Mind The Budget Gap
Recent reports from NYC Comptroller Scott Stringer and the MTA itself reveal significant problems with bus and subway delays. But longer commutes and off-kilter schedules are symptoms of deeper problems of political mismanagement of the region’s primary mass transit system. Elected officials have allowed unions to saddle the MTA with a half-billion dollars of new annual costs; debt is spiraling to insurmountable levels; recent fare increases can’t keep up with escalating operating costs; and neither Mayor de Blasio nor Governor Cuomo has offered the funding actually needed for promised capital expansion.
The Facts You Need to Know
(Debt) Service Warning: Servicing its $34 billion debt costs 17% of the MTA’s annual budget, but the MTA needs to keep borrowing, even after steady fare increases. How come? Read more
Bridge and Tunnel: The four free East River crossings into Manhattan are irrationally priced and deform traffic patterns and quality-of-life throughout the city. A rational toll-and-fee structure could generate $1.5 billion annually for capital improvements. Read more
Mind the Gap: A $15 billion funding gap in the MTA’s capital plan raises questions about how the city will build the transit system it deserves. Read more
Waited 12 minutes for an off-peak train this morning while reading the MTA's press release about adding off-peak service.— Second Ave. Sagas (@2AvSagas) April 24, 2015
The Past is Present
The state’s Metropolitan Transportation Authority (MTA) is facing a $2 billion shortfall this year, with bigger deficits looming in the future… With shrinking tax revenues going toward outdated public-sector benefits and social spending rather than to core public services, New York appears to be on a path to ruin frighteningly similar to the 1970s.
On The Calendar
The Alexander Hamilton Award was created by the Manhattan Institute to honor those individuals helping to foster the revitalization of our nation’s cities. This year, the winners are George Kelling, co-author of the Broken Windows Theory, and Eva Moskowitz, Founder and CEO of Success Academy Charter Schools. Click to purchase tickets.
And in other news...
“‘It’s like the biggest gallery in the world,’ said Donna De Salvo, the chief curator and deputy director for programs at the Whitney Museum.”