New York’s MTA Leverages Crisis to Pitch for Long-Term Aid
It’s not at risk of defaulting on its $45 billion in debt, but it wants to make sure its future needs don’t get overlooked.
The largest U.S. public transportation system seemed mostly recession-proof. Then coronavirus hit.
Photographer: Angela Weiss/AFP/Getty Images
To many New Yorkers, the city’s intricate subway system is both a source of pride and a target of frequent frustration. For $2.75, you can travel anywhere at just about any time in America’s largest metropolis — that is, of course, if the trains aren’t delayed or shut down for desperately needed maintenance.
It’s no secret that the Metropolitan Transportation Authority has long been strapped. Around this time last year, the agency was staring down an annual deficit of more than $500 million, which was was projected to reach close to $1 billion by 2022. Andy Byford, who resigned earlier this year as head of the MTA’s New York City Transit authority after earning praise — and the nickname “Train Daddy” — for his efforts to turn around the agency’s fortunes, had estimated it would cost $40 billion over 10 years to get the 116-year-old subway system up to contemporary standards.