MTA halts $51.5 billion modernization plan over coronavirus-induced deficit

The MTA has put its $51.5 billion modernization plan on indefinite hold — and may cut wages and jobs to cope with its $10 billion two-year coronavirus-induced deficit, transit officials announced Wednesday.

“Our fare and toll revenues have literally tanked,” MTA Chairman Pat Foye said at the agency’s Wednesday board meeting.

The agency faces a $10.6 billion deficit over the next two years with the virus crippling ridership numbers.

Amid the financial crunch, officials initially put a 60-day hold on the $51.5 billion five-year capital plan — which includes sorely needed signal upgrades, thousands of new bus purchases and billions for elevators and other accessibility upgrades.

But now the agency says it simply won’t go through with those improvements unless it gets more financial support from the federal government.

“This is a four-alarm fire. We are facing the most serious financial crisis in the history of the MTA,” Foye told board members.

“Without additional federal funding, our options are limited — and none of them are good.”

Riders Alliance spokesman Danny Pearlstein said the MTA’s dire straits underscore the need for action from the feds — in the form of both funding and the go-ahead for congestion pricing, which is yet to be approved by the Trump administration.

“Even as the MTA adjusts its capital priorities, state law now permits congestion pricing to help pay transit’s operating costs,” Pearlstein said.

“Congress should grant us the aid we need to keep running buses and trains through next year as well as permission to raise money locally to rebuild our infrastructure.”