Bill de Blasio’s white-elephant ferry is now bleeding red ink

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An NYC ferry leaves the dock at Pier 11 in South Street, New York, NY.

Gregory P. Mango

Mayor Bill de Blasio’s favorite white elephant had turned into a real drag on the city even before the pandemic hit, reports the Citizens Budget Commission: The cost of subsidizing NYC Ferry has pushed the city’s Economic Development Corp. into the red.

The EDC oversees and aids infrastructure projects and redevelopment all across the five boroughs, usually returning funds to the city’s coffers each year. But back in 2017, the mayor seized on that surplus to help cover the losses of his East River ferry service — an “investment” that he somehow pretended would eventually show a profit.

Problem is, Hizzoner ignored the factors that have made the Hudson River ferries a success — including private management that actually decides on the routes, with an eye on viability.

Sorry, rather than being the real commuting alternative the mayor envisioned when he set the fare to equal a subway ride, NYC Ferry has only an upscale, leisure-driven ridership — not enough to succeed with subsidies of roughly $10 a ride.

And, as a result, the EDC ran at a loss for the first time in 2019, with no hope for a turnaround unless it’s allowed to give up on the ferry. (The boondoggle cost it $53 million last year alone; for 2020, it’s bound to be far worse.)

On top of that, the EDC is less able to support other projects that stand a real chance of success.

With the city facing a fiscal crisis, the City Council should insist on pulling the plug on de Blasio’s floating cash-burner.