Stop us if you’ve heard this one before: in a state where taxes are 10% and some of the wealthiest people in the world live, the MTA is looking for more cash.
The neverending money pit that never seems to result in upgrades or better service, also known as New York City’s MTA, is one again looking for cash as it plans $65.4 billion of upgrades for areas like Grand Central Station and multiple subway locations.
As turnstile jumpers and bus freeloaders continue to abuse public transit across the city, the MTA is seeking an additional $50 billion in cash and $10 billion in debt to cover the cost of said upgrades, according to Bloomberg.
Bloomberg notes that the nearly half of the proposed $33.4 billion budget lacks a funding source, and state lawmakers must also address a $15 billion shortfall after Governor Kathy Hochul delayed the congestion pricing initiative.
Janno Lieber, the MTA’s chief executive officer, commented about city officials: “I am confident that going into that process that each of them recognizes the importance that transit and the MTA play and that they’re going to take this absolutely seriously.”
The MTA must submit its 2025–2029 plan to the state legislature by Oct. 1. Governor Hochul has pledged to address both the congestion pricing deficit and future funding needs, but efforts won’t begin until lawmakers reconvene in January, the report says.
Despite the capital plan’s significant investments, the MTA faces massive challenges.
The Citizens Budget Commission estimates the system needs up to $115 billion for repairs and improvements over the next five years, excluding expansion projects. State Comptroller Thomas DiNapoli estimates total infrastructure needs, including expansion, at $92.2 billion.
Hochul commented: “We will review the MTA’s proposal for the upcoming five-year capital plan and fight to secure as much funding as possible. That includes pressuring Washington to deliver additional infrastructure dollars and working with our partners in the legislature and City Hall to determine priorities and capacity during the upcoming budget negotiations.”
Ah, yes. Pressuring Washington for those all important dollars we don’t have…one more line item to help run the nation’s debt off the sovereign collapse cliff as quickly as humanly possible. Good thinking, Governor. Democrat deep thinking in practice…
Jamie Torres-Springer, head of the MTA’s construction and development said: “If we don’t keep up with investment in state of good repair in a 100-year-old system that serves so many people, we cannot continue to provide safe and reliable service.”
Over 90% of the proposed budget will be dedicated to core infrastructure, prioritizing renovations of existing structures for safe and reliable service, Torres-Springer said.
The MTA board will vote on the capital plan on Sept. 25, with anticipated funding from federal sources, bond sales, and contributions from the state and city, leaving $33.4 billion still unfunded.
Tyler Durden
Fri, 09/20/2024 – 21:20
