I agree.

I would also suggest that rail be sold to a developer, carte blanche to build however it sees fit, so long as it follows basic guidelines for timeliness, capacity, safety, and route. The real estate, rights to develop the stations, tax incentives, and other inducements could be used. 

It would still cost the city/state tremendously, and would almost certainly require significant subsidy, but it would rid the state of a project that it is incapable of managing, and pool additional capital, and limit everyone's future exposure to this unmitigated disaster.