Billionaire investor Warren Buffett broke with his practice of staying out of local politics to urge his hometown of Omaha to abandon its planned streetcar project.
— Billionaire investor Warren Buffett broke with his practice of staying out of local politics to urge his hometown of Omaha to abandon its planned streetcar project because, he says, it's too expensive and not as flexible as buses.
Buffett said in his letter that he decided to make an exception to his policy of staying out of local issues even though"it can be off-putting to many to have a wealthy 92-year-old tell them what is good for their future." He said he wanted to weigh in on the streetcar because it's"going to be hugely expensive if implemented."
The city is banking on new tax revenue from other development expected along the streetcar line to pay for the project. And the City Council has already approved the bonds that will pay for it.
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