Retrieving Transit's Benefits and Other Advantages of Funding Transit from Land Value

Transit in the Chicago area is in crisis. Currently CTA, Pace, and Metra assert a need for at least an additional $226 million in 2007, to simply maintain the existing level of service. There are needs for capital (expansion and rehabilitation) expenditures, and 2008 will require further subsidies. Furthermore, CTA’s pension and retiree healthcare funds are completely inadequate. While there are suspicions that transit may have been mismanaged and could reduce costs without reducing service to the public, it’s clear that some public funds will be required for the forseeable future.