The New York transit system has been in need of an overhaul for some time now. to fix it however, the Metropolitan Transportation Authority (MTA) is short of around $60 billion. that figure is actually twice of its current capital plan and so the question becomes what will happen with the much-needed renovations?
a commission has been set up to take this to the next level. chaired by head of the business-backed Partnership for New York City, Kathryn Wylde, the group commissioned a report that – surprise, surprise – requested more revenue. Most of the commissioners (who also include former City Council speaker Melissa Mark-Vierito), suggested a kind of toll to be applied to truck and car drivers going into Manhattan below 60th Street causing congestion. this would actually raise $1b+ annually.
Although this situation is hardly new. going back a decade ago now, a 2008 commission was set up that recommended MTA funding sources. that resulted in the 2009 payroll tax. since then 10 percent of MTA’s $16.7 billion budget comes from New York downstate employees indirect tax.
So what is new? The most recent report gave a whole slew of suggestions, one of which was to “acknowledge that the M.T.A. construct has failed and call for its dissolution.” should that not be acceptable, another way to increase efficiency that was suggested was to hire an independent auditor to investigate capital costs of the MTA and thereafter reform its methods and streamline how orders are changed during the construction process. in addition, there is a lot of money lost in fare evasion each year. stamp down on that and you’ve gotten yourself $125 million extra annually.
These are just some of the 37 suggestions featured in the report. It’s definitely worth a try.