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 wrote a letter to the editor of the Omaha World-Herald and met with the mayor this week to lobby against the $306 million project and urge the city to let residents vote on it.
“Residents can be far better served by extended or more intensive service by the bus system,” Buffett wrote. “As population, commerce and desired destinations shift, a bus system can be re-engineered. Streetcars keep mindlessly rolling on, fueled by large public subsidies. Mistakes are literally cast in cement.
Buffett said that he would vote no on the project if he was given the chance, but the city isn't required to hold an election. The project has been moving forward with little significant public opposition since it was announced in January alongside Mutual's new headquarters.
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