Fares for the MTA would have to increase by 15% if they are forced to borrow money to close budget gaps. According to the state controller Thomas DiNapoli, for every $1 billion the MTA borrows they would have to pay $70 million (a 1% fare-hike) in debt service. With $15 billion needed to cover the MTA’s new capital program, riders will see a single ride fare of $2.90 and a monthly cost of $129.
That could still be avoided if Governor Cuomo steps in to provide state assistance. He has said negotiations will be on the table in 2015, but even if the state contributed the entire budget shortfall there will still be a 4% fare increase this March. (Photo: @mr_t_in_dc)