One-third of NYC straphangers may not return to subways post-COVIDBy David Meyer
July 25, 2022
One in three straphangers may never return to full-time subway commuting after the COVID-19 pandemic — potentially blowing a $9 billion hole in the MTA’s budget, a new study said Monday.
In a worst-case scenario, ridership by the middle of 2026 may be as low as just 73% of pre-pandemic levels, according to the projections by consultants at McKinsey & Company.
The MTA would still be in the poorhouse with 80% ridership compared to pre-COVID, according to MTA CFO Kevin Willens. The CFO said his team anticipates a yearly deficit of nearly $1.6 billion.
MTA coffers received over $15 billion in federal COVID relief after the initial wave of the virus decimated ridership and devastated the MTA’s operating budget, about half of which was covered by fares before the pandemic.
Budget officials in February said the federal dollars would cover its annual deficits through 2025. But McKinsey’s updated forecast shows that cliff coming an entire year earlier.
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Source:
https://nypost.com/2022/07/25/one-third-of-nyc-straphangers-may-not-return-to-subways-post-covid/
