New York MTA, Facing $16 Billion in Losses, Plans Drastic Cuts

The New York Metropolitan Transportation Authority has faced budget crunches before, but never one like the budget crisis caused by the pandemic.

1 minute read

July 22, 2020, 5:00 AM PDT

By James Brasuell @CasualBrasuell

Kristi Blokhin / Shutterstock

"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

Tuesday, July 21, 2020 in The New York Times

Urban Development New York New York City New York Metropolitan Transportation Authority Transit Revenue Transit Planning Budget Crisis Coronavirus and Transportation View More

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