« The Brooklyn blogs, AY, and the class issue | Main | Caption Diss: Jay-Z & Beyonce Knowles »
August 8, 2007
Closing the MTA Budget Gap
Daily Voice [The Village Voice blog]
By Michael Clancy
When the MTA announced looming fare hikes last month, it was noted here that the MTA's decision to let Bruce Ratner, the developer of the Atlantic Yards, have the Vanderbilt Rail Yards for $100 million was looking like a poor choice. The MTA's own appraisal valued the land at $214 million. And why give away land at a huge discount during a real estate boom with deficits looming?
Well, New York City Comptroller William C. Thompson, Jr. says he's crunched the MTA's numbers and identified enough potential streams of new revenue—$728 million—to close the gap for one year and narrow it in the next, and hopefully stave off a fare hike, at least, for a little while.
“There is no need for a fare increase in 2008,” Thompson said in the report,“Putting the Brakes on the Bus and Subway Fare: Options for Eliminating Fare Increases in 2008 and 2009.” “Before the MTA even begins to consider higher fares and tolls, the State and the City must provide additional funding to MTA New York City Transit that it is rightly owed."
NoLandGrab: Based upon his statements, you would think that NYC Comptroller Thompson would suggest that the MTA get top dollar for sale of public property. Interestingly, the Atlantic Yards supporter didn't add this suggestion to his list of things to do to stave off a fare hike.
More at Crain's NY Business, "Comptroller lambastes fare hikes."
In a report titled "Putting the Brakes on the Bus and Subway Fare," Mr. Thompson identified six sources of local revenue that could collectively generate $728 million annually for the MTA.
"We simply must look at any and all sources of revenue that can be applied to eliminate - or at least to minimize - any fare or toll increase in the immediate future," Mr. Thompson said.
Posted by lumi at August 8, 2007 7:38 AM