New York’s Metropolitan Transportation Authority, the largest U.S. mass-transit provider, is running on borrowed time, facing budget and revenue challenges as federal aid is set to tap out in 2025, State Comptroller Thomas DiNapoli, said in a report Tuesday. — Bloomberg
The announcement comes on the heels of a rough summer for the MTA, which is only now seeing its ridership climb past 50% of pre-pandemic levels as it weighs a controversial congestion pricing plan that would add $1 billion in revenue a year beginning in 2023.
Interim boss Sarah Feinberg stepped down in late July, creating a leadership vacuum for the agency, which is now projecting $3.5 billion budget deficits that will run into 2024 and 2025. The MTA currently owes about $48 billion in debt.
The MTA will now have to grapple with the ramifications of the remote work revolution. According to the state’s report, annual fare revenues could decrease by $500 million if the typical rider adopts a three-to-four-day telecommute.
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