NYC Transit Chief Urges Lawmakers to Fix $35 Billion Gap
- MTA’s multi-year capital plan aims to repair aging system
- Budget includes new rail cars and renovating Grand Central
The head of New York City’s transit network is urging state lawmakers to resolve a $35 billion funding gap to help modernize its crumbling system and provide better service.
The Metropolitan Transportation Authority, which oversees the city’s subways, buses and commuter rail lines, needs the legislature to help find $2 billion to $3 billion of new or existing recurring annual revenue. The MTA would then borrow against those funds to raise the $35 billion and close the shortfall in its $68.4 billion 2025—2029 capital budget.