New York City’s Metropolitan Transportation Authority (MTA) released its 2020-2024 Capital Plan on Monday, proposing an investment of $51.5 billion in buses, railroads, and subways over five years, the highest in MTA’s history, as well as create a faster, more accessible, more reliable public transportation system.
More than $40 billion will be invested in New York City Transit’s buses and subways. Other major upgrades include Metro-North and the Long Island Railroad. Upgrades also will be made to stations and the customer experience.
The investment is 70 percent higher than current levels. The plan will be funded through a combination of central business district tolling, federal funding programs, a tax on high-end real estate sales, the elimination of the internet tax advantage, pay-as-you-go contributions, and bonds backed by longstanding dedicated taxes, fares, and revenues from existing tolling.
Gov. Andrew Cuomo has pledged $3 billion, subject to approval by the legislature, and New York City has been asked to pledge a matching amount.
The MTA Board will review the plan Sept. 25. If it approves the plan, it will be submitted to the MTA Capital Program Review Board before Oct. 1.
The public can comment on the plan using the MTA’s online reporting system.