There are some very large contingencies still left to resolve (like funding from the federal government) but revenues generated from congestion pricing are allowing for new levels of transit infrastructure spending.
"The Metropolitan Transportation Authority hopes to commit $51 billion over the next five years to the resurrection of the region’s mass transit system," reports Dan Rubinstein.
The newly announced 2020-2024 MTA Capital Program is a game changer, significantly increasing the dollar figure on the agency's current capital investment plan. The money would be spent on improving accessibility to 66 subway stations, resignaling portions of six subway lines, new buses (including 500 all-electric buses), and the second phase of the Second Avenue Subway.
"While the program relies on funding from the congestion pricing scheme set to go into effect in 2021, as well as excess revenue from the MTA’s bridges and tunnels, it — crucially — also relies on nearly $11 billion in funding from the Trump administration, $3 billion from the de Blasio administration, and $3 billion from the state. The governor is on board. It’s not clear where the de Blasio and Trump administrations stand."
More details of the new plan are available in a press release from the New York MTA, published on September 16, 2019, and a New York Times article by Emma G. Fitzsimmons.
FULL STORY: The MTA's resurrection plan: $51B and a subway up to 125th Street
New York MTA Says No More Borrowing, Will Cut Costs Instead
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The transit crisis continues.
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