BART running out of emergency funding, facing potential shut down
(KRON) – Bay Area Rapid Transit has announced that the transit system is facing a 'fiscal cliff' and may run out of emergency funds in 2026.
BART believes the effects of the COVID-19 pandemic 'decimated' transit ridership. After the pandemic, remote work has become a norm for many. According to BART, prior to the pandemic money from passenger fares and parking fees covered nearly 70% of the cost to run BART service and now only 25% of operating costs are covered by fares.
The Bay Area has the highest work-from-home rates in the nation, according to BART.
Oakland man jumps over gate of Macarthur BART, causing delays
At the beginning of the pandemic, BART received nearly $2 billion in federal, state and regional emergency assistance to keep trains running. However, the funding is set to run out by spring 2026.
BART listed the potential consequences of its fiscal cliff:
60-minute train frequencies
9 p.m. closures
Station closures
Line shutdowns
No weekend service
Mass layoffs
Increased traffic congestion
Negative impact on state climate goals
Priority populations disproportionately impacted
No BART service altogether
The transit company is collaborating with the Metropolitan Transportation Commission and other stakeholders to tackle the financial challenges. BART said a regional tax measure will likely be on the November 2026 ballot.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
10 hours ago
- Miami Herald
Huge home retailer filing Chapter 11 bankruptcy, closing stores
While certain discount retailers have thrived, not every chain has the loyal customers that support Marshalls, Ollie's Bargain Outlet, Ross Dress for Less, HomeGoods, and other thriving chains. In fact, the current retail apocalypse has claimed a lot of players in the discount space including some that seemed to have a devout following. The death of Christmas Tree Shops, for example, was shocking only because that chain seemed to have a cult following. Related: Costco to make generous offer to frustrated phone customers It was perhaps less surprising when Bed Bath and Beyond went out of business as that chain seemed to have lost its way, but its death was unexpected if only because the retailer filled a product niche. Retailers including Tuesday Morning, which offered the same treasure hunt model made popular by Marshalls, TJ Maxx, and HomeGoods - all sister brands under TJX Companies (TJX) - did not survive its Chapter 11 bankruptcy. Don't miss the move: Subscribe to TheStreet's free daily newsletter Joann and Party City were not discount retailers, but they also served very specific audiences and could not find enough customers to survive. In both of those cases, it took multiple bankruptcies to kills the popular brands and it's likely their debt was simply impossible to overcome. Now, a popular home goods brands (and rival to HomeGoods) is preparing a Chapter 11 bankruptcy filing which will likely included closing multiple stores. At Home sells a bit of everything people need for their home. That includes furniture, accessories, and pretty much else that might go in a house. The company described its business on its website: "For over 46 years, At Home has been a trusted destination for stylish, approachable design - offering everything a decorator may need to transform their space into a true reflection of who they are, how they want to live, and the memories they aim to create at home. Discover everything for every room, from Furniture, Rugs and Décor to Bedding, Bath, Outdoor and more. Explore curated collections, incredible seasonal selections and unique pieces that show off your signature style. Design your life At Home," the company shared. Many home goods retailers saw banner business during the Covid pandemic. Even though stores were closed, or at least limited, customers were stuck at home so they worker on making that space as comfortable as possible. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy A lot of people built home offices, replaced old couches, and made other improvements. That pulled some demand forward and created unpredictable sales patterns as normal replacements cycles were thrown off. It's a phenomenon that created some up and down quarters for numerous retailers including Best Buy, Lowe's, and Home Depot. An At Home bankruptcy has been rumored for quite some time and now a number of media reports have shared that it's expected to happen imminently. The chain missed a key interest payment on May 15. That's often a planned move for a company looking to file for Chapter 11 bankruptcy protection. Skipping a payment can force a lender to foreclose on the loan, but it can also bring them to the bargaining table. At Home has until June 30, to catch up on that payment and fix its account, but a bankruptcy filing is more likely. Once it files for Chapter 11 bankruptcy (should it choose to do so), the struggling retailer, is expected to immediately begin closing about 10% of its stores. The chain currently operates 200 stores and other beyond the original 20 may face closure as well. At Home has blamed its financial woes at least partly on President Donald Trump's tariffs, which have increased the price of certain goods while creating pricing uncertainties going forward. The tariffs have also slowed down some discretionary consumer spending as people wait to see what their impact will be. At Home sources most of its products from China, the country that will be hit the hardest by the tariffs. It has been working to buy items from other sources, but it's not easy or quick to revamp you supply chain. At Home and its parent company have not responded to media requests for comment. Related: Iconic liquor brand in Chapter 11 bankruptcy faces liquidation The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
a day ago
- Miami Herald
Warren Buffett's Berkshire Hathaway expects housing market price changes soon
Homebuyers have faced a turbulent housing market over the past few years. Rising home prices and elevated mortgage rates have forced many Americans to reconsider or postpone homeownership until conditions become more affordable. In 2020 and 2021, home prices skyrocketed as moving patterns shifted from cities and homebuyers began to take advantage of record-low mortgage rates below 3%. After the initial Covid-era housing boom, surging inflation in 2022 exacerbated housing prices that were already on the rise. Don't miss the move: SIGN UP for TheStreet's FREE daily newsletter As mortgage rates inch back toward 7%, homebuyers have tempered their expectations for a strong 2025 housing market rebound, but rising home inventory may be enough to lure them back to the market. Though the outlook for the second half of the year is uncertain, many experts believe that homebuyers will have more options and negotiating power as listings take longer to sell. Berkshire Hathaway Home Services believes there may be a shift in the housing market, offering advice for how buyers and sellers can navigate prices in the midst of continued