 article is from Australia’s main daily, The Age, Jly 24.
by Adam Carey
A railway line to Doncaster could be built for $840 million and paid for using taxes raised from the higher property values it would generate, says a report. The report, jointly written by transport experts from Curtin University in Western Australia, Melbourne’s RMIT University, and global engineering firm Arup, has also found that the railway line could transport about 100,000 passengers a day if it was linked to the proposed Melbourne Metro rail tunnel, at an added cost of $300 million.
JJS: The data show it’s true. It’s the “Henry George Theorem” by Joseph Stiglitz. Bill Vickrey wrote up something similar, too. Both guys were given “Nobel” prizes. And both noted that useful public works push up nearby site values by enough to more than pay for the project. Who’s getting all those millions now?
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