Agreed. What I dislike about using general-purpose property-taxes is that everyone pays them, not just those close to the subway, and not just those buying new

Agreed. What I dislike about using general-purpose property-taxes is that everyone pays them, not just those close to the subway, and not just those buying new homes at $$$ market-rates. Long-time property-owners who bought in the 60s can see huge property-tax bills that sometimes exceed original-purchase-price on a yearly basis. Exclusively targeting those who (1) buy at recent market rates and (2) are within a "favorable" distance to a subway stop seems (to me) to be a fair way to extract some of the benefit provided by the subway to help pay for it.