Latest Culprit of Housing Crisis: Transit Expansion
"Real estate tax revenue is nearly $81 million shy of what the Metropolitan Transportation Authority has projected so far this year, a scenario that could spell doom for systemwide service improvements.
Officials stopped short of linking the downward trend to the program, which would mean additional trains on the Long Island Rail Road and subways. Previously, they have said that service improvements may not be possible if real estate tax revenues, upon which MTA in part relies to fund operations, don't recover. A decision on whether to move forward with improvements is expected next month.
'We've talked about the yellow flag being up, the yellow flag stays up,' MTA finance chief Gary Dellaverson said yesterday at a meeting of the MTA's finance committee."