As the city explodes, Toronto transit feels the financial strain

[marmar]

ONTARIO: As the city explodes, Toronto transit feels the financial strain
As the pandemic shuts down large parts of Canada's financial capital, the number of Toronto transit passengers has collapsed, creating a revenue sinkhole.

Divya Balji
Bloomberg News (TNS)




TORONTO - Streetcar equipment that's almost 100 years old. Asbestos-lined subway tunnels. Computer systems from decades ago. Before the coronavirus hit, Toronto's public transit agency needed billions of dollars to fix and expand lines and meet the demands of the city's explosive growth.

Now, as the pandemic shuts down large parts of Canada's financial capital, the number of passengers has collapsed, creating a revenue sinkhole.

Transit authorities around the world are grappling with similar funding shortfalls, but Toronto is in a double bind. It has the fastest-growing population of any metropolitan area in the U.S. or Canada, according to researchers at Ryerson University. It also relies on passengers, rather than taxation or government subsidies, for most of its operating money _ a model that has been a losing proposition during the pandemic.

Ridership on the Toronto Transit Commission's network has plunged by about 80% over the past three months. Even with plans to cut staffing 7% from 2018 levels _ or by about 1,000 jobs _ Chief Executive Officer Rick Leary still sees a deficit of about C$400 million ($292 million) by the end of the year. .............(more)

https://www.masstransitmag.com/management/news/21145609/ontario-as-the-city-explodes-toronto-transit-feels-the-financial-strain

[virgogal]

1. Happened in Boston too...and I'm sure many other places.