The Metropolitan Transit Authority (MTA) is proposing a new plan to save the mass transit system in New York City.
According to reports, the plan is worth $65.4 billion and it is set to keep the system up and running. Jamie Torres-Springer, MTA’s president of construction and development said in a statement, “There are assets within this system that are in real danger of failure.”
This new plan comes after Gov. Hochul issued a halt to congestion pricing back in June. This leaves a $16.5 million hole in the agency’s current funding plan which is active from 2020 to 2024. The money from the halted plan was to be used to finance the upgrades to mass transit. Gov. Hochul has not announced any plans on how she will replace the money.
MTA’s Chief Financial Officer Kevin Willens spoke on the financial plan and revealed that funding is short of $33 billion. They are waiting for Gov. Hochul and state lawmakers to find the other $48 billion. “We take them at their word that they will be addressing that funding in one way or another at the appropriate time,” Torres-Springer. “Legislative leaders have also been clear and the governor has also been clear about their intention to fully fund the MTA’s capital needs in the next five-year plan.”
She also spoke about her hopes on spending $10.9 billion on new trains which will buy over 1,500 new cars to replace the old ones.
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