Around 8.1 million inner-city residents could be affected by a transit system strike in New York City.
NYC mayor Michael Bloomberg said in a press conference that there would be "no winners" if a transit system strike became a reality. Contract talks have not begun with the Metropolitan Transit Authority (MTA) and the Transit Workers Union Local 100.
Bloomberg also said that the city could lose $400 million a day from its economy during a strike,  and City government could lose $22 million per day.
CNN reports that Bloomberg has planned to close several key streets in Manhattan to general traffic: Fifth and Madison avenues from 23rd to 96th streets; 26th, 29th, 49th and 50th streets from First to 12th avenues; and part of Church Street in the event of a complete transit system closure.
A strike, if it occures, would begin one minute after midnight EST when the Transit Workers' contract expires.
CNNMoney: NYC gets ready to strike out
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NYC transit strike looming