market swings. Image source: Shutterstock Years of rising mortgage rates have created a housing market stalemate where sellers became hesitant to list their homes, creating a supply shortage and increasing competition among homebuyers. Many first-time homebuyers have been collateral damage, forced to delay or rethink homeownership entirely. Eventually, buyer demand has weakened enough to the point that housing inventory reached a surplus of over 500,000 homes, the highest level since 2013. Now, housing conditions have completely shifted, creating a buyer's market for the first time in years. For sellers to keep their listings competitive, Berkshire Hathaway Home Services suggests they may need to implement price reductions. More on homebuying: The White House will take surprising approach to curb mortgage ratesHousing expert reveals surprising ways to reduce your mortgage rateDave Ramsey predicts major mortgage rate changes are coming soonWarren Buffett's Berkshire Hathaway sounds the alarm on the 2025 housing market The blog recommends that sellers examine home prices in their area and look at home sales trends over the past few months. "Accept the current market. Ask for an updated comparative market analysis with detailed sales trends over the last three months. Are home sales slowing or accelerating? Are home prices rising or falling? Price your home slightly under the trends." found that home listings spent an average of 51 days on the market in May, up from 45 days in May 2024 but on par for the pre-Covid housing market. However, the number of unsold homes is up 21% from last year, marking a considerable change in sales trends. In March, which is typically the onset of renewed buyer demand during the spring housing market, 23% of home listings received a price reduction. Now, as housing inventory rises, sellers are losing the upper hand and may need to lower their pricing expectations. Related: Fannie Mae predicts major mortgage rate changes are coming soon The Berkshire Hathaway Home Services blog wrote that, "A price reduction should send the right message to the marketplace - that your home is well worth its asking price." It also suggests that sellers may need to put in more effort to draw in buyers and close sales. "Pay for professional staging and photography to showcase your home to better advantage online. Highlight the charms and special features of your home as well as the neighborhood." While this may not be the shift sellers were hoping for, a more favorable environment for buyers may be enough to motivate housing activity and undo the current gridlock. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
a day ago
- Miami Herald
Popular brewery and distillery files Chapter 11 bankruptcy
A local taproom or brewery becomes a beloved part of the community. That's actually somewhat rare in the United States where we don't have a tradition of village pubs. There are some bars that fill that role becoming someplace where friends and neighbors come together. Related: New class action suit claims Costco is tricking you on prices A really good neighborhood bar becomes a place where people bring their families, fall in love, and celebrate life's big moments. When a community loses that, it can be devastating. It's very hard to replace a bar, or pub that has become a de facto community center. Real life may not have bars like "Cheers," but a good neighborhood tavern becomes a place where everybody knows your name. Losing that means more than when another Hooters or TGI Fridays closes. Don't miss the move: Subscribe to TheStreet's free daily newsletter Sure, everyone has their favorite place and the loss of any popular business can be a blow, but local pubs build connections with and between passengers unlike any other kind of business. It's just different to be a regular at one of these local businesses than to be known by the bartender at Chilis. The post-Covid period has been dark for local breweries, taprooms, and pubs, and that devastation has continued. When many businesses close or file for bankruptcy, it's solely on the merits of the business. That's not the case for Big Storm Brewing, which has been pulled down due to the financial woes of Boston Finance Group, which is owned by Big Storm partner Leo Govoni. A 2024 lawsuit alleged from 2009 to 2020, Govoni misappropriated over $100 million from special needs trusts, which are specialized irrevocable trusts established for the elderly and people with disabilities. That does not directly speak to the operations of the brewery and distillery which have a long history (at least by the standards of local breweries). More retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers "Founded in 2012, Big Storm Brewing Co. has embraced our tagline of 'Florida Craft Beer Forecast' by developing a dynamic lineup of Florida favorites like Tropic Pressure Golden Ale, steeped with hibiscus flowers, and Bromosa Tangerine IPA, brewed with all-natural tangerine puree," the company shared on its website. Big Storm also added a distillery to complement its regionally-sold beers, and to sell in its multiple taprooms. "In 2020, Big Storm Distillery was born with a mission to create world-class spirits with a local flair. Our Big Storm team are innovators at heart, always pushing boundaries, and not afraid to take risks. With a commitment to exceptional customer service, dedication to quality products, and the ambition to explore opportunities left unexplored, Big Storm has become a leader in the craft beer industry and beyond," the company added. While the fate of Big Storm had been unclear, its assets were transferred to a bankruptcy trustee by a federal bankruptcy court on June 5. That took control away from Govoni and put it in the hands of the trustee. Judge Roberta Colton found Govoni and Boston Financial Group liable for the missing $100 million as well as $20 million in interest. Big Storm has not closed its Clearwater, Fla taproom and its fate remains unclear. The court's actions put Big Storm Brewing under Chapter 11 bankruptcy protection, but under control of a trustee and not Govoni. The court could decide that the company has more value as a going concern than it does being sold off for parts. If that proves true, then it's more likely to be sold to an operator that wants to keep producing its beers and spirits. Related: Huge music retail chain closes all stores after 'bankruptcy' Big Storm has been very clear in its mission. "We're here to offer more than just a drink; we're sharing a slice of the Florida lifestyle with you, wherever you might be. Our mission? To transform each sip into a sun-drenched experience, a celebration of Floridian culture and zest. Our creations aren't just products; they're invitations to embrace the laid-back, sunny essence of Florida," it posted on its website. Big Storm's operations have continued and it still sells beer and spirits regionally and locally. It's likely to continue operating as long as it's seen as a positive to the estate. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
