The ‘Times’ Answers Our Financial Questions

See, this is why we love the Times. (And why we love our readers, who called the Times piece to our attention.) Yesterday, while bestowing due huzzahs upon the delightful news that the MTA will not raise fares in 2007, we were tripped up by an unexplained statement in the Daily News. “The agency gets revenues from real estate transactions,” New York’s hometown paper baldly asserted, going on to claim that the mammoth Stuy Town sale will result in a windfall for the Transit Authority. How, we wondered, does this happen? In today’s Times, William Neuman, bless his metro-y heart, explains:

Mr. Kalikow spoke yesterday at a meeting of the authority’s board, at which officials announced that a tax windfall from the sale of Stuyvesant Town and Peter Cooper Village would help pay for new paint jobs in 200 subway stations.

And now you know.

Walkway Between Subways Is Promised for Transit Hub [NYT]
Earlier: MTA Won’t Raise Fares, Thanks, Somehow, to Stuy Town