> The problem is that seeing the macroeconomic effect of cheaper transit can take years or decades as areas served by cheaper fares are included to build denser and accommodate the demand for the cheaper transit.

I'll have to nitpick to say that 1. metro didn't open in last decade, 2. passenger trends are going down, not up, so the model is going in the opposite direction you argue it would, even when there were multiple programs to lower fares in the past decade 3. demand for housing has always been there. Developers don't wait for that demand to start. I'm sure you understand the real hurdle but it should be spelt out that these are due to poor land policy. Until that is fixed, Metrorail's economic model will not be viable.