The nation’s largest transit system expects to increase spending on systemwide upgrades by billions of dollars in 2021 as it relaxes restrictions imposed last year because of the Covid-19 pandemic.
Janno Lieber, the New York Metropolitan Transportation Authority’s chief development officer, said he plans to tell MTA board members at a meeting Thursday that the authority expects to commit at least $6.2 billion in new spending in 2021.
The spending commitments could increase to between $7 billion and $10 billion during the year as the authority’s financial picture becomes clearer, he said.
Mr. Lieber said fixing and upgrading tracks, signals and infrastructure in a system that in many places is a century old would help avoid a repeat of the delays, derailments and disruptions that plagued commuters a few years ago. The work would also help accelerate the MTA’s plans to make the New York City subway system more accessible by installing and repairing elevators and escalators.
The pandemic hit New York during the first year of the MTA’s five-year, $55 billion spending plan. Within months, the authority faced multibillion-dollar deficits caused by a drop in ridership on subways, buses and commuter trains and a reduction in revenue from taxes.
Source: WSJ – US News