The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
Multiple press reports indicate that MTA Chief Financial Officer Kevin Willens said there is a current deficit of approximately $33 billion.
NEW YORK— The Metropolitan Transportation Authority released its proposed 2025-2029 Capital Plan on Sept. 18, outlining a $68.4-billion investment in the region’s subways, buses, railroads, bridges and tunnels over the next five years.
The Capital Plan includes targeted investments to rebuild, improve and expand the MTA system. The plan will enable the MTA to continue to provide frequent and reliable service by putting the system on a path to state of good repair, including investments in railcars, power, and signals. The plan will also improve the customer experience, with investments in accessibility, stations, and modern fare gates, and take action on climate change, including resilience and sustainability initiatives.
“This Capital Plan was developed by the most comprehensive analysis the MTA has ever undertaken to truly understand the needs of the system, the challenges and opportunities,” said MTA Chair and CEO Janno Lieber. “After years of underinvestment, more than 90% of this proposed plan—the largest in MTA history—focuses on bringing the system to a state of good repair. These investments are necessary to serve the following generations and the future of the region’s economy, environment, and social and economic equity.”
“The new MTA’s approach to capital construction is allowing us to deliver projects better, faster, and cheaper,” said MTA Construction & Development President Jamie Torres-Springer. “From planning to development to construction, we will keep innovating and driving costs down as we implement the vital investments outlined in this Capital Plan.”
The proposed Capital Plan assumes a fully funded 2020-2024 Capital Plan. MTA officials did address the fact that funding sources for the Capital Plan are uncertain. Multiple press reports indicate that MTA Chief Financial Officer Kevin Willens said there is a current deficit of approximately $33 billion, including $15 billion in revenue lost from the pause imposed by Gov. Kathy Hochul earlier this year in New York City’s congestion pricing plan.
According to am New York, Mr. Willens said the authority would propose issuing $10 billion in MTA-issued bonds to help fund the 2025-2029 Capital Plan. He also said the MTA expects to receive around $21 billion from federal funding and state and city bonds but noted that the agency has not yet put forward specific numbers because funding sources have not been approved.
The proposed 2025-29 Capital Plan begins to scale investment to match the $1.5-trillion system, focusing on increasing the pace in certain categories to catch up with decades of underinvestment. A third-party evaluation carried out by JP Morgan determined that in order for the MTA to maintain a capital investment level comparable to private industry peers, the Authority would need to invest $23 billion annually—more than twice the already accelerated pace.
The MTA Board will vote on the plan at the September Board meeting, on Wednesday, Sept. 25. A board-approved Capital Plan must then be submitted to the MTA Capital Program Review Board (CPRB) by October 1, which has 30 days to review and approve the plan. In mid-October, the MTA will kick off a series of open houses around the New York region and a public education campaign to inform and engage New Yorkers on the capital plan. Regarding funding, the MTA will work with partners in local, state, and federal government to ensure that the proposed capital plan is fully funded, MTA officials stated.
Highlights of the proposed MTA Capital Plan include:
Rolling stock: an aging fleet leads to increases in breakdowns and cascading delays. Cars last about 40 years before reaching the end of their useful life. There are two subway car models (R62 and R68) and one railroad model (M3) reaching the end of their useful life.
Grand Central Artery: Much of the structure that supports the Grand Central Artery is in poor or marginal condition, putting Metro-North service reliability greatly at risk. Grand Central Artery includes the Grand Central Terminal building, the Train Shed, the Park Avenue Tunnel, and the Park Avenue Viaduct.
Structures: there are thousands of structural defects that need to be addressed at subway tunnels, bridges, and viaducts to avoid closures.
Power: aging power systems are a major vulnerability to reliability of service. Power incidents delay an average of more than 30 trains in the subway system. Across the entire network, subway and railroads, more than 200 substations are in poor or marginal condition and need repair.
Resilience: significant portions of the system are vulnerable to climate change’s impacts. Key challenges include fortifying the system against rising temperatures, rising sea levels and heavy rainfall.
Sustainability: 50% of MTA’s direct carbon emissions come from diesel buses. Purchases of zero-emissions buses and continued investments in bus depots for charging infrastructure will improve air quality throughout the region.
Shops and yards: aging facilities threaten regular service with outdated equipment and structures in state of disrepair. Some shops like the Livonia Yard need to be reconfigured to service new models of subway cars and meet the demand of a growing fleet.
“Extensive state of good repair projects in the Grand Central Artery, as well as resiliency projects along Metro-North’s Hudson Line, will ensure Metro-North can keep providing safe and reliable service,” said Metro-North Railroad President Catherine Rinaldi. “This Capital Plan recognizes the growing risks that parts of the Metro-North system will face in the era of climate change, and it is imperative we take proactive measures to strengthen the system and address deteriorating assets.”
Rebuilding the Grand Central Artery: This four-mile stretch is critical for the more than 200,000 daily Metro-North customers traveling through the tunnel, as well as the thousands of cars and people that travel on Park Avenue daily. The proposed plan heavily focuses investment for major renovations to structural supports and facilities and continued replacement of the Train Shed roof to ensure the Grand Central Artery’s next 100 years, along with investments to the Park Avenue Tunnel and Grand Central Terminal itself.
Fortifying the Hudson Line: More than 50% of the 74-mile-long line is vulnerable to coastal surge risk and torrential rains exacerbate landslide risks in areas where tracks are adjacent to steep slopes. The proposed plan focuses on addressing erosion hot spots, stabilizing upland slopes, and upgrading drainage in the most vulnerable and highest-ridership segments of the line, protecting more than 20 miles of the Hudson Line.
