NYC’s MTA to Cut Costs Instead of Borrowing More to Fund Upgrades
Commuters at the Brooklyn Bridge subway station in New York.
Photographer: Michael Nagle/BloombergNew York’s Metropolitan Transportation Authority plans to cut costs to balance a $68.4 billion multi-year capital plan designed to modernize the city’s long-neglected mass-transit system.
The agency will not take on more debt to help find $3 billion of savings from this year through 2029, according to Janno Lieber, the MTA’s chief executive officer. Earlier this week, New York Governor Kathy Hochul tasked the MTA with coming up with the funds.