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ThePeoplesMTA

MTA board members are five times richer than riders, report shows

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https://www.nydailynews.com/new-york/ny-mta-board-reinvent-albany-report-20190731-wmtfvlupqzg23ltfurti4o2e3y-story.html?fbclid=IwAR3ykyNzWCQII_qzRlIBUcJvC0LgiiD5dbeI3NulOI2hybrBggPhOh12xlo

 

MTA board members are high-rollers while the straphangers they serve are stuck with a losing hand riding the city’s decrepit subway system, according to a report released Wednesday by good government group Reinvent Albany.

The group’s analysts looked at financial disclosure forms board members are required to submit and found that they rake in an average of $292,000 a year. That’s roughly five times more than $58,000 the average Metropolitan Transportation Authority rider takes home annually.

Some of the MTA’s big wig bosses have jaw-dropping investments, too.

David Mack, Nassau County’s representative on the board, has more than $70 million socked away in investments and other savings, his financial documents show. MTA Chairman Pat Foye, the only board member who gets a salary from the agency, has a cool $11.8 million in investments.

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MTA board members are also much more likely to live in the suburbs than subway riders. Only five of them live in the city, compared to 89% of straphangers.

The wealth-and-lifestyle gap is exacerbated by the fact that one board seat has been vacant since March. It’s the mayor’s spot to fill and de Blasio named Dan Zarrrilli in June. But Gov. Cuomo didn’t move the nomination forward because state officials failed to complete a background checkby the end of the legislative session.

“I think you want a board that is as reflective of the riders as possible,” said Reinvent Albany analyst Rachael Fauss, who authored the report. She pointed out that the MTA board will vote on the agency’s next five-year capital plan this fall, and feared the lack of city representation could lead to riders across the five boroughs being snubbed.

MTA spokesman Max Young disagreed with the assessment that the capital budget could snub city riders, noting that 80% of the money that will come from congestion pricing will go into NYC Transit capital projects.

“These concerns are unfounded," said Young. “In the previous capital plan, New York City received 76% percent of all capital dollars allocated to transit agencies and commuter railroads, which is a good deal by any measure, and doesn’t include the $836 million Subway Action Plan that was directly invested in the subway system.”

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Couldn't hurt if they were five times more fiscally responsible than the average rider (has to be) - Of course, the MTA plays a significant role in that....

I care less about creating some sort of perceived/inauthentic bond with riders by narrowing an earnings gap & more about doing away with the lingering culture of incompetence & ignorance that plagues the MTA....

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On 8/2/2019 at 5:28 AM, B35 via Church said:

Couldn't hurt if they were five times more fiscally responsible than the average rider (has to be) - Of course, the MTA plays a significant role in that....

I care less about creating some sort of perceived/inauthentic bond with riders by narrowing an earnings gap & more about doing away with the lingering culture of incompetence & ignorance that plagues the MTA....

Most of these people are the limousine liberals who don't take the train or bus to work (because they're in an income bracket where they don't need to).

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On 8/3/2019 at 3:06 PM, bobtehpanda said:

Most of these people are the limousine liberals who don't take the train or bus to work (because they're in an income bracket where they don't need to).

“ Limousine liberals “ or what ever term you use to describe the board overlooks the obvious problem. Most of the people have no expertise in rail or bus operators, period. Doesn’t matter which politicians appointed them. This is why over the years many proposals are voted on and accepted by the board solely on the recommendation of some staff who accepted some ideas from outside folks with a financial interest in these plans. The same think tanks, the same bidders, the same suppliers, and variations of the same ideas offered  to transit systems in North America and, frequently, worldwide . Let’s just retrofit it or graft it on an existing system. If it doesn’t work initially then increase the contract length and keep the money train flowing until it’s figured out. Perhaps one day theory and real world will come together. Just my observations. Carry on.

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