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What the Fare Hikes Mean for the CRE Industry

NEW YORK CITY-The revised $25.1-billion Port Authority capital plan saved 131,000 construction jobs, but opponents say the increases place an unfair burden on working and middle-class residents.

By Jacqueline Hlavenka | Updated on August 19, 2011

(Mark your calendars: RealShare New York, Oct. 12, 2011 in New York City and RealShare New Jersey, Sept. 12, 2011 in New Brunswick, NJ)

NEW YORK CITY-Paring back from its original proposal, The Port Authority of New York and New Jersey okayed a revised, lower fare and toll increase plan on Friday morning after receiving recommendations and $5 billion in cost-cutting strategies from Governors Andrew M. Cuomo and Chris Christie. The Port’s new $25.1-billion capital plan–reduced from $33 billion–protects 131,000 construction jobs and continues work on the World Trade Center, the Lincoln Tunnel Helix and the Bayonne, Goethals and George Washington bridges, as well as state of good repair work at the region’s ports, roads and facilities.

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