NEW YORK (CBSNewYork) – Albany leaders have agreed to fund the last three years of the MTA’s current five-year capital plan, but it could mean fare hikes down the line.
WCBS 880′s Marla Diamond reports
Gene Russianoff of the Straphangers Campaign says that’s the good news.
“The bad news is we are going to need money down the line — not too far down the line — because the next capital plan is in 2015, and right now we are borrowing a lot of money,” Russianoff said. “It’s not real money in the bank, it’s money that we are going to hang on. And the MTA will owe $3 billion a year. $3 billion in interest payments.”
The $13 billion, three-year plan means that the MTA’s debt ceiling will be raised another $7 billion dollars, and the agency will borrow $2 billion from the feds.
“Getting those kinds of things fixed is critical to the decent, safe, affordable ride, so we bit the bullet,” Russianoff said.
The head of Transportation Alternatives called the arrangement an express train to higher MetroCard fares and less service.
Are you in favor of the capital plan, or does the potential of increased fares make it not worth it? Sound off below...