– America’s Largest Transit Systems Reeling As Revenues Continue To Crater:
Public transit systems across the country are reeling from a dramatic decline in ridership which has left some of the largest cities with less than 70% of their pre-pandemic traffic – causing a financial rut that’s led to transit CEOs pressing city and state officials for more funding streams and taxes, Politico reports.
Despite being rescued with $55 billion in federal Covid relief money in 2020 and 2021 after watching their farebox revenue evaporate, 10 of the nation’s largest transit systems will soon need to find billions of dollars a year to stay afloat. Public transportation executives from Los Angeles to New Jersey are warning of a fiscal cliff in just a few years that risks raising ticket prices and cutting service on workers who can least afford it. And even though New York lawmakers struck a deal last week to fill a transit budget gap, it’s not enough to avoid a fare hike.
“It’s a new day for transit in terms of ridership, the people delivering the services — from drivers to mechanics,” former Transportation Secretary Ray LaHood told the outlet.