Could a new real estate fee solve the city’s subway crisis?

Former MTA official pitches “transit-maintenance district” to help fund system

TRD New York /
Oct.October 24, 2017 09:40 AM

Michael Horodniceanu

A fee on office buildings below 60th Street could be key to fixing New York City’s beleaguered subway system, according to a top former MTA official.

Michael Horodniceanu, the former head of MTA capital construction, said creating a transit-maintenance district that would pay money toward keeping the subway in good shape could be an effective way to solve the system’s funding issues, according to Crain’s.

Office buildings in Manhattan are the biggest beneficiaries of the city’s mass transit system, so Horodniceanu pitched putting a $1.50 charge on rents in Office Space Below 60th Street, which generally go for between $60 to $70 per square foot. This would raise more than $1 billion per year, he said.

The subway system has lately been plagued by maintenance issues and delays, and there was almost universal agreement at the Crain’s event, called Fixing Mass Transit, that transportation infrastructure in New York needs more funding to succeed. [Crain’s]Eddie Small


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

The purge continues: WeWork’s head of real estate is leaving

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Judith and Rudy Giuliani Rudolph and Judith Giuliani are divorcing after 16 years. (Credit: Getty Images, Trulia, Highrises)

Luxury properties at play in Rudy Giuliani’s ugly divorce

arrow_forward_ios