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0 pointssteveBK1231y ago0 comments

The problem is it's just not that much money against the inflated costs of NYC transit construction. It's budgeted to produce $1B/year, though that was before Hochul unilaterally cut the toll by 40%. $1B is like a 2000ft of subway tunnel or half a station these days.

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snake421y ago

The fact that its a recurring revenue scheme allows them to get bonds based on that income. I think I saw that they were planning to secure $18B for a project when it was $15 for the toll.

steveBK123OP1y ago

Yes though I'd imagine its harder to secure bonds now that Hochul has shown the governor can unilaterally change the fee on a whim, plus new Federal government is antagonistic to the whole program.

Hochul won NY by a fairly narrow margin historically for the state against a pretty MAGA GOP guy. It's entirely possible some more normal blue state GOP type runs against her, wins and reduces the fee further.

JumpCrisscross1y ago

> its harder to secure bonds now that Hochul has shown the governor can unilaterally change the fee on a whim

It goes in the bond indenture. State can’t revoke the charge whose revenues it has already sold without defaulting.

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