The development and funding of the Gateway project is critical for the sustained economic recovery of New York City. Strengthening our transit infrastructure will attract and retain talent.
The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other organizations and individuals active in New York City real estate. REBNY appreciates the opportunity to submit comment to the Gateway Development Corporation Board Meeting in favor of full funding for the Gateway project and timely completion of one of the most ambitious and critical infrastructure projects in the Northeast.
Continued investment in our region’s infrastructure is essential for attracting and retaining an in-person workforce and businesses, which will help accelerate a robust and equitable economic recovery. This point is one of many reasons why REBNY is a proud member of the Build Gateway Now Coalition, comprised of civic, labor, and business leaders building support for the construction of this new rail tunnel.
The RPA recently released a critical report that illustrates the importance of this project, entitled “Gateway and the Post-COVID Economy”. The report finds that the Gateway Program is critical to the region’s economic growth and that any further delays in the project’s implementation will have a detrimental impact on the region’s economic recovery. This report makes several findings that emphasize the importance of the project to the industry. The RPA projects a likely increase in ridership 15% to 32% higher than it was before the pandemic on peak weekdays by 2050. Ridership is projected to exceed pre-COVID levels by the time the Hudson Tunnel Project is scheduled to be completed. This clearly signals that New York is on track for a strong economic recovery and that modernization of New York’s 109-year-old tunnel is important now more than ever.
In addition, the RPA finds that delaying the timely completion of the project would defer the 83,000 jobs that would come with the construction of the tunnel and replacement of the Portal North Bridge. This delay is a risk that New York cannot afford during our economic recovery.
Providing full operational and capital funding for the Gateway Project and ensuring its quick completion will play a critical role in advancing a strong economic recovery for New York City. Thanks again for your time and consideration.