The MTA’s Capital Quicksand

This article appeared on The Brooklyn Quarterly May 4, 2015.

Image: Neil Reilly
Image: Neil Reilly

The New York City subway system is one of our city’s defining characteristics. The subway is New York City’s circulatory system; without it, the city’s geography, population, and economy would never have reached today’s magnitudes. But the state government, which overtook the subways when they became insolvent as private enterprise in the 1960s, continues to neglect the needs of the system.

In late April, the New York Times ran an editorial to this effect. As everyone who follows the MTA knows, the agency has a $15 billion gap in its next capital budget. Many don’t know, though, that the MTA carries a $34 billion debt load, which grows every year under increased pressure to make debt service payments. The Times piece, which endorsed the sensible Move New York transportation overhaul plan, was tepid when it came to chastising those responsible for the chronic unmet needs of the system.

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