The Port Authority of New York and New Jersey’s real scandal isn’t the lane-closing on the George Washington Bridge — it is a decades-long practice of diverting the body’s funds into real estate investments, according to New York Times columnist Joe Nocera.
The Port Authority, Nocera wrote yesterday, is charged with improving transportation infrastructure in both states. Yet tolls creep up while needed funds are funneled into real estate projects like the World Trade Center, which claimed at least $7.7 billion in the rebuilding of the area around Ground Zero after Sept. 11. An additional $4 billion “went to an over-the-top PATH station,” Nocera opined, while another $3.3 billion went to the building of One World Trade Center. [more]