Of course it is possible the folks funding the bulk of this are mistaken. But possibly just because two transit modes can get you from A to B doesn't mean they are equivalent. We could have regular ox-cart service which would also get you from A to B, but it would be a rather different service. To get bus service between Downtown and New Center we wouldn't need to spend anything, because there is already bus service--by your logic buying CNG buses wouldn't make any sense either.
Since the M1 will be operational fairly soon, we will actually be able to see how successful it is, and judge whether the return on that investment was good, mediocre, or poor, not that I expect everyone to agree on which it is.
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