Stations: A major focus of the plan is addressing a backlog of state of good repair needs for Metro-North stations. The plan will replace and rehabilitate deteriorating station platforms and other major station components, especially at Harlem Line Stations with decaying “hollow-core” platforms that urgently require reconstruction.
Power upgrades: Upgrading the traction power system with new power substations will improve reliability and enable Metro-North to run more trains across its network.
Rolling stock: The purchase of new railcars to replace existing fleet that is past its useful life, including the retirement of the 1980s-era M3 cars. It will also include the purchase of new locomotives for West of Hudson service. Together, these investments will improve service reliability and reduce greenhouse gas emissions.
Accessibility: The plan proposes to make at least two Metro-North stations accessible: Ludlow and Wakefield Station on the Hudson Line.
Rolling stock: 1,500 new subway cars will join the subway fleet, modernizing the customer environment and improving service reliability. Older subway models reaching or passing their 40 years of service have a mean distance between failure (MDBF) of 40,000 miles, whereas the newer models have an MDBF of 250,000 miles.
Signal modernization: Replacement of decades-old mechanical signals with Communication Based Train Control (CBTC) technology across more than 75 miles will provide faster and more reliable service. These lines include: Broadway, Liberty Ave, Rockaways, and Nassau St. Subway lines with CBTC installed have seen 90%+ on-time performance.
Upgrade maintenance facilities: To ensure MTA can service a 21st century fleet and prevent major service disruptions, the MTA plans to redesign and rebuild the Livonia Shop in Brooklyn and the 240th St Shop in the Bronx.
Substation upgrades: The traction power system delivers electric power to the trains for propulsion. A full overhaul of substations or targeted component replacement at over 60 locations, along with rehabilitation of 30 circuit breaker houses, will ensure continued service reliability.
Station accessibility: The proposed plan calls for at least 60 more stations to be made ADA-accessible and 45 subway station elevators to be replaced. Altogether, this will ensure that nearly 70% of all subway rides will take place to or from accessible stations.
Station enhancements: The proposed plan increases the pace of investment in subway stations and the hidden infrastructure that supports them. More than 150 stations will benefit from priority repairs, upgrades to customer communications, and enhanced security cameras. 10 stations will be fully renovated, and platform fencing will be installed at 100 stations. The fiber-optic cable network will also be upgraded at an accelerated pace.
Modern fare gates: At over 150 subway stations, modern fare gates with more accessible, secure gates will be installed. New generation fare gates feature wide paneled doors and sensor technology to prevent fare evasion while making it easy for people—including those with accessibility needs—to pass through.
Resiliency: The proposed plan will make the system more resilient against stormwater flooding by adding flood protection devices at street-level openings, elevate stairs and vents, and seal tunnel leaks with grouting to reduce stormwater from entering into stations and tunnels.
The proposed plan builds on the efforts already underway of transitioning the agency’s bus fleet to zero-emissions by purchasing an additional 500 zero-emissions buses and continue outfitting bus depots for charging. By the end of the proposed 2025-2029 Capital Plan, 20% of buses will be electric, and avoid approximately 32,500 metric tons of carbon emissions every year, representing the largest component of the MTA’s goal to reduce agencywide operating emissions 85% by 2040.
Rolling stock: The purchase of new railcars to replace existing fleet that is past its useful life, including the retirement of the 1980s-era M3 cars. It will also include the purchase of new dual-mode locomotives and the start of the replacement of aging coaches. Together, these investments will improve service reliability and reduce greenhouse gas emissions.
Improvements to the Hillside Maintenance Facility: Most of the rolling stock support equipment located within the Hillside Maintenance Facility has not been replaced since the facility opened in the late 1980s. Upgrades to the shop will ensure trains can be efficiently and properly stored, inspected, and maintained.
Power system improvements: 16 substations will be replaced or renewed. Substation condition and capacity are the most critical elements within the power asset category as they convert electricity from the electrical grid to the proper current to provide a stable flow of power from the substations to the third rail, enabling electric train cars to move.
Accessibility: The LIRR will achieve 98% accessibility making at least four more stations accessible as proposed in this plan, including Bellerose, Douglaston, and Cold Spring Harbor and more.
Extending the life of critical structures: The proposed plan focuses heavily on investments for structural repairs and upgrades necessary to extend the life of these major crossings. These investments include the dehumidification of the main cables at the Bronx-Whitestone and Throgs Neck bridges, necessary structural repairs at all nine bridges and tunnels and installment of weigh-in-motion systems to enforce illegal overweight truck usage of the bridges.
Safety upgrades: Safety investments in the plan include the installation of a fixed fire suppression system in the tunnels, upgrades to the electronic security system at the Verrazzano-Narrows Bridge, and traffic signage upgrades on several bridges.
Resiliency improvements: Upgrading the power systems with new substations at the Throgs Neck Bridge, Robert F. Kennedy Bridge and Queens Midtown Tunnel.
The Interborough Express: The plan proposes to start work to complete design and begin construction on the transformative project that will significantly cut travel times and increase mobility options between Brooklyn and Queens, where 900,000 residents live within half a mile of the proposed IBX.
Capacity improvements: The Capital Plan will take a closer look into commuter railroad infrastructure to look for opportunities to implement improvements that would create additional capacity, respond to changing populations and land-use patterns and enhance regional rail network. Projects to be analyzed include electrification of the LIRR Main Line to Yaphank, improvements to the Port Jefferson and Montauk Branches, adding a third track to the Metro-North Harlem Line, and connecting Hudson Line service to Penn Station.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
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