With its debt-servicing and retiree costs continuing to rise, the MTA faces a worsening financial situation. Even its improvement plans are running over budget: under its “Fast Forward” plan, the agency had planned to spend $20 billion over five years to fix signals and stations, but Fast Forward’s price tag is now estimated to run closer to $60 billion. It’s clearer than ever that radical changes are needed to get the MTA back on track.
The Facts You Need to Know
Spending: MTA spending has increased 58% over the last decade–triple the rate of inflation–with barely any new service. Read more.
Revenue: Congestion pricing for midtown traffic would bring in $1.5 billion annually–not nearly enough even to cover Fast Forward’s originally estimated cost. Read more.
Labor: The MTA has resisted eliminating token-booth clerk positions, even though virtually all fare sales are now made through machines. Read more.
“Congestion pricing, even when fully developed and completely implemented, will not be enough.”
The Past is Present
“The Metropolitan Transportation Authority announced its holiday present to New York early: half-price subway and bus fares on weekends between Thanksgiving and New Year’s, and all week between Christmas Eve and New Year’s.”
And in other news...
“The company is nearing a deal to move to the Long Island City neighborhood of Queens, according to two of the people briefed on the discussions. Amazon is also close to a deal to move to the Crystal City area of Arlington, Va., a Washington suburb, one of the people said.”