That that the reason people are barreling through that intersection is because of the lack of a redlight camera. That MAY be the case, or it may not.

Here's the challenge I've noticed.... Often the people who run red lights are people who are just not paying attention and/or aren't familiar with the area. I got a ride home in an uber from the airport last week, there is a 4 way stop sign right by my neighborhood, and the driver just ran right through it. I yelled (not to be rude but to try to warn him), and he said, "sorry I've never been in this neighborhood before, I didn't notice the stop sign." So even if the fine was $500, you can't assume that it would have changed his behavior. Based on the story you just told, I am not sure that a redlight camera would have made a difference. If they are using Waze, it will tell you "Red Light Camera ahead," in which case it probably would have. So it could make a modest improvement.