I think the better argument for your side is that a large number of people have a utility function that isn't rational -- or at least, not based on commute time saved.
Yes, the market will find a new equilibrium, but if I'm right that the marginal driver is choosing to drive or not based mostly on a function of time saved, then eventually we'll see the market reaching an equilibrium where people are willing to pay up to the amount of money they save by getting somewhere faster via car (ignoring other costs for the sake of argument).
If that is true -- if the market is efficient for time -- then this plan can only ever work by making driving more expensive than the time lost to congestion.
(As an aside, thanks for having a serious, nuanced discussion about this. It's depressing how many people just want to fling insults and downvote/flag/censor stuff that they disagree with. I knew I was going to get ravaged for having a non-canonical opinion, but it's so hard to get people to just engage with the argument in good faith.)
Yes, the market will find a new equilibrium, but if I'm right that the marginal driver is choosing to drive or not based mostly on a function of time saved, then eventually we'll see the market reaching an equilibrium where people are willing to pay up to the amount of money they save by getting somewhere faster via car (ignoring other costs for the sake of argument).
If that is true -- if the market is efficient for time -- then this plan can only ever work by making driving more expensive than the time lost to congestion.
(As an aside, thanks for having a serious, nuanced discussion about this. It's depressing how many people just want to fling insults and downvote/flag/censor stuff that they disagree with. I knew I was going to get ravaged for having a non-canonical opinion, but it's so hard to get people to just engage with the argument in good faith.)