New Jersey Senate Democrats think that the Port Authority of New York and New Jersey should sell off all of its non-transportation related real estate and put the proceeds toward a rail tunnel.
The real estate would include assets such as One World Trade Center, Crain’s reported. Speaking at a news conference in Newark today, Senate President Steve Sweeney said that the proceeds from such a sale could generate up to $3 billion, which he believes should be used to finance Amtrak’s Gateway tunnel project connecting New Jersey to Manhattan. Sweeney said the action would send a message that the Port Authority is serious about fixing transportation issues.
Democrats control the New Jersey state legislature, which yesterday failed to override Governor Chris Christie’s veto of a bill that would have increased its power over the Port Authority. [Crain’s] — Tess Hofmann