Earlier quoted context omitted.
Public transit is almost always unprofitable without some way of capturing the increased land value near the stations. Supposedly some subways (eg Hong Kong?) own the land near the stations and use the rents to fund the subway, rather than just using fares. A land value tax that goes back into public transit would probably work too.
Regular property tax works fine. Montreal recaptures the increase as values rise through transfer taxes and ocassional reassesments.
So high speed rail in California is always going to be a boondoggle.