Bus only lanes seem like a waste of road capacity. I understand that you can move a much higher density of people along than SOVs, but you still have a lot of capacity between each bus. Of course, you can't just have it be an additional general lane because it will just instantly absorb to capacity and the bus is still stuck.
What if you could limit the number of cars that could share the bus lane to avoid the tragedy of the commons, i.e. make it not the commons?
Possible options:
1) Pay-to-play. Sheer capitalism. Sell (auction?) a limited number of permits that allow the driver to share to share the bus lane. Permit follows individual whether they are driving their own, someone else's or are a passenger in any vehicle.
2) Mix bus and commercial traffic. There is often a sentiment that the lifeblood of Victoria businesses is getting squeezed along with all other non-lifeblood traffic, so let the delivery trucks also use the bus lane.
3) License Plate Odd/Even. Depending on your plate, you get to the use the lane some days, some days not.
Of course you would need a curb to prevent cars from popping in and out of the lane to get around the bus - the risk of sharing the lane is following the bus.