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Travel Troubles: Fare Hikes Expected

Submitted by MiaB

For those that still work in The City, the extra earnings may soon amount to less income as costs for commuting are expected to rise.

While I may be dating myself, I can still remember a time when tokens were the token for riding the subway and the average fare, even as the metro card was introduced, was only $1.25. Soon however, $2 fares will be considered a bargain of days gone by with officials noting an anticipated average fare of $3 by 2010. And, they expect the unlimited-ride MetroCard to jump from $76 to $112 per month. But, they add that’s only if the transit agency doesn’t get any assistance from the state. Yet, with aid the increase will only reach an estimated $92 per month.

These figures, according to officials are the way the Mass Transit Authority is responding to the continually deteriorating condition of the rails, especially that expected over the next three years. Plus, a more “frigid” real estate market has left the MTA with billions of dollars of dept in capital improvement loans, an amount that may result in an approximately $2 billion budget deficit by 2010.

So, even with a 20 percent increase in state aid to the MTA, reports reveal that fares would still have to jump to about $2.40 by 2010.

Still, some authorities suggest that despite the impending and necessary hikes, their objective is keeping the subway affordable.

Money News > Travel Troubles: Fare Hikes Expected

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