New York City’s public transportation system is seeking a $4 billion federal bailout as the coronavirus pandemic has significantly impacted the transit’s ridership and the U.S. markets. According to The New York Times, the Metropolitan Transportation Authority wrote a letter to New York’s Congressional delegation stating that ridership fell 60 percent on the subway and 49 percent on buses on Monday compared to the same day last year. If ridership trends continue, the MTA estimated they would lose $3.7 billion for the next several months. They also said coronavirus-related expenses—like constantly disinfecting subway surfaces and stations—could reach about $300 million. Fares and tolls make up about half of the MTA’s budget while tax dollars, which have taken a hit due to layoffs and business failures, make up about a third of the budget. Despite decreased revenue from fares and taxes, state and city officials have not indicated that they would be reducing public transit service.
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