MTA Fare Increases May Be Coming Despite Federal Infrastructure Money Coming
New York City commuters may be looking at a fare hike next year on MTA operated transit systems. At this week’s board meeting, MTA Chief Financial Officer Bob Foran said despite billions of federal infrastructure dollars coming to the MTA, the agency is not out of the woods financially. He says subway ridership numbers are still far below pre-pandemic levels, meaning revenue is way down and it’s not projected to come all the way back.
“100 percent pre pandemic to 86 percent projected. That’s a billion dollars a year of revenue that could be permanently lost.”
He is recommending a fare increase next summer and possibly again in 2023 and 2025.