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Manhattan Institute Scholar Nicole Gelinas and NY Post Columnist Michael Goodwin on the rising costs to rebuild One World Trade Center and to run the ...
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This nation's symbol of strength and unity in the face of horrible tragedy the rebuilding of one World Trade Center.
The massive building is nearing completion ready for tenets within eighteen months.
But it hasn't reached this milestone without major complications especially for commuters and the city's transportation.
Agency.
With more on the government's misty use of 9/11 funds the -- -- this Manhattan institute scholar and New York Post columnist Michael Goodwin welcome to you both.
The -- let's start with you because you just -- this huge article on this name done a ton -- research.
Let's talk about the dollars and cents how much money is -- Port Authority that the agency responsible for that's how much money they've gone through and how much -- they over budget.
Well.
Original.
We are not gonna have to pay for any of the financial costs of rebuilding and the complex it's the Port Authority was in charge of it -- -- therefore we're in charge of rebuilding.
And they said we're gonna get all of this money from the federal government don't worry.
Ten years later they had borrowed nearly eight billion dollars in money from their own you know writers so on the bridges and tunnels that they be wrong.
Just for only real source -- -- -- directly in the just for rebuilding downtown and so why is that in this is a lesson for sandy to.
After being the storm they thought they were just getting all this free money from Washington and they didn't spend it very well in New York.
All right well.
Why is the Port Authority involved in the first place aren't supposed to -- the bridges and that.
And -- tunnels and transportation I don't get -- one of these about the Port Authority is that the bi state agency both new York and New Jersey governor's run it.
And so what they've offense essentially done is use it as a slush fund that's development arm is cut off the books government.
You know voters don't really have any say in it so they collect all their money controls and the sort of be the what makes -- The tolls just one up in all the -- Hudson River crossing that the Port Authority controls -- now thirteen dollars that go across the George Washington Bridge yeah.
But if you're paying cash -- rush hour.
And and these things and that's gonna go going to go up five years out of six.
You -- have -- never ending stream of morning team fox after thirteen bucks to go over brand and Holland Tunnel at Lincoln Tunnel the same thing.
And Jerry this is money that once did drivers pay it of course but then.
If it's -- -- every product that's sold and distributed to New York City because all the trucks to bring those goods in have to pay enormous amounts of money for tolls that raises the cost of living for everybody.
Surly.
-- nineteen billion dollars and data I believe the Port Authority hasn't let's take a look at the amount of money they have coming in front door.
Bridge and tunnel tolls on 260 million airport fees 447 there's a longer -- this -- This just doesn't even add up to mean call.
Well the problem is seen as Michael mentioned with the tolls and fares going -- on the bridges the tunnels to get into Manhattan in the past train system as well.
That would be falling if people were paying for.
A better commute of the better tunnel the upgrades and so forth but they are really paying for all of this debt to build.
One World Trade Center used to be known as the Freedom Tower this was supposed to cost a little bit more than a billion dollars it's going to cost four billion.
So you've you've got a quadrupling of cost nearly and then the path station that they're building downtown.
Also supposed to cost just over a billion -- now also close to four billion see you see these massive massive.
It couldn't cost overruns and that they were saying let me tell that -- for consumers -- just.
Not -- great first of all this path station there's no extra capacity you know.
And here's I think questions so we're gonna have a brand spanking new office building downtown.
If anybody gonna be able to afford it well what one of -- -- -- the biggest tenants are going to be other government agencies they sort of are how guaranteed that they would fell about.
With government agencies so wouldn't sit empty so the economics of this don't work in part of it.
Is the -- the Port Authority runs itself while another point that Nicole -- in her -- and and there's -- another report about.
The price that the report a forty page police officers it's police officers earn about 50% more than new York city police officers which is why can't they have new York city police officers wanting to quit go work work for the fourth so that the highest paid police officers and anyone in the region so it's just kind of squandering the money because they are un electable because they are sort of off the bulls have no control well.
Were any of this and I think that's -- what's so frustrating.
The clue what is ask you so it we've -- the track record here it's not pretty there's a lot of money wasted.
What does that say about how the money from super -- sandy is gonna be used because as you know the governors have asked for more money than ever in dealing with the aftermath of that storm.
It's the same thing all over again what Governor Cuomo is doing is focusing on a very big number.
Had everyone focused on first thirty billion and then 42 billion that he wanted from Washington.
He really has no idea.
What the -- is how much is it gonna cost for example to fix the signal systems in the subways you know they say four point eight billion.
We really don't know they won't know until -- got the bids out and they have no idea how much to name he puts it guessing game exactly and what happens is that the local and state politicians think of this it's free money coming from -- luck and they don't spend -- well.
I saw the list of the things that Cuomo wanted in New York City he asked for everything but -- -- she let me tell you that.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Briefly to -- Wall Street Journal had -- that York city is paying hundreds.
Dollars a night for hotel rooms that are sitting empty for more than a month.
How wide at the mayors are well it's federal money essentially it's free money -- Nicole said.
That's the kind of attitude where nobody really watches everybody -- somebody else is going to pay later but we all pay because this this cost of living is reflected in all the way government wastes money.
Amen amen thank you both for coming and great job guys and Colin and Michael I really appreciate your time it's an important story.
