The MTA has put its $51.5 billion modernization plan on indefinite hold — and may cut wages and jobs to cope with its $10 billion two-year coronavirus-induced deficit, transit officials announced Wednesday.
“Our fare and toll revenues have literally tanked,” MTA Chairman Pat Foye said at the agency’s Wednesday board meeting.
The agency faces a $10.6 billion deficit over the next two years with the virus crippling ridership numbers.
Amid the financial crunch, officials initially put a 60-day hold on the $51.5 billion five-year capital plan — which includes sorely needed signal upgrades, thousands of new bus purchases and billions for elevators and other accessibility upgrades.
But now the agency says it simply won’t go through with those improvements unless it gets more financial support from the federal government.
“This is a four-alarm fire. We are facing the most serious financial crisis in the history of the MTA,” Foye told board members.
“Without additional federal funding, our options are limited — and none of them are good.”
