California Gov. Gavin Newsom authorized a $590 million loan to help address the budgetary shortfall that Bay Area Rapid Transit has faced in recent years, following a drop in ridership due to the pandemic.
For years, the agency’s operating costs for its BART services were primarily funded by passenger fares and parking fees, but after the pandemic and the rise of remote work, ridership declined sharply. These sources of funding now cover about a quarter of the agency’s current costs, resulting in a massive budgetary shortfall, according to the agency.
Earlier this month, the BART agency released an “alternative service plan” that would have closed a number of service lines and trains if it could not find new funding…