June 25, 2017
New York City’s subways, trains and buses seem to be falling apart, with frequent delays and negative headlines.
“This is an incredibly challenging time for the MTA,” said Joseph Lhota, appointed June 21 as the new chairman of the Metropolitan Transportation Authority (MTA). “We will immediately and aggressively tackle the problems the system is facing after decades of disinvestment.”
The MTA is an uneasy mix of crumbling, 100-year-old subway lines and brand new extensions serving giant, new real estate developments in places like the Far West and the Upper East Side.
The real estate industry welcomed the appointment of Lhota, who has led the MTA before, in the years after the Financial Crisis. “His leadership and expertise were continuously displayed throughout his previous tenure with the MTA, most notably following Superstorm Sandy when subways returned to service within days,” says Carlo Scissura, president and CEO of the New York Building Congress.
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