The US Department of Transportation has announced a competitive grant program to reallocate funding that was refused by Florida for a proposed high speed rail line from Tampa to Orlando. The line was cancelled by Governor Rick Scott because of the prospect for billions of dollars of unplanned obligations that could have become the responsibility of the state's taxpayers. read more »
New Jersey
Confirming International Research: Hudson Tunnel Costs Explode
by Wendell Cox 02/08/2011
Governor Chris Christie of New Jersey is looking like a prophet now. In late October, the Governor cancelled a new tunnel across the Hudson River between New Jersey and New York City, because of the potential for cost overruns, which would be the responsibility of New Jersey taxpayers. By that point, the cost of the tunnel had escalated at least $1 billion to $9.7 billion. read more »
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Rasputin's Tunnel?
by Wendell Cox 11/23/2010
First, New Jersey Governor Chris Christie cancelled the proposed intercity and suburban rail tunnel between New Jersey and Manhattan because of the financial obligations its out-of-control costs could impose on the state's taxpayers. Then he delayed the final decision, under pressure from Secretary of Transportation Ray LaHood and other supporters of the tunnel. read more »
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Governor Christie Cancels Under-Construction Tunnel in Unprecedented Move
by Wendell Cox 10/29/2010
New Jersey governor Chris Christie reaffirmed his decision to cancel the "access to the regional core" tunnel across the Hudson River from New Jersey to New York. Christie had suspended his previous decision pending discussion of alternatives with the US Department of Transportation. read more »
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Phantom Exodus Driven by Phony Cost Comparisons
by Wendell Cox 07/07/2010
If Tara Siegel Bernard of The New York Times is right, (city of) New Yorkers must be among the most irrational people in the world. In "High-Rise or House with Yard," she describes the purported financial advantages of living in a co-op apartment in Brooklyn versus suburban South Orange, New Jersey. read more »
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$300,000-$400,000 for a Levittowner?
by Wendell Cox 05/19/2010
An article in The Wall Street Journal details the difficulties that were faced by home owners caught in the Goldman Sachs/John Paulson finance scheme ("The Busted Homes Behind a Big Bet"). The article calls the situation a "dizzyingly complex transaction, involving 90 bonds and a 65-page deal sheet. But it all boiled down to whether people ... read more »
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