Updated:2024-09-25 17:50 Views:87
Transit leaders on Wednesday released an ambitious five-year plan to upgrade New York City’s subway and bus network, unveiling a $65 billion wish list of projects that includes buying new subway cars, fixing century-old tunnels and installing new elevators.
But the Metropolitan Transportation Authority, the state agency that runs the city’s mass transit network, only has about half of the money it needs to pay for those repairs. It was the first spending plan released by the authority since Gov. Kathy Hochul halted a congestion pricing program in June that had been set to begin later that month, and the largely unfunded plan puts the authority in an even more precarious financial position.
The congestion pricing program, which would have tolled most drivers entering the busiest parts of Manhattan, had been projected to raise $15 billion for the authority. Ms. Hochul has pledged to make up the shortfall but it is not clear how she plans to do so.
The authority had been enjoying a rare period of prosperity before Ms. Hochul’s decision to suspend congestion pricing. For the first time in decades, it had as much money as it needed, even while transit agencies around the country had struggled to recoup pandemic-related losses. But now that the authority’s projected windfall has evaporated, at least temporarily, it is back in the familiar position of needing to compete with other state interests to fill its coffers.
The authority’s goals and upgrades were detailed in its latest capital plan, which covers the period from 2025 through 2029. Released every five years, it is the transit system’s most granular analysis of future maintenance needs and potential expansion projects.
About half of the $65 billion has already been funded through bonds, federal grants and direct appropriations from the city and state, leaving the rest in limbo. Because the authority is controlled by the state, the remaining funds would most likely have to come from Albany.
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