NYC Ferry may be a good deal for riders, but taxpayers are paying a heavy price - even higher than previously reported, according to a new audit.
NYC comptroller Brad Lander says the city's Economic Development Corporation underreported a quarter-billion dollars in ferry-related expenses.
The audit also found the city subsidy-per-ride is double the original estimate of $6.60, and closer to $13.20. The audit also found several E.D.C. decisions, including buying vessels at higher than market cost and the early termination of the East River contract, resulted in tens of millions in unnecessary expenses.
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