Public Transport stacks up if you tax the land that benefits.

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That point about Tokyo is important – if you are going to build a mass transit extract the cost from the benefit accruing to property along the route – no benefit no profit.

Deriving a base and some sort of formula to determine the benefit subject to taxation would not be too difficult.

That would be a very effective form of cost benefit risk sharing.

You build a dud project no harvesting of rents for you!