[x0x0]

The author answers that quite clearly.

1 - LRT is much more expensive than buses, but stations have the same catchment area.

2 - Because LRT is desirable, housing prices in the catchment, ie those walkable and bikable to the station, increase rapidly.

3 - Therefore, the majority of the gains are captured by the people who bought or buy housing in the catchment area. This also precludes use of the LRT by poor people, because they can't afford the housing that makes the LRT station usable.

4 - Buses can be used to increase the catchment area and provide essentially last-mile transit, but they generally aren't. Also, the increase of expense of LRT over bus lines often precludes this.

The subtext to all of the above is not only is LRT much more expensive, but it's also much less flexible. Moving bus routes is (my guessing?) 5-7 orders of magnitude less expensive than moving LRT.