Transit agencies lease real estate to generate much-needed cash

Published by
Stateline.org

The pandemic has sent ridership plummeting at transit agencies across the United States. Riders are slowly returning, but not in pre-COVID-19 numbers — and they may not for a long time, if at all. Transit agencies must generate cash to replace the lost revenue from fares. One strategy that is gaining renewed traction is leasing agency-owned land to developers to build housing, office space and retail near transit stations. “The precipitous drop in ridership across the country during the pandemic really exposed the vulnerability of the agencies’ funding because of the close tie with fare revenu…

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