The fiscal impact of the coronavirus in recent months has caused greater damage to city mass-transit revenue than years of the Great Depression, the head of the Metropolitan Transportation Authority told a state legislative hearing Aug. 25, adding that without a Federal bailout, cuts in both staffing and service would be necessary.
"You may be surprised to find out that the effect of the COVID-19 pandemic, exacerbated by Federal inaction, has exacted a far greater toll on the MTA ridership...which was at its worst was down 95 percent this spring and today is down approximately 75 percent," said Patrick Foye, chairman and CEO of the MTA. "Subway ridership after the October 1929 stock market crash...declined modestly, about 12 percent by 1933 and the following years."
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