Subway and bus fares may have to jump 11% by 2026 as the cash-poor MTA needs another $4 billion bailout amid chronically low ridership, transit officials said Wednesday.
Subway and bus fares may go up a pocket-pinching 11% by 2026 to help the cash-poor MTA, transit officials said Wednesday.The officials say they’ve managed to identify billions of dollars in savings and new revenues — including 5.5% fare hikes in 2023 and 2025. But it won’t be enough to recoup fare revenueMTA bean counters expect the deficit to be $600 million just for next year, even with a fare hike. That would balloon to $1.6 billion in 2024.
“All through COVID, everybody said we must maintain full service — because it’s essential to the city’s ability to power through the pandemic,” Lieber said. Transit officials have said the rescue funding could come from the federal government, the state of New York or City Hall.Congestion pricing
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