California has spent nearly two decades relying on taxpayers to finance its high-speed rail project. Now it’s looking to private investors.
Whether any step up remains an open question.
The search for private money was always part of the plan. When Californians approved a bond measure to fund the project in 2008, they pictured a system to rival the best in the world. Sleek trains would whisk riders between San Francisco and Los Angeles in just 2 hours and 40 minutes. Using renewable energy would cut emissions by up to 3 million metric tons annually. Voters were willing to put up $10 billion to make this dream a reality.
Everyone knew that wouldn’t be enough.
The bond was never meant to cover the entire cost. State officials envisioned the federal government and private sector contributing equally toward the projected $45 billion budget. But Washington’s support ebbed and flowed with each ... Read more
