New York MTA Seeks New Revenue to Replace Lost Riders
- Agency approves $18.6 billion 2022 budget as deficits loom
- MTA chief financial officer Bob Foran set to retire this month
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New York’s Metropolitan Transportation Authority warned it will need to borrow $1.4 billion and find new revenue sources to balance its budget in 2025 as the largest mass-transit system in the U.S. struggles to restore ridership.
The state agency on Wednesday approved a $18.6 billion operating budget for 2022, bouyed by federal pandemic aid. Long-term structural imbalances loom as subway usage may only reach 86% of pre-Covid levels in 2024, according to McKinsey & Co. analysis. That means a $1 billion shortfall every year in fare revenue, according to the MTA.