CREDIT: (Anthony Behar/Sipa USA)
NY: New York City Reopens Under Phase One
NEW YORK (AP) — Motorists and mass transit riders in New York already facing fare and toll increases next year and in 2023 could face drastic service cuts if the federal government doesn’t help the Metropolitan Transportation Authority out of a gaping budget hole brought on by the COVID-19 pandemic.
The agency also plans to increase tolls at its bridges and tunnels and reduce its administrative staff by nearly 3,000. That’s according to a report issued Tuesday by New York State Comptroller Thomas DiNapoli. DiNapoli says the MTA plans to hike fares and tolls 4% in both March 2021 and March 2023.
Ridership plummeted more than 90% on subways during the height of the pandemic, and riders have only slowly begun to return in recent months.
New York MTA report comes as risk aversion has risen
• Long-dated NY MTA bond yields are up +114 bps since July to ~4.40%
• Comparable benchmark yields have only risen +30 to +60 bps over the same time
• Comptroller DiNapoli called for federal aid in lieu of deficit borrowing pic.twitter.com/3rcDzdd1nD— ICE Data Services (@ICEDataServices) October 13, 2020
