Senate Must Reject Governor’s Cockamamie IOU Scam

Fails as substitute for $15 billion raised now by congestion pricing

Reinvent Albany calls on the New York State Senate to reject Governor Hochul’s cockamamie IOU scam – which is not public or written down. Congestion pricing is the law, and raises $15 billion as soon as the system is turned for the ongoing MTA 2020-2024 capital plan. 

Let’s be clear, congestion pricing puts $15 billion into the MTA’s hands essentially immediately, not over 15 or 30 years. 

Canceling congestion pricing means finding $15 billion NOW for the MTA or canceling billions of dollars in new subway cars and buses, creating massive delays to modernizing signals and creating accessible stations. One billion from the General Fund and a legally unenforceable, easy-to-renege-on IOU does nothing. Past governors have raided MTA funds for years, and broken exactly these types of half-baked promises.

We are hearing the Legislature wants feedback from financial experts why the Governor’s General Fund IOU proposal is bad. Experts can’t react to a half-baked “concept” – they need to read it for themselves. This is why the Big Ugly is called what it is, and how massive financial mistakes get made.

Legislators who support the MTA and modern subways and buses should vote NO on any scheme offering only a billion dollars and a future IOU.