See this construction.
Consider a two point perspective drawing of two street lights. These are drawn as two vertical line segments, which on paper are distanced $CD$ apart. I want to draw a third street light further away, which in the real world is placed equal distance from the second as the second is from the first.
I suspected that this distance on paper $BC$ is a function of $CD$ and the distance between the first street light $AD$.
While messing around with it in a computer program, I confirmed that $BC$ depends solely on $AD$ and $CD$, but I haven't been able to derive this.
What is $BC$ as function of $AD$ and $CD$?

You are correct. Assuming the link I found describing perspective drawing is right, the length of $BC$ only depends on $AD$ and $CD$.
According to the link, to find $B$ you should draw a line through $G$ and $J$, where $J$ is the midpoint of $CH$. The intersection of this line with $AD$ is the point $B$. So let's find $B$, or rather $BC$.
We see that $\triangle BDG$ is similar to $\triangle BCJ$. This means we can write $$\frac{DG}{BC + CD}=\frac{CJ}{BC}$$ which gives $$BC = \frac{CJ \cdot CD}{DG-CJ} \tag {1}$$ But we can find $CJ$. We know $CJ = \frac{CH}{2}$ and we can see that $CH = DG - KG$. Since $\triangle ADG$ is similar to $\triangle HKG$ we can write $$\frac{AD}{DG} = \frac{HK}{KG} = \frac{CD}{KG}$$ which means $$KG = \frac{DG \cdot CD}{AD}$$ Inserting this in the formula for $CJ$ we find that $$CJ = \frac{DG \cdot (AD - CD)}{2 \cdot AD}$$ Finally, inserting this into equation $1$ gives the result: $$BC = \frac{(AD - CD)}{(AD + CD)} \cdot CD$$