According to the MTA New York City Transit, they are in a huge budget deficit. To balance the current and future budgets, MTA plans to raise the fares for the subway rides, and other modes of transportation.
The current price for one fare in a New York City subway is $2. MTA proposes to raise the base fare to as high as $2.50, a 25% increase. Subsequently, all unlimited ride MetroCards will increase as a result of this fare hike. The percentage increase for the unlimited ride MetroCards are approximately 25%, similar to the base fare hike.
Here is how the prices for the MetroCards will look like before and after the fare hike:
Base Fare Single Ride MetroCard
Current Cost: $2
Proposed Cost: $2.50 (25% increase)
Good for one subway and local bus ride.
1-Day Fun Pass (One Day Unlimited)
Current Cost: $7.50
Proposed Price: $9.50 (26% increase)
Good for unlimited subway and local bus rides from first use until 3 a.m. the following day.
7-Day Unlimited Ride MetroCard (Weekly Unlimited)
Current Cost: $25
Proposed Price: $31 (24% increase)
Good for unlimited subway and local bus rides until midnight, 7 days from day of first use.
14-Day Unlimited Ride MetroCard (Bi-Weekly Unlimited)
Current Cost: $47
Proposed Price: $59 (25.5% increase)
Good for unlimited subway and local bus rides until midnight, 14 days from day of first use.
30-Day Unlimited Ride MetroCard (Monthly Unlimited)
Current Cost: $81
Proposed Price: $103 (27% increase)
Good for unlimited subway and local bus rides until midnight, 30 days from day of first use.
Cost Impact For Me
I take the MTA subway on a regular basis to and from work, therefore I purchase the 30-Day Unlimited Ride MetroCard every month. The current cost is $81 per month x 12 months / year = $972 per year. The proposed price is $103 per month x 12 months / year = $1,236 per year. The extra cost to me would be $264 a year.
Personally, I do not understand how the MTA New York City Transit can have a budget deficit. The NYC subway is one of the busiest hub of transportation in the world. With 8 million riders a day, the daily income must be enormous. There should be plenty of cash for the executive management group in MTA to work with and make smart financial decisions. This deficit is a failure on their part and makes me think that the MTA either has horrible money management skills or is involved with embezzlement. In any case, the straphangers are the ones left footing the bill. I hope MTA is now making the right financial decisions and this fare hike will help solve the budget issue.