The MTA is facing a multi-billion dollar financial hole with no way out after New York Gov. Kathy Hochul scrapped congestion pricing earlier this week – a move that could put electric buses, accessible stations, and signal renovations on the agency’s cutting list.
In their initial remarks to the public following Hochul’s declaration on Wednesday, MTA representatives said that the board will need to reevaluate how its funds should be distributed.
In a joint statement, MTA Chief Financial Officer Kevin Willens and General Counsel Paige Graves stated that “modernization and improvement projects like electric buses, accessible (ADA) stations, and new signals will likely need to be deprioritized to protect and preserve the basic operation and functionality of this 100+ year old system.”
Janno Lieber, the transportation agency’s CEO, has not made a public statement since Hochul changed her mind about a project that she had just weeks before defended as a way to lower traffic, reduce pollution, and give the regional transportation authority much-needed funds.
Legislators from Albany departed the Capitol early on Saturday morning without securing any immediate funds to cover the gap caused by Hochul’s decision. The MTA would have been able to issue an anticipated $15 billion in bonds against the income stream if a $15 toll had been implemented on automobiles in Manhattan’s core business area. Without such financing source, agency representatives stated, the agency would have to allocate its limited resources to the “most basic and urgent needs.”
The next regular meeting of lawmakers is not until January, yet they may call a special session if there is unfinished work.
