The Metropolitan Transportation Authority needs about $32 billion over the next five years to repair, replace and improve its facilities, notably the vast and essential mass transit system. It only has about $13 billion.
New York State's economic development programs have long been the subject of debate because it is difficult to measure the benefits they produce. Are the State's considerable investments worthwhile? Although their political value is clear, their economic value is not.
Landfilled trash managed by New York City's Department of Sanitation costs $300 million each year and produces more than 1 million tons of greenhouse gas emissions. The high expense and environmental impact result from the City's low residential diversion rate and high reliance on private and municipal landfills in faraway locations.
The port of New York-New Jersey is the largest container port on the East Coast. It's publicly owned by the Port Authority of New York and New Jersey, and it consistently loses money ($82 million in 2013). Two facilities within the port produced losses per acre above $180,000 in 2013 (the latest data available): Brooklyn at $205,718 and Red Hook at $184,788. Adjacent to one another, both properties could be far better used if converted to other purposes desired by the community.
Nearly six of every 10 of the 3.7 million people entering New York’s central business district each weekday rely on the Metropolitan Transportation Authority’s commuter rails, subways and buses. New York’s vibrant economy relies on the MTA’s services, and providing these services is expensive.
In fiscal year 2013, the Health and Hospitals Corporation (HHC) ran a deficit of $668 million. Final numbers for fiscal year 2014 have not been released, but the estimated deficit is $645 million. The imbalance between revenues and expenditures is expected to worsen from $702 million in fiscal year 2015 to $1.7 billion in fiscal year 2018.
Municipal garbage collection in New York City is exceptionally expensive -- the public-sector cost is more than double private-sector charges and much higher than collection costs in other cities. This fall provides a great opportunity to address the problem.
New York State will soon receive more than $4 billion in settlements from large financial institutions. It is an unprecedented windfall, coming from wrongdoing by banks, and it is rightly generating public discussion about what to do with the money.