Get ready for your fare card to eat up even more of you budget. The MTA has announced that it needs to raise fare prices twice in the next four years, even though the city just hiked the base fare last March.
The New York Daily News reported yesterday that MTA financial officers announced that fare prices will need to go up once in 2015 and then again in 2017 to offset the rising costs of pensions and debt payments for employees. There are also a few “mega” projects planned over the next several years, like the 7 train extension, that will add to the tab.
What will the exact fare hikes be? The proposals call for a 7.5 percent increase in both 2015 and 2017, meaning that your monthly fare card could cost up to $129 four years from now, assuming MTA applies the hikes evenly across its entire system.
It’s lousy news, but the fact is that subway systems across the country regularly outpace inflation and wage rises. In Washington, D.C., it can cost as much as $6.75 to travel from one end of the system to the other, one way.
And of cities with a flat-rate fare system, New York’s is already among the most expensive. (The Los Angeles Metro charges just $1.50 for a fare card; Chicago tops out at $2.25.)
(h/t: New York Daily News)