Neil deMause urges Mayor Bloomberg to find a dedicated source of revenue for the MTA. The agency can no longer rely on the volatile tax revenues, and the city, he argues, isn’t ponying up nearly enough money to keep the trains running. Well said. [Metro New York]
It’s no secret these days that the MTA is in financial trouble. While the word bankruptcy hasn’t been tossed around yet, with the agency facing a few billion dollars in debt, we’re probably not too far away from that point. But an unlikely source of funds — in the form of pork — may [...]
The rehabilitation plan for the Smith-9th Sts. subway stop is just one of more “deferred” projects. (Photo by flickr user Victoria Belanger)
Ah, to yearn for the innocent days of November when it seemed like the MTA would actually be rehabbing the stations along the Culver Viaduct while they did the necessary engineering work on the [...]
While Elliot Sander’s recent $10,000 package raise was largely symbolic, the timing, as I argued yesterday, could hardly have been worse. Today, the Daily News editorial board takes the MTA to task for approving the raise. Sure, Sander could have jumped to the private sector; sure, he’s not compensated as well as other transit heads. [...]
For the past few years, the MTA has relied on various sources of real estate revenue to cover budget gaps. The authority had to turn to real estate taxes to keep pace with their operating budgets, and it has banked on land deals — such as the Hudson Yards sale — for vital economic contributions.
In [...]
Ever looking out for the public’s bottom line, New York State Comptroller Thomas DiNapoli has issued another report on the state of the MTA’s finances. This one reveals that the transportation authority has doled out over $1.2 billion for personal claims and property damage over the last 12 years.
The Times’ William Neuman broke [...]
Richard Ravitich’s clock is now ticking. By December 5, Ravitch and his newly-appointed 12-member Committee on MTA Finances will have a ten-year plan on the desks of Gov. David Patterson and the New York State legislature, and the fate of the MTA will be tied to that report.
Patterson on Tuesday unveiled the rest of [...]
Three days ago, the MTA dropped the news that a second fare hike may become a reality in 2009. Lost in the news on Friday were some alarming reports about the state of the MTA’s capital plan.
In discussing the financial state of the transportation authority, Mayor Bloomberg dropped a bit of a bombshell about [...]
New Yorkers who rely on the subways for their daily needs are prone to complain, and everyone knows the typical refrains. “Another delay on the 7.” “The L train stalled just past Bedford Ave.” “Signal problems on the A/C/E again.”
At times, subway complaining can almost seem like a game. It’s Subway Misery Poker. Did [...]
Every few months, the plan for a one-seat Metro-North ride from Manhattan to the Stewart International Airport in Newburgh rears its ugly head. At the end of last week, the MTA, at the behest of Senator Chuck Schumer, committed $2.7 million to study a possible Stewart Airport rail link. The Port Authority will contribute [...]
