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ALBANY — Nearly four decades ago, New York City’s subway system hit rock bottom: track fires, graffiti-covered cars and crime came to symbolize that era.
An intervention was required. The Metropolitan Transportation Authority, under the leadership of Richard Ravitch, persuaded the governor and legislative leaders to allow the agency to issue bonds — clearing the way for a $7.2 billion, five-year capital program.
The money went quickly, with much of what was earmarked for the subway system going toward new train cars and refurbishing of the existing fleet.
But two major projects — the Second Avenue subway line and East Side Access, a plan that would allow Long Island Rail Road passengers to disembark at Grand Central Terminal — were ignored and were abandoned for decades.
With each five-year capital plan, the authority has had to weigh long-term objectives against short-term needs, with immediacy almost always winning out.
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