New York State authorizes a land value tax that could provide billions for transit investment (Niskanen Center)
By Reed Schwartz, Alex Armlovich | Read the full article here at the Niskanen Center
New York State’s newly enacted FY 2027 budget includes major new mass transit projects for New York City, among them the Interborough Express (IBX), which would be the city’s first new end-to-end rapid transit line in almost a century.
The near-term federal transit funding outlook is rocky, but the budget includes a powerful funding and financing tool that will allow the state transit authority to “capture” the added value that the IBX and future projects will create.
The project will need a market-grade underwriting, but we find that the lower-bound estimate of funding available for the IBX through this state tool is in the billions of dollars.
