Latest news with #MetropolitanTransportationAuthority
Newsweek
3 days ago
- Business
- Newsweek
New York's $68 Billion Plan to Revive Subway System
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Officials in New York have approved a $68.4 billion investment in the city's subway system. On Wednesday, the board of the state's Metropolitan Transportation Authority (MTA) approved the plan, which would refurbish Grand Central Terminal and upgrade parts of the rail system that are more than 100 years old. Newsweek contacted the MTA via email for more information on the decision. Why It Matters New York uses its sprawling transit system to move millions daily. The new plan is the largest capital investment in the MTA's history, according to the agency, but parts of the funding are yet to have a source, despite contributions from the city and the federal government. What To Know The $68.4 billion capital plan, covering 2025 to 2029, is set to fund upgrades across subways, buses, bridges and tunnels. The investment forms a significant portion of the city's public infrastructure spending, though it remains a fraction of the city's overall annual operating budget of roughly $100 billion. The plan projects $1.4 billion in annual funding from the increased payroll mobility tax, alongside a $3 billion city contribution and an anticipated 20 percent from the federal government. However, a $3 billion gap still exists in the funding, which authorities have said could be plugged by cutting costs on prior projects and selling surplus real estate. "We expect we'll accomplish work more cheaply," MTA Chair Janno Lieber said during the approval meeting, Gothamist reported. People waiting to board a train at the 34th Street-Herald Square subway station in New York on April 29. People waiting to board a train at the 34th Street-Herald Square subway station in New York on April 29. Getty Images The plan calls for the purchase of 1,500 new subway cars, upgraded signaling, the installation of modern turnstiles to prevent fare evasion and major accessibility improvements at 60 subway stations. It also allocates $2.75 billion to the Interborough Express, a new line linking Brooklyn and Queens. The MTA expects the work to span five years, subject to final approval from the Capital Program Review Board. The approval came after months of political negotiations and past funding setbacks. In December, the state Legislature initially rejected the plan because of funding ambiguities. New York has also seen ongoing legal challenges, including a lawsuit with the Trump administration over congestion pricing and subway safety, that may make securing the federal funding trickier. What People Are Saying New York Assemblymember Deborah J. Glick said in a news release on May 13: "The MTA is vital not only to New York City residents who depend on it for their daily commute, but for the entire metro area. Many New Yorkers rely on the MTA to enter the city to work, dine, and recreate. Fully funding the MTA capital plan will provide the resources that are needed to expand and modernize services, while increasing the environmental benefits gained by supporting a reliable public transit system." Jamie Torres-Springer, the head of the MTA's construction and development, said in September: "If we don't keep up with investment in state of good repair in a 100-year-old system that serves so many people, we cannot continue to provide safe and reliable service." What Happens Next The MTA awaits final approval from the Capital Program Review Board before work begins. If approved, the agency will start the upgrade cycle in 2025, with a 2029 completion goal.
Bloomberg
4 days ago
- Business
- Bloomberg
NY Congestion Pricing Is Likely to Stay Until Year End During Court Case
New York's congestion pricing program is likely to stay in place through late 2025 while a federal judge decides whether the Trump administration can stop New York from charging motorists to enter Manhattan's busiest streets. The state's Metropolitan Transportation Authority sued in February to prevent the federal government from revoking approval for the $9 toll. US District Judge Lewis Liman, who has blocked the US from withholding any funds or blocking new projects while the case proceeds, signaled in an order Wednesday that he could take until the end of the year to reach a decision.
Bloomberg
4 days ago
- Business
- Bloomberg
NYC Transit Upgrade Hinges on $17 Billion of Uncertain Funds
New York City's transit system is counting on a combined $17 billion in federal aid and projected cost savings — both tentative sources — to help fund a record-setting $68.4 billion capital plan. The Metropolitan Transportation Authority 's multi-year program is the largest in its history. It will pay for about 2,000 new rail cars to replace trains from the 1980s, modernize signal systems, upgrade aging power substations, repair bridges and tunnels and launch a new light-rail line linking Queens and Brooklyn.
Bloomberg
5 days ago
- Business
- Bloomberg
NYC Congestion Toll Brings In $216 Million in First Four Months
New York City's congestion pricing toll raised $215.7 million in the program's first four months as the Trump administration seeks to end the controversial fee. Since Jan. 5, most motorists have to pay $9 during peak hours to enter south of 60th Street in Manhattan. The toll collections through April are close to budgeted estimates of $217 million for the period and the fee is on track to bring in $500 million this year after expenses, according to the Metropolitan Transportation Authority, which runs the city's transit system and is implementing the new toll.
Bloomberg
5 days ago
- Business
- Bloomberg
NY Wins Order Against US Funding Freeze in Congestion Fight
By and Michelle Kaske Updated on Save New York won a court order temporarily barring the Trump administration from withholding federal approvals or funds for the state's transportation projects, as the president tries to end Manhattan's congestion pricing program. The administration has threatened to hold back the funds and permissions unless New York stops charging tolls to drive into the borough's tolled zone. US District Judge Lewis Liman on Tuesday granted a request by the Metropolitan Transportation Authority to block such efforts by the federal government through June 9 while he considers whether the US has the legal right to terminate the toll.
