Bad News from the MTA
The latest reports from the Metropolitan Transit Authority are even worse than expected, showing finances, infrastructure, and ridership all headed in the wrong direction. Service cuts and fare hikes loom as the state-run agency faces escalating deficits nearing $1 billion within a few years. We’ve reached the point where congestion pricing, or even an additional tax on the wealthy, will not be enough to save the system.
The Facts You Need to Know
Vicious: As poor service and delays lead fewer people to ride, MTA revenues continue to decline. Read more.
Solution: Neither congestion pricing nor a higher millionaire’s tax can make up the budgetary shortfall. Read more.
Spiral: Even the fare hikes planned for next spring will not prevent annual deficits of $500 million, which are projected to grow to $1 billion by 2022. Read more.
“Lower subway ridership condemns New York to low growth and to congestion on the streets that is even worse than the gridlock we have today.”
Reminder, as the @MTA is meeting to discuss reducing train frequency & other "draconian" cuts:— Brian M. Rosenthal (@brianmrosenthal) November 15, 2018
NY spends billions every year on subway luxuries not funded by anybody else in the world - extra staffers on trains, elevator operators, unnecessary consultants https://t.co/VP4qlaeLEV
The Past is Present
“How to turn things around? New York might take instruction from an unlikely place: Madrid, Spain, which first opened its subway in 1919.”
And in other news...
“The mayor on Friday removed Mark Peters, New York City’s chief watchdog, a personnel move rarely seen at City Hall.”