Subprime crisis squeezes transit funds
NEW YORK CITY — With the subprime mortgage crisis impacting the real estate market in New York City, the Metropolitan Transportation Authority will likely receive less revenue from real estate transaction fees. Mayor Michael Bloomberg says this shortfall could be bridged if his congestion pricing plan were enacted. To read the full story, click here.
CTA plans fare hikes, service cuts
CHICAGO — The Chicago Transit Authority will go forward with fare increases and service cuts planned to begin Sept. 16 if the agency doesn’t get state funding. Illinois legislators in the House this week rejected a tax package that would have benefited Chicago-area mass transit systems. To read the full story, click here.
L.A. light rail project gets funding
SACRAMENTO — California transit officials have greenlighted $315 million for the Exposition Light Rail line project, which will connect Los Angeles’s Westside to Culver City and eventually Santa Monica. Funding had been stalled in the state’s legislative budget deadlock. To read the full story, click here.