Cincinnati agency buys 200 rental homes, elbowing out investors
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
