With the MTA facing a $400 million budget gap—even if it implements "Doomsday" service cuts and a 7.5 percent fare hike—Mayor Bloomberg warned straphangers yesterday that commuting will likely become more tedious, more expensive, or both. According to the Post, the Mayor said state legislators must "come up with some ways to fund the MTA, or the MTA is either going to have to raise rates dramatically or cut back service dramatically—or, what's more likely, some combination of the two," more ›

Yesterday, Mayor Bloomberg, Governor Paterson and the U.S. Department of Housing and Urban Development announced that $60 million in federal stimulus funding will help complete four affordable housing developments (3 in Harlem, 1 in East New York). These are the first federal stimulus funds (from the American Recovery and Reinvestment Act’s Tax Credit Assistance Program) to be used for affordable housing; Mayor Bloomberg said, "Thanks to New York City’s congressional delegation, the City received tens of millions of dollars to revive stalled affordable housing projects, and we’re putting it to use to provide affordable housing for more than 700 families and create more than 2,800 jobs." More details about the developments, which are on East 100th, East 102nd and West 127th Streets in Harlem and on Alabama Avenue in East New Yorker, here. more ›

With the state jobless rate at, by the latest numbers, 7.8% (in NYC, the rate is 8.1%) and prospects of an economic recovery slow at best, the NY Times reports, "Lawmakers in Albany agreed on Tuesday to change the state’s unemployment insurance system in order to prevent more than 100,000 New Yorkers from running out of jobless benefits starting later this month." The State Legislature must vote on the changes which "are intended to make New York eligible to collect $645 million in federal stimulus money for its unemployment insurance system. Most of that money — $370 million — would extend benefits to people who have been collecting unemployment pay for more than a year. The rest would go toward closing a gap in the state’s insolvent unemployment fund." Apparently Albany has given up on trying to revamp the entire system (which gives a max of $430/week in benefits, $150 less than states like NJ and Connecticut) in order to at least get the benefits extension done. more ›

Mayor Bloomberg, Senator Schumer and Senator Gillibrand announced that $261 million in federal stimulus money will go towards NYC infrastructure projects. The projects getting direct stimulus funds include rehabilitation of the Brooklyn Bridge (widening ramps, painting) and of the St. George Ferry Terminal ramps and upgrading the pedestrian bridge from East Harlem to Ward's Island. Bloomberg said, "The federal stimulus dollars mean that we can move projects that would have been on the chopping block and get shovels in the ground quickly -- putting thousands of people to work and rebuilding our infrastructure." You can also track the projects with the city's new stimulus project tracker. more ›

Senator Charles Schumer said yesterday that the large chunk of stimulus money that will go to New York should be arriving by the end of this month. Local schools will be able to factor the stimulus money into next year's budgets when they're put together in late March. Schumer said, “These are difficult times for our school boards and this aid is critical to avoid layoffs and higher taxes." Schools will have to obligate 85 percent of their stimulus money by the end of 2010, with the remainder needing to be allocated by the end of September 2011. Albany will also get a good chunk of its stimulus money in the weeks ahead, with Governor Paterson and legislators expected to tangle on how to divvy it up to address various budget needs. Schumer is credited for bringing the state a good piece of the stimulus pie with one Democrat recently saying after the final bill went though, "Whatever Chuck wants, Chuck gets." more ›

Some people irritated by the government's intervention in the economic crisis gathered at City Hall yesterday to throw a Taxpayer Tea Party. The NY Post reports that organizer Kellen Guida was "inspired to set up the rally after watching CNBC anchor Rick Santelli's scalding rebuke on Feb. 19 of Obama's $275 billion housing bailout last Wednesday." Guida said, "I know my basic economics, and know the stimulus package doesn't work. [Obama] is going to add more to the federal deficit in 20 months than Bush did in eight years." Hmm, maybe Guida doesn't believe in Keynesian economics! Daily Kos contributor stef went to the protest: "It was underwhelming, to say the least... They announced that the new battle would be not Democrats vs. Republicans but Capitalists vs. Socialists. They called for Revolution. They exhorted everyone to send tea bags to 'Nazi Pelosi.' Obama was variously described as a Socialist and a Marxist. They wore stickers that read JOKE with an Obama logo for the O. Most of them arrived via public transit." more ›