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April 30, 2009
NY MTA may raise fares twice in 1 yr -- a first
Reuters, via guardian.co.uk
New York subway riders and motorists could get hit with a second round of fare and toll hikes this year, the first such double-whammy in the cash-strapped transit agency's history, officials said on Wednesday.
Meantime, the two big real estate/railyards deals aren't going to be providing any relief soon:
The developments of midtown Manhattan's Hudson Yards and Brooklyn's Atlantic Yards were expected to raise hundreds of millions of dollars over time, but the two mega projects have stalled in the credit crunch.
NoLandGrab: Though the project has "stalled in the credit crunch," there are outward signs that Atlantic Yards developer Forest City Ratner is strapped for cash and word is that the company is trying to renegotiate the terms of the MTA agreement.
Posted by lumi at April 30, 2009 5:28 AM