'We are in a financial crisis, and I have to be fiscally prudent to navigate us throughout this turbulent period,' NYCMayor Adams said
The governor has also proposed a slight increase in the payroll mobility tax, which is expected to generate $800 million in revenue, plus a one-time $300 million cash injection from the state, and $400 million in MTA-identified cost-cutting.
The $500M city contribution is one part of Governor Hochul’s proposal to rescue the cash-strapped MTA.Hochul’s plan will not forestall a pair of 5.5% fare hikes planned for this year and 2025, which could bring the cost of a subway or bus ride above $3 for the first time. But it would prevent painful service cuts and layoffs, MTA brass contend, averting a potential “death spiral” situation where skimpier service causes riders to abandon the system, further imperiling the agency financially.
“Governor Hochul’s Executive Budget makes transformative investments to make New York more affordable, more livable and safer, and she looks forward to working with the legislature on a final budget that meets the needs of all New Yorkers,” Small said in a statement. “We know Mayor Adams shares the Governor’s belief that the MTA is the lifeblood of New York City, and we look forward to working together on these investments to support a vital service that millions of New Yorkers rely on.
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