New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MTA Chief Says Agency Faces $16B Deficit
The head of the nation’s largest mass-transit provider warned lawmakers Tuesday that it will be forced to cut service and halt major capital projects if it can’t close a projected deficit of $16 billion through 2024.
The Metropolitan Transportation Authority is losing $200 million a week because of the pandemic-driven drop in ridership and an increase in virus-related expenses, chairman Pat Foye said at a joint legislative hearing Tuesday. The MTA is seeking $12 billion of additional federal funds to help cover budget deficits through 2021.
“Our sole focus now is on survival: how to reduce costs, maintain service and minimize reductions in force while protecting the capital program,” Foye said during the hearing.
At risk are projects such as expanding the long-awaited Second Avenue subway, updating train signals and creating direct access to Penn Station from Connecticut and New York City suburbs.
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
- ◦Financing
