Longtime readers may remember the Vision42 plan we covered at the beginning of 2005. Sponsored by The Institute for Rational Urban Mobility, the project would close 42nd Street to cars and lay down a light rail from river-to-river. Yesterday, Vision42 released their economic benefits study, which, if you believe it, says that a light rail would cost $500m, but generate more than a billion dollars in value. Don't get too excited yet-- according to the Sun, the project hasn't gained a lot of traction:

First, though, Vision42 will need to garner support from elected officials in the city, which up to this point has been largely unsuccessful. In 2004, the city council speaker, Christine Quinn, cosigned a letter to Mayor Bloomberg asking him to review the project, but the mayor has yet to contact the group, Ms. Warren said.

Obstacles also may lie in the proposed extension of the no. 7 subway train between the Hudson Yards and Times Square that would cost the city $2.1 billion. The extension would make crosstown travel more accessible to New Yorkers, which could lead city officials to view the construction of light rail as a needless expense.

However, Vision42 vehemently argues that the light rail would complement the 7 train. "Subways are for long-distance travel, while the light rail is for low flow pedestrian travel," Ms Warren said.

Sounds like less expensive plans, like the Bus Rapid Transit Corridors, might be easier to actually get built.