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MTA Taps Feds For Another $3.9 Billion to Keep Transit Running
By
Stephen Nessen
Published Apr 17, 2020
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Marc A. Hermann / MTA New York City Transit
By
Stephen Nessen
Published Apr 17, 2020
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After the MTA reviewed an analysis from McKinsey & Company, the agency revised its financial outlook for the rest of the year, and expects to now lose nearly $8 billion from fares, tolls, and taxes. On Thursday, MTA Chairman Pat Foye made a plea to the federal government for another $3.9 billion to keep the system running for the rest of the year.
“This is not something we can wait for, we need immediate action,” Foye said at the virtual meeting. “By investing in the MTA the federal government will be investing in the future of New York and the entire region.”
Foye argues 10 percent of the nation’s economy relies on New York City functioning.
While the MTA is seeing a 90 percent drop in riders across its system, it’s continuing to run what it calls an “essential service” schedule for front line workers. This means it’s operating 75 percent of its regular service, for just 5-6% of the usual riders. It is also cleaning all stations twice daily and all rolling stock every 72 hours, which is expected to cost $500 million this year.
The MTA secured $4 billion from the first coronavirus relief bill but it’s not clear if another round will be forthcoming. New York Senator Charles Schumer appears to be on board.
“Senator Schumer moved mountains to overcome GOP opposition and deliver a vital $4 billion lifeline for the MTA and New York state,” Schumer’s spokesperson Angelo Roefaro wrote in a statement. “He will keep fighting for all of New York —and transit—in legislation to follow.”
MTA Chief Financial Officer Bob Foran said they were already on precarious financial footing before COVID-19, and are out of options now—federal relief is the only way forward.
“The traditional levers that we would use in worst-case-scenarios are not useful,” Foran said.
He said the agency will not raise fares, reduce service, or defer bond payments to cut costs. The agency instituted bi-annual fare hikes during a previous recession, which it will continue with for now.
"These funds should be recognized as an investment in the future health of the region and the millions of riders who rely on the MTA to get where they need to go, and in the transit system that will ultimately allow us to get back in business and back to normal,” Lisa Daglian, with the with the Permanent Citizens Advisory Committee to the MTA, wrote in a statement, warning that a lack of funding could return us “to the 'bad old days' of disinvestment, decay and delay."
To date, 68 MTA workers have died from COVID-19, and more than 2,000 workers have tested positive, with 4,400 on home quarantine. The agency has agreed to pay death benefits to the families of workers and offer health care for three years.
Next week, the MTA board will meet and vote on whether to approve funding the COVID-19 benefit.
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Stephen Nessen
Stephen Nessen covers transportation. Since 2008 he has reported on everything from Occupy Wall Street, the rebuilding of the World Trade Center site, Hurricane Sandy, to Trump’s campaign for president. His transportation reporting has taken him everywhere from the MTA’s secret Rail Control Center to the gleaming subways of Seoul. Got a tip? Email [email protected].
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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