The California High-Speed Rail Authority has a revised business plan and it's a doozy: costs have almost doubled to nearly $100 billion for the Anaheim to San Francisco, via Los Angeles, route. It will also open 13 years later than previously predicted. High-speed rail detractors are saying, "See we were right!," but the California High-Speed Rail Authority, and train proponents like California assembly speaker John Perez, say construction will generate a million jobs, while the added time allows more opportunities for private investment in the line. Rail officials also argue that without the bullet train the state would need to invest over $170 billion in freeway and airport upgrades to deal with the additional 20 million people the state expects to greet in the next four decades. That may be true, but financing the train will be no easy feat as investors will likely want LA or San Francisco hooked up to the route before they throw money at it--construction is supposed to start next year on a connection between Fresno and Bakersfield. Federal funding will also be a struggle as long as Republicans control the House, Senate, or presidency. The state treasurer, Bill Lockyer, will review the CaHSRA's plan in the coming weeks and offer a "financial assessment," according to Bloomberg. Concurrently, a GOP lawmaker wants to introduce legislation that could reverse the train bond measure that voters approved in 2008. · Higher Costs for Bullet Train Worth It [LA Times]
· CA Rail Price Soars to $98.5B [Bloomberg]
· High-Speed Rail Archives [Curbed LA]
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