Reported 2 months ago
New York City's transit system plans to borrow against the mansion tax revenue, aiming to raise $2 billion to finance infrastructure upgrades as part of its $51.5 billion capital program from 2020 to 2024. The Metropolitan Transportation Authority (MTA) will begin selling debt supported by these tax receipts, drawing on strong demand for real estate, and expect steady revenue flow despite previous economic fluctuations. This strategy is seen as a new financial mechanism for the MTA, separate from traditional farebox revenue.
Source: YAHOO