The MTA said Thursday that New York transit ridership may only rebound to half of pre-crisis levels by the end of the year — and it wants another federal bailout to keep it afloat.
Officials expect the dent in ridership, down over 90 percent since the start of the coronavirus outbreak, and bridge crossings, down 62 percent, to cost as much as $5.9 billion.
On Thursday, MTA Chairman Pat Foye insisted the agency needs another $3.9 billion from the Feds to shore up the massive fare and toll losses plus another $1.8 billion in lost tax revenue.
“The fact is we need substantially more help, and we need it now,” he said during a video press conference Thursday morning. “In the weeks since our first request [for federal support], the crisis has dramatically worsened in New York, dwarfing our initial estimates of revenue loss.”
Last month’s COVID-19 stimulus bill provided $25 billion to public transportation agencies across the country, including $3.8 billion for the MTA — which accounts for 38 percent of transit ridership nationwide.
Without an influx of cash, the MTA would be forced to raise fares, cut service or delay parts of the agency’s $51.5 billion five-year modernization plan, officials said.
The new ridership and financial projections are based off research conducted by MTA senior executive Janno Lieber and McKinsey & Company consultants.
Lieber said the projection was based on a number of variables, including possible trajectories of the virus, future economic recovery, as well as “how do people feel about using public transit again” amid concerns that the subways played a role in the disease’s initial spread.
“Ridership, in sort of a moderate scenario, may be in the 50 to 60 percent range of where it was before by the end of the year,” Lieber said. “Obviously if there’s a more severe COVID scenario then you have much lower ridership.”
Adding to the revenue losses are “hundreds of millions of dollars” in new, unplanned cleaning costs to prevent the spread of the disease, officials said.
Riders Alliance spokesman Danny Pearlstein said keeping elements of the modernization plan on track — such as signal upgrades to allow the MTA to run more subway trains — will be essential for preventing dangerous crowds as the public re-enters the transit system.
“Our very influential congressional delegation needs to step up for the MTA like never before, because New York’s recovery will hinge on the MTA’s and nation’s recovery will hinge on New York,” he said.