[yonran]

The problem with San Francisco’s “value capture” ideas as seen on 48hills.org is that they often want to capture the value of the choice that has positive externalities (e.g. riding a bus down highway 101, or building housing) while not capturing the value of the choice that has negative externaltities (e.g. driving a private vehicle, or underutilizing land during a housing shortage). This blind spot often undermines their self-proclaimed label of “Progressive”.

Ironically, the article also compares buses to a “$250,000 fee San Francisco charges taxi operators for a medallion”. That’s a payout to the previous owner with an initial 5% transfer tax, not a fee, and it was actually a big mistake for the city to have made it a payout rather than “value captured” rent to the city (which could be adjusted), since the city is being sued and is about to go to trial for it (https://webapps.sftc.org/ci/CaseInfo.dll?CaseNum=CGC18565325).