New York MTA, Facing $16 Billion in Losses, Plans Drastic Cuts
"Facing one of the biggest financial crises in the history of the subway, New York’s public transportation agency is preparing drastic measures to restore its finances that are likely to affect riders for years to come," reports Christina Goldbaum.
"The measures the agency is drafting include reducing service, slashing the transit work force, scrapping planned infrastructure improvements, raising tolls beyond scheduled increases and adding to its already record-high debt," explains Goldbaum of the cuts planned by the Metropolitan Transportation Authority to deal with an expected $16.2 billion budget shortfall through 2024.
In addition to the loss of revenue from a total collapse of ridership, the system is also facing the loss of revenue from a proposed congestion pricing plan that is stuck in limbo with the federal government.
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