The MTA board has approved a $65 billion five-year construction plan aimed at revitalizing New York City’s mass transit systems. The funding is primarily sourced from a new payroll mobility tax increase under Governor Hochul's budget, expected to generate $1.4 billion annually, along with a $3 billion city contribution and anticipated federal support covering 20% of the plan. Notably, $3 billion of the funding remains unallocated, which MTA officials hope to secure through cost-cutting and asset sales. Key project components include acquiring new train cars and enhancing station accessibility.
"We expect we'll accomplish work more cheaply," MTA Chair Janno Lieber said.
The MTA passed the plan at a board meeting thanks to Gov. Kathy Hochul's budget, which includes an increase to the payroll mobility tax.
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