Jun 6, 2007 8:55 am US/Eastern
Un-Fare? Transit Rides Could Hit 3 Bucks
MTA Might Raise Tolls, Bus, Subway & Train Prices To Meet Shortfalls
by Magee Hickey
NEW YORK (CBS) ―
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Subway riders could shell out as much as $3 per ride by 2010. (File photo)
CBS
A new study by the city's Independent Budget Office suggests many New York metro area commuters could be in for big fare increases in the next few years.
The Independent Budget Office says looming deficits could force the MTA to raise fares by 20 percent -- or even more -- for subways, buses and trains by 2010. That could raise the cash fare for a subway ride from $2 to $2.40.
And that's if there are also increases in the MTA's other income sources, like taxes and tolls. If the MTA has to cover increasing costs with fares alone, the study says fares could rise 48 percent. That could raise the subway cash fare to nearly $3.
A 30-day MetroCard would jump from $76 now to $92 a month if the increases take effect.
The increases could also affect city buses, the Long Island Railroad and Metro-North, and bridge and tunnel tolls would see similar percentage hikes.
MTA Chief Executive Elliot Sander said that the agency doesn't want to raise fares. All Sander would saying is that the budget for next year comes out next month and that a fare hike is a "possibility."
For the past few years, the MTA has avoided financial calamity because of an unexpected surge in taxes from real estate transactions. The report says that next year, growing debt payments will outpace any windfall from real estate taxes.
The report was requested by the Straphangers Campaign, a transit riders' advocacy group.
(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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