There was a recent budget briefing for Governor Hochul. There will be a large bailout, rail line, and migrant bill, she said, but the taxpayers will help cover it.
Executive Budget for Fiscal Year 2023–2024.
There was a $1 billion price tag attached to New York’s migrant crisis. Costs associated with welcoming new citizens during the summer of 2022 were approved for $7.89 million in funding by the Federal Reserve.
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With the recent influx of 43,200 new migrants, 28,200 people are currently being housed in 86 emergency shelters and processing centres across the state.
Bailout funding for the Metropolitan Transportation Authority (MTA) is estimated at $1.6 billion. Investments in new and expanded rail lines will cost another $11.5 billion. In total, the plan would cost the state $227 billion.
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Even though the state has some extra cash on hand, it won’t be enough to cover this budget.
How will the MTA’s bailout and expansion funds be obtained?
- MTA salary increases for all New York City businesses and workers will bring in an additional $800 million annually.
- Adding another half a billion dollars from the city government is a great idea. Through the MTA’s Access-a-Ride service, we can offer reduced fares to people with disabilities and students.
- The anticipated revenue of $1.5 billion from the sale of three new casino licences is a major motivator.
It has been argued that expecting the federal government to pay for one-third of the proposed budget is unrealistic. They anticipate that the state and its citizens will pay most of the cost, which will lead to increased tax rates.