MTA crisis could be catastrophic for New York real estate
Drastic service cuts pending unless Congress sends $12 billion
August 31, 2020 | Akiko Matsuda and Erik Engquist | The Real Deal: New York Real Estate News
As goes New York’s transit system, so goes its real estate. And the system is on the brink of disaster.
The Metropolitan Transportation Authority plans to cut service by 40 percent if Washington does not send $12 billion in federal aid, crippling the city’s chances to come back from the pandemic.
The effects would be felt beyond New York as the city accounts for about 5 percent of the country’s GDP, said Bill Rudin, CEO of Rudin Management and chairman of the Real Estate Board of New York.
