NYC’s Transit System Faces Another Budget Crisis With Congestion-Pricing Pause
- MTA’s fiscal plan will likely include budget shortfalls
- Debt service, maintenance and overtime costs poised to go up
WATCH: NY Governor Hochul on Congestion Pricing
Delaying New York City’s congestion pricing plan forces the Metropolitan Transportation Authority to shelve $16.5 billion worth of capital improvements and likely shatters the transit agency’s balanced budgets through 2027.
Governor Kathy Hochul says she’s going to fix it, though how and when she’s going to piece back together the MTA’s finances is unclear. She points instead to her success last year in boosting a tax on New York City’s largest businesses to pull the agency back from a fiscal cliff.