Reinvent Albany strongly supports robust state investment in public transit and ongoing support for the MTA and other transit agencies. We also believe that the funding for publicly-funded projects should be completely transparent. New Yorkers should know exactly who is paying for the MTA’s Penn Station project and whether MTA riders and NYC taxpayers will ultimately be footing the $7B bill.
Governor Hochul announced a number of changes to the state’s plans for Penn Station and the surrounding development project. However, the plan still relies on above-ground development managed by Vornado to generate the estimated $6-7B needed to fund Penn Station improvements. This means that Payments in Lieu of Taxes (PILOTs) are still on the table and city tax dollars could be siphoned off to fund this state project.