Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • Loan On Mutual Funds: Eligibility Criteria Every Investor Should Know – Outlook Business
    • Family trusts cannot sponsor mutual funds, clarifies SEBI
    • Have SIP investments and Rs 30 lakh for lumpsum? Here’s how to invest in mutual funds for long-term wealth creation
    • 6 Energy Mutual Funds to Watch in 2026 as the Sector Heats Up – Money Insights News
    • Cyprus stock exchange admits Rehub bonds to trading
    • Markets flat in 1 year, but these 3 equity fund categories delivered up to 20% returns – Money News
    • Why target maturity funds work best for goal-based investing
    • UK bonds on alert as Starmer scrutiny deepens, Truss echoes grow – London Business News
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Investments»Hochul blames ‘lack of investments’ for MTA’s hellish service meltdowns, even as bloated transit agency eyes fare hike to $3
    Investments

    Hochul blames ‘lack of investments’ for MTA’s hellish service meltdowns, even as bloated transit agency eyes fare hike to $3

    August 1, 2025


    Just throw more money at the problem!

    Gov. Kathy Hochul on Friday blamed decades-long “lack of investments” in subway infrastructure for hellish service meltdowns this week amid stifling heat and torrential downpours — even as she directed MTA officials to conduct a “pretty much full review” of the issues.

    Hochul, standing alongside Metropolitan Transportation Authority honcho Janno Lieber, acknowledged the repeated failures had left straphangers running late or frustrated.

    Gov. Kathy Hochul, in a press conference, addressed the reasons for the subway meltdowns this week were due to a “lack of investments” in subway infrastructure. Matt Roberts/Shutterstock

    “I don’t want any person to feel as if they aren’t getting first-rate service, so I’ve directed Janno and his team to provide a pretty much full review of what occurred this week,” she said.

    Power outages at the West Fourth Street station during the morning commute on both Tuesday and Thursday caused travel nightmares for thousands of subway-riders, some of whom vowed to jump turnstiles to steal back their lost time.

    Hochul already appeared primed to point the finger at the “lack of investments” in the subway system, despite the MTA raking ever-increasing billions of dollars over decades for infrastructure improvements, imposing a $9 congestion pricing toll and, this week, eyeing a fare increase to $3.

    The governor even touted the MTA’s latest, record-breaking $68.4 billion capital plan for 2025-2029 as a step forward in fixing the infrastructure woes, specifically for electrical upgrades.

    “That’s why we’re continuing the investments, $4 billion to upgrade the electrical system,” Hochul said during an unrelated press conference.

    The MTA plans to spend the $4 billion on power and electricity components over the next five years, according to the capital plan.

    This includes around $3 billion specifically for the system’s 224 substations and 317 circuit breaker houses.

    Multiple station outages occurred during the stifling heat and torrential thunderstorm that hit the Big Apple, including at West Fourth Street on Tuesday and Thursday. Oliya Scootercaster/FreedomNewsTV

    But even after the upgrades planned for in the most recent capital plan are complete, the MTA estimates a little more than a quarter, 27%, of substations will still be in poor or marginal condition, per the plan.

    “I’m very annoyed,” Kate Whitman, a 26-year-old creative executive, said Friday, lamenting the proposed $3 fare.

    The shoddy subway service this week forced Whitman to shell out $80 in Ubers heading to work in Brooklyn and back from her West Village home.

    But she said she has been late to work multiple times because of poor subway service even before the troubles.

    “I know the system is severely outdated. It’s very obvious that it would be an extensive audit required, but, like, it’s very clear that the money isn’t being used very wisely at all.”

    Commuters were frustrated, which even led to one subway rider shelling out up to $80 for Uber rides to get to their workplace and later on back home. Oliya Scootercaster/FreedomNewsTV

    MTA officials have sounded alarm bells in recent years about the subway system’s decaying, often-century-old infrastructure.

    The budget for the transit agency’s capital plan in 2000-2004 stood at just shy of $22 billion — and has only increased for each subsequent five-year cycle, records show.

    On-time performance during 2017 — which featured the notorious “summer of hell” — hit a dismal 63%, data shows.

    Since then, on-time performance has improved significantly, hitting 89% in 2020.

    But that coincided with a nosedive in ridership because of the coronavirus pandemic, with total annual ridership in 2024 at about 1.2 billion — compared to roughly 1.7 billion each year before COVID, according to data.

    Lieber on Friday argued the subway system bounced back quickly from Thursday’s torrential rainfall, noting all lines were back in service the next morning.

    He said the electrical issues at West Fourth Street will be addressed by the recent capital plan.

    “You’re talking about 100-year-old electrical infrastructure, cloth-covered wires that are from our great-grandparents era that nobody went to update, and we just can’t live with that anymore,” he said.

    In 2020, only 60% of substations were in a state of good repair.

    But despite spending a massive $2.6 billion from 2020 to 2024 to improve electrical infrastructure, that number only improved to 64% of substations being in a state of good repair.

    Metropolitan Transportation Authority honcho Janno Lieber said the subway resumed with regular service on Friday. James Messerschmidt

    Substations during that period appeared to be deteriorating faster than MTA crews could fix them.

    The widespread transit woes — including yet more flooding in the subways — this week only highlighted the mixed results from the MTA’s spending.

    But Lieber was quick to note that the MTA’s measures of subway and commuter train rider satisfaction have greatly increased this year.

    “Customer satisfaction with subways is up 8%, Long Island Rail Road is up is up 5%, Metro-North is up 4%,” he said.

    “Customers before this week — and you know, this week has definitely taken a hit on customer satisfaction — are recognizing the improvements that have taken place. We have to get them back to that level of comfort.”

    Not everyone was buying it.

    “New Yorkers pay a dizzying number of taxes and fees towards the MTA and, yet, they can’t even keep the power on,” said state Sen. Jim Skoufis (D-Orange).

    “Until their leadership brings radical reform to the system – and stops depending on annual bailouts from Albany – taxpayers will continue getting ripped off and riders will continue to be let down with substandard transit.”

    Rep. Nicole Malliotakis (R-Staten Island) highlighted the issues by posting a clip showing straphangers climbing on subway gates to avoid flooding.

    “Pathetic!” she wrote.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    Financial Advisors: 6 Investments We Warn Every Client To Avoid

    April 16, 2026

    Which Investments Are Billionaires Buying — and Ditching — in 2026?

    April 15, 2026

    Accel raises $5 billion to boost AI startup investments By Investing.com

    April 15, 2026
    Leave A Reply Cancel Reply

    Top Posts

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    Opinion: Single-Stock ETFs highlight a gap between conservative advisors and FIRE investors

    April 20, 2026

    Charlie Cobham: The Art Broker Extraordinaire Maximizing Returns for High Net Worth Clients

    February 12, 2024

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023
    Don't Miss
    Mutual Funds

    Loan On Mutual Funds: Eligibility Criteria Every Investor Should Know – Outlook Business

    April 21, 2026

    You have been investing in mutual funds for a while — SIPs are running, portfolio…

    Family trusts cannot sponsor mutual funds, clarifies SEBI

    April 21, 2026

    Have SIP investments and Rs 30 lakh for lumpsum? Here’s how to invest in mutual funds for long-term wealth creation

    April 21, 2026

    6 Energy Mutual Funds to Watch in 2026 as the Sector Heats Up – Money Insights News

    April 21, 2026
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    Natalie Portman, 43, shows off her toned legs in stylish denim shorts as she sips on fizzy root beer during an outing in Los Angeles

    July 23, 2024

    Direct Vs Regular Mutual Funds: Key Differences And How To Pick The Right Option | Savings and Investments News

    November 15, 2025

    Property vs pension: which is the better investment?

    May 22, 2018
    Our Picks

    Loan On Mutual Funds: Eligibility Criteria Every Investor Should Know – Outlook Business

    April 21, 2026

    Family trusts cannot sponsor mutual funds, clarifies SEBI

    April 21, 2026

    Have SIP investments and Rs 30 lakh for lumpsum? Here’s how to invest in mutual funds for long-term wealth creation

    April 21, 2026
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    💵 Libra responds after Flamengo takes legal action and ‘freezes’ funds

    September 26, 2025

    ₹50 lakh retirement corpus: How to invest in SCSS, mutual funds, equities and other assets — CA offers tips

    April 16, 2026
    © 2026 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.