Subway system is in dire need of repair
NYC Transit chief Andy Byford continues his push to overhaul the broken subway, according to Bloomberg. He warned that if the city and state do not invest $40 billion over the next decade, the system will descend into a “death spiral”.
Cuomo vs. De Blasio: How to raise the money… The Governor favors a Value Capture Plan, which would tax building owners whose properties increase in value as a result of being near mass transit. Those funds would then be sent to the MTA to pay for transportation improvements in that area. De Blasio, on the other hand, favors a millionaire’s tax.
The right plan: Byford’s plan actually addresses the core problem. It focuses on speeding up the rollout of a new signal system to replace the subway’s current equipment that has been used since the 1930’s.