NYC Tunnel Closing Would Cut Home Values by $20 Billion, Study Says
- Miserable effects forecast even for those who don’t use trains
- Murphy says Trump agrees it’s a good idea to discuss Gateway
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New York City-area home values would drop by $20 billion if the sole commuter-rail link between New Jersey and Manhattan were forced to close for repairs, according to a transportation group study.
The Regional Plan Association, a Manhattan-based research and advisory group, also calculated losses of $16 billion to the U.S. economy and $7 billion in federal, state and local taxes if the tunnel weren’t fully operating for four years. President Donald Trump has declined to provide federal funding for a second tunnel, saying the states need to commit a higher cost share, while boosters say money had been promised by his predecessor, Barack Obama.