In the Best of Times, the Worst of Rides
“The mass transit system has been failing. Transit crises have been recurring episodes in the saga of New York for more than a century. This one stands out because of how bad things have gotten in extraordinarily good times. […]
“Every second of every day, the M.T.A. pays $83 in interest. That’s $7.1 million in 24 hours; for the year, a total of $2.603 billion. Those costs consume 16 percent of the transit agency’s budget, nearly three times as much as in 2002”
New York is booming with jobs and new residents, yet the number of people taking the subway has fallen, as a system burdened by debt and bad management fails.
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