The New York Metropolitan Transportation Authority has faced budget crunches before, but never one like the budget crisis caused by the pandemic.
"Facing one of the biggest financial crises in the history of the subway, New York’s public transportation agency is preparing drastic measures to restore its finances that are likely to affect riders for years to come," reports Christina Goldbaum.
"The measures the agency is drafting include reducing service, slashing the transit work force, scrapping planned infrastructure improvements, raising tolls beyond scheduled increases and adding to its already record-high debt," explains Goldbaum of the cuts planned by the Metropolitan Transportation Authority to deal with an expected $16.2 billion budget shortfall through 2024.
In addition to the loss of revenue from a total collapse of ridership, the system is also facing the loss of revenue from a proposed congestion pricing plan that is stuck in limbo with the federal government.
FULL STORY: N.Y. Subway, Facing a $16 Billion Deficit, Plans for Deep Cuts
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research