In the development of rail transit, sustainable development has become the key issue. Based on the development and current situation of the New York metro, summarize the main problems, use case analysis, and comparative research method to clarify the inner relationship between financing, facility upgrades, and transportation service quality. Identify the huge funding gap is the key reason. In response to the financial dilemma of the New York subway, based on the two dimensions of government subsidies and operating economy, the reasons for the dilemma faced by it are from four aspects: incorrect development positioning in the early stage of development, unclear division of two-level government powers and responsibilities, stagnant daily operating income, and insufficient premium recovery. It is proposed that China’s rail transit should absorb the lessons of the New York subway in the development process, strive to realize the internalization of the positive externalities of the "government subsidy + diversified development" two-wheel drive, clearly divide the responsibilities of all parties involved, and explore the construction based on "tax + development" Driven multiple premium recycling models to achieve high quality and sustainable development.