Facing one of the biggest financial crises in the history of the subway, New York's public transportation agency is preparing drastic measures to restore its finances that are likely to affect riders for years to come.
The measures the agency is drafting include reducing service, slashing the transit work force, scrapping planned infrastructure improvements, raising tolls beyond scheduled increases and adding to its already record-high debt, according to officials at the Metropolitan Transportation Authority, which runs the city's subway, buses and two commuter rails.
With forecasts showing a staggering budget shortfall of $16.2 billion through 2024, transit leaders now say that at least some of these cuts are unavoidable as the system copes with the devastating impact of the coronavirus pandemic. The agency's two year budget for 2020-21 totaled $34.5 billion.
More here: https://www.nytimes.com/2020/07/21/nyregion/mta-subway-financial-cuts.html?smid=fb-nytimes&smtyp=cur
Staggering and depressing figures. Something clearly needs to change with the MTA and the NYC metro in the future.