The good news is a transit rider who values the infrastructure won the presidential election. The bad news is subway, bus and rail users—and the economy—can’t wait until Inauguration Day for relief (MTA’s fiscal nightmare could infect the region’s economy).
The Metropolitan Transportation Authority has warned for months that without federal help, it will be forced to cut service, raise fares, lay off thousands and delay system improvements and modernization projects. That’s bad for riders and our region’s recovery.
The agency could stave off the worst cuts through early 2021 with another loan from the Municipal Liquidity Facility. But it’s a long way from $2.9 billion to the $12 billion the MTA needs to take it to the end of 2021, and any borrowing will need to be paid back in three years.
SOURCE: Section Page News – Crain’s New York Business – Read entire story here.