1/17/18 New York City Mastermind Group Meeting

adminNew York City

The Impact of the New Tax Bill and Transportation Issues in the Region

Dr. Alexander Heil, Chief Economist for the Port Authority of New York and New Jersey, returned to continue discussions about the future of transportation in the NY/NJ Metro Area – this time with an emphasis on the impact of the new Federal tax law on the region. While 2018 is projected to be a good year, property values are expected to decline in NYC, Westchester County and seven New Jersey counties by around 10%, starting in 2019, partly due to the elimination of the SALT deductions. At the same time, increased ridership on the Path, rail and buses by those commuting from NJ into NYC are taxing a system at or close to capacity. Future solutions discussed included the need for rail tunnel improvements and PA bus terminal upgrades in the face of escalating costs, as well as shifts in commutation times and fares during peak and non-peak times.