A cross Hudson subway link has been theorized for quite some time, usually in the form of an extended 7 line. While other trans-Hudson modes of course exist, like the namesake PATH and NJTransit, the lack of an MTA subway line into New Jersey has everything to do with state politics as the MTA is a State of NY entity and would have to have bi-agency operating agreements as is done with the Metro-North lines while they're in NJ. It can be done, but of course it is complicated, an absurd side affect to our genius system of state governments.
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