Over the next nine months the Bloomberg administration will likely press the state for an additional $450 million in funding for the no. 7 subway line extension, as cost overruns have left the 1.5-mile project with only one planned station stop.
Added Funds Sought for No. 7 Expansion
The extension has been billed as an essential driver of development for the area west of Midtown, which is one of the Bloomberg administration's key initiatives.
And in other "wow, this transit idea may cost more than we thought" news: Mayor says congestion plan will raise $390M for mass transit
The expected profit could be swallowed by operating costs if any of the city's assumptions go awry - like how much it costs to identify each car and truck, and how many times a day sensors will spot each vehicle, internal city documents show.
And although the city counts on billing 70% of drivers through their E-ZPass tags, the remaining 30% will be tracked by their license plates - a process that costs much more and fails more often, industry experts say.
While the mayor's plan assumes it will cost $232 million a year to operate the system, just two little tweaks in the model - four sensors per trip, and 75cents to read a license plate - would raise the cost to $685 million per year, leaving nothing for mass transit. City profit would also be squeezed if the MTA or Port Authority raises tolls on bridges and tunnels, because those tolls are credited against the congestion pricing fee.