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November 25, 2008
Local Leaders Call On MTA To Maximize Assets
NY1
by Ty Chandler
The MTA painted a gloomy financial picture Thursday when it unveiled its doomsday budget. But some city lawmakers are not convinced a 23 percent fare hike is necessary.
"Before the MTA tells riders that they have to deal with less service for a higher fare, the MTA has an absolute obligation to maximize their assets," said Councilman Eric Gioia.
...Gioia says the MTA has an extensive real estate portfolio that could be worth as much as a billion dollars. He says the MTA used tax dollars to pay for a report to look for ways to maximize those assets, but says the MTA has refused to release its findings, calling them flawed.
...In a statement, the MTA says it "is continually assessing its assets for revenue-generating opportunities."
NoLandGrab: One asset the MTA is apparently not continually assessing for revenue-generating opportunities is Brooklyn's Vanderbilt Yard, which the cash-strapped agency has agreed to sell to Atlantic Yards developer Bruce Ratner for less than half what the MTA's own assessor says it is worth.
Posted by eric at November 25, 2008 12:14 PM