Gov. Kathy Hochul's eleventh-hour decision to halt New York's congestion pricing program put a big question mark on $15 billion in mass transit capital
put a big question mark on $15 billion in mass transit capital improvements the MTA planned to undertake over the next few years, many of which the agency says are urgently needed.
The agency also cannot complete planned upgrades to 39 subway stops and 9 Long Island Rail Road stations to make them accessible for people with disabilities, nor purchase 250 electric buses or upgrade 11 bus depots to be capable of electric charging. On Thursday, the city’s Independent Budget Office said the abrupt postponement “will complicate the long-term competitiveness of New York City.”The MTA’s capital plan is distinct from its operating budget, which is funded by fares and government subsidies and goes towards things such as payroll for 70,000 employees and electricity to power the subway’s third rail.
Without congestion pricing, the MTA is not able to complete these projects. Bonds can only be issued against a revenue stream once, and new bond issues must be approved by the Legislature.“The only way they can keep the capital plan alive is coming up with another pot of money,” said Fauss. “And it does not appear that there’s a political will to do so.”
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