With Private Funding and No Public Incentives, How Can We Oppose the Texas Bullet Train?

As a transit option, a Texas bullet train would be a major breakthrough. As an economic development project, it would be off the charts.That's because taxpayers don’t have to cough up anything to make it happen. That’s almost unheard of — not only for giant investments but even for small ones.A high-speed rail system between Dallas and Houston would cost an estimated $12 billion, and the economic impact would be widespread and lasting. Yet the developers, Texas Central Partners, are not seeking government grants, tax abatements or other incentives.They like to say they’re taking a market-based approach to high-speed rail. They’ll be raising money from private investors and betting that its approach will be faster and more efficient. And those pesky cost overruns that overwhelm so many transit projects? Their problem, not ours.How refreshing.Too many public-private partnerships have big public risks. And taxpayer incentives are doled out so often they’ve almost become corporate entitlements.This month, Neiman Marcus requested over $1 million in state tax rebates for investing $5 million to update some local facilities. It’s not making any new hires.  Continue reading...