From the source article:
"The scheme, backed by Mayor Eric Adams, would use tax revenues from the new office towers to fund aesthetic renovations at Penn Station, the nation’s largest transit hub."
As usual, the politicians do it completely wrong.
"Aesthetic renovations" aren't needed at Penn Station
What IS needed are more tracks down below "at track level", AND new tunnels both under the Hudson (2 tunnels in service since 1910) and East Rivers (4 tunnels in service).
The old tunnels are worn out, and "two aren't enough" under the Hudson for the amount of traffic they handle.
The best place for new tracks under Penn would be "just south" of the existing station, but a real project would involve demolishing existing buildings there now, and NOT dealing with "new skyscrapers".
A REAL Penn Station improvement project would probably take 10-20 years and many many billions of dollars.
But if the existing infrastructure collapses from age and over-use... that's it for the Big Apple.