Photo courtesy of Roman Kruglov on Flickr
The Independent Budget Office released yet another incriminating report this week about New York City’s subway system. Not only are the subway’s growing delays costing the city up to $389 million each year, but the IBO also found that delays end up setting back New Yorkers nearly $1.23 million every day in lost work time, totaling about $307 million every year. And now, the budget office on Wednesday released a report that breaks down the length of time passengers wait on a station platform for every subway line, except shuttles. According to the report, the average number of passenger hours lost to delays systemwide during the work week between 7am and 10am this year grew by 45 percent from 2012, up from 24,000 hours to 35,000 hours.
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Photo courtesy of Roman Kruglov’s Flickr
New Yorkers employed by the city have missed 17,143 hours of work because of transit delays and malfunctions, according to the Daily News. A new analysis by the Independent Budget Office (IBO), shows that city workers are on track to miss nearly 26,000 hours of work for the entire year, an increase of almost 30 percent from previous years. The report found the incident that caused the most city workers to be late happened in January when city workers lost a total of 1,075 hours after water spilled onto the tracks at West 4th Street-Washington Square station.
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The opening of the first Hudson Yards tower dominated headlines Tuesday, but with this milestone also came a resurgence of criticism. As Crain’s reports, the Independent Budget Office has released a new study (pdf) highlighting that, to date, the city has spent nearly $359 million paying interest on $3 billion in bonds that were taken out to pay for infrastructure around Hudson Yards, including the expansion of the 7 train. The city had originally anticipated spending between just $7.4 and $205 million from start through 2016.
In November, 2014, we reported that the 26-acre Hudson Yards mega-development had cost the city nearly $650 million in subsidies, coming straight out of the pockets of taxpayers. We also noted that it wasn’t going to stop there; a review by the city’s Independent Budget Office said even more would be needed through 2019 to complete the “next great commercial district.” And now the new figures are in. According to DNAinfo, the city will shell out an additional $368 million through 2019, bringing their total payout for Hudson Yards to more than $947 million.
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The Upper East Side, where the most $5 million + homes are located, via CityRealty
If you think that statistic is jaw-dropping, consider this, too–those 7,279 homes valued at more than $5 million amount to a total fair market value of $65.2 billion, according to data from the city’s Independent Budget Office. The Wall Street Journal requested the data to take a closer look at the proposal to impose higher property taxes on pied-à-terre owners, and the findings show that “the city’s most expensive homes would generate less money from a higher tax surcharge than what its advocates have suggested.”
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