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vanshnookenraggen t1_jcm10kc wrote

The cost of everything has gone up, and now there are a third fewer daily riders.

One of the biggest factors is debt. The MTA pays for all their capital improvements with debt, which has to be repaid. And right now, when interests rates are high, that debt costs a lot more.


I__LOVE__LSD t1_jcnak4q wrote

Interest rates are high in the context of the past decade, but not so much in the context of the last century.

The St Louis Fed has this chart of the fed funds rate going back 70 years, and where we're currently at is still fairly low.


ArcticBeavers t1_jcnjw5j wrote

MTA had it's highest day of ridership in 3 years yesterday. Obviously still much less than pre COVID but 1/3 might be a bit much


oreosfly t1_jctzbtg wrote

Not really. Average daily ridership pre COVID was about 5.5 million. 3.94 mil / 5.5 million = 71.6%, which is not that far off from 66.7%.