Last week New York’s State Comptroller Thomas DiNapoli published a report on the Metropolitan Transportation Authority’s needs for the near future. In this report, he estimates that the MTA needs $92.2 billion over five years. This is for updates to local transportation as well as expansion projects that need to get done sooner rather than later.
A recent CBC report agreed with the sentiment that changes must be made but also was sure to emphasize the importance of making the right decisions. “Allowing the MTA system — an essential part of our region’s economy — to crumble would be damaging to the whole region. Still, New York must choose wisely what projects to fund and how to pay for them.”
John McCarthy, the MTA’s head of policy and external relations released an emailed statement earlier today regarding both of these comments, “We appreciate the serious analysis from both Comptroller DiNapoli and CBC, and intend to lay out a detailed capital plan this month that will follow the same needs-based approach taken in those reports.”
The MTA will need a substantial investment to not only modernize the NYC transit system but maintain it for years to come. According to multiple other reports, the 2025-2029 budget will be just under $63 billion, meaning a lot of funding is still needed in order to achieve their goals. Some of the most critical projects are the upgrades to power substations, the replacement of railcars, and the overhauling of Grand Central Terminal. That said, we can expect a more detailed plan from the MTA soon.
