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<p>The original Pennsylvania Station New York was built with private money, i.e. raised in the capital markets by the Pennsylvania Railroad.  And it was maintained with private money.  That included paying for the heat and light for a lot of architecturally attractive but unproductive space.  This business model worked reasonably well until after WWII, when passenger traffic began the precipitous decline that ultimately helped bring the railroads to their knees and resulted in Amtrak.</p> <p>Grand Central was saved because of a historic preservation movement.  The cost of saving it, which was the right thing to do, was borne largely by the taxpayers.  The folks who are proposing a replacement for Penn Station New York, as far as I know, have not come forth with a realistic plan to fund it. Private investors are not likely to put up the money.  And getting money out of the debt burdened federal, state, and local governments would be a challenge.</p>
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