I think the other main reason is that NY will never sign on to fund a PATH expansion in NJ.
Also you are kind of brushing over the PTC requirement. PTC because of the way it works means that PATH trains have to operate at slower speeds compared to rapid transit systems. I’m not going to go too much into it, but it’s been criticized as being safety overkill and makes running trains smoothly way more difficult for minimal safety increases compared to forms of ATC or CBTC